‘‘ If marketers invested in their ability to handle and interpret data , they would get far much better results on marketing campaigns that are measurable and quantifiable . This will mean investing in ability to delve into large volumes of data before hurriedly launching a marketing campaign .’’
analytics in order to define existing customer segments , identify new segments
and acquire more profitable ones If marketers invested in their ability to handle and interpret data , they would get far much better results on marketing campaigns that are measurable and quantifiable . This will mean investing in ability to delve into large volumes of data before hurriedly launching a marketing campaign .
But what happens in a situation where all your competitors have become equally good at mining data and predicting each customer ’ s next purchase ? Marketers will inevitably compete away their profits leading to unsustainable short term purchases that yield little to no loyalty from your customer .
To create valuable marketing strategies and achieve long term sustainable business growth , marketers looking to build competencies in leveraging big data need to ask more strategic questions about long-term customer loyalty and relationships .
The questions that need to be asked of big data are not just what will trigger a purchase , but trigger loyalty and sticka-bility ; not just what price the customer is willing to pay for the next transaction , but what the customer values consistently ; and not just what will get customers to switch in from a competitor , but what will prevent them from switching out even when there are countless cheaper options .
Consider a case like Netflix vs . the numerous cheaper cable options available in the entertainment world . The answers to these more strategic questions reside in using big data differently . Rather than only asking how we can use data to better target customers , we need to ask how big data can create value that matter to customers .
Invest in you data analysis capabilities then shift from asking what big data can do for you to asking instead what it can do for your customers .
Catherine Kiiru is a marketing professional working at Longhorn Publishers Limited with a passion for creating value in and outside the digital space . You can commune with her via mail at : Wambukukiiru @ gmail . com or on twitter @ wambukukiiru .
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