January 27, 2017
3 minute read
Every day 2.5 quintillion bytes is produced worldwide – enough to fill ten million Blu-ray disc. It is becoming more apparent that businesses must pivot the sea of data to gain meaningful insights to optimise your marketing strategies. This vast amount of data can hold the key to understanding how your customers think and what their motivation to buy is – which, in truth, can be the Holy Grail for marketers.
Yet with such an abundance of big data it can be hard to sift through the information and discover exactly what it is you need. McKinsey described it well, saying: “Big data will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus—as long as the right policies and enablers are in place.” Good analysis is vital and that’s what we do here at Quant. To understand more about how we utilise this data to make intelligent investments in marketing which yield better results, here are a few ways we will use your data.
To make optimal marketing decisions
A recent survey by Econsultancy revealed that 53% of those organisations questioned say data driven marketing is their top priority over the next year and it is easy to understand why. Data provides us with market intelligence’ which allows us to understand a huge amount about who your customers are; what they are most interested in; how they want to interact and the buying decisions they are making. Without this information, any marketing decision you make will just be a shot in the dark. Quant Head of Insight & Analysis Tom Hutchings explains: “We know that marketing spend needs to be justified and that data-led marketing will provide you with the fact-driven approach that you need.
“You’ll have a clear understanding of your customer journey and will know where investment can be optimised. In such a multi-channel world, customers are coming to you from multiple paths and devices. Greater data insight can help you to link your customer offline contact points with their online behaviour and provide you with a geographic and demographic understanding of who your customers are and the complete journeys they are taking.”
To provide a personalised experience for your customers
Consumers are changing and now demand a much more personalised experience with every brand they choose to interact with. The abundance of data enables us to make each interaction with them meaningful. We take the data down to a granular level, allowing us to personalise our communications at a customer level.
One recent example of a highly successful marketing campaign which utilised personalisation was the work easyJet did to mark its 20th anniversary. It transformed a mass of customer data from two decades into personalised and emotive emails delivered to each customer which told the story of their adventures with easyJet in recent years.
Using images and personal travel history, it showed the flights customers had taken and suggested locations they may wish to visit in the future. The campaign led to an overwhelmingly positive response across social media with an estimated reach of 685,000 people and more than 1.1 million impressions. Click-through rates on the emails themselves were 25 per cent higher than easyJet’s regular e-newsletters.
Head of Insight & Analysis Tom Hutchings said: “This is a great example of using data to do something highly tailored and personal. Consumers nowadays want to feel like brands know them and understand what they want. With an abundance of brands available to the consumer, marketers must look for ways to make their brand stand out from the crowd.
“Personalisation increases conversions and improves customer retention, both crucial for moving your business forward. Additionally, it demonstrates your understanding of the consumer and it sits at the heart of relationship building. By analysing customer behaviour trends across its individual markets, McDonald’s was able to turn its financial fortunes around by introducing self-service kiosks customised for different geographic customer preferences. A great example would be the introduction of the ‘Create your own taste’ option which is more heavily promoted in Australia, the US and UK where customer personalisation is more common.”
As a basis for innovation
For some, using analytical data to make marketing decisions can stunt their creativity. At Quant, we are first and foremost a marketing agency, passionate about creating innovative, insight driven campaigns. Our recent work with IKEA Russia was an example of that. To capture the customer’s attention and imagination we ensured all communications were precisely targeted, relevant, and emotive, addressing the perceived needs of the customer at that particular point in their journey.
The wealth of data available from the multiple access routes your customers take to visit your business to the social media insights you gain from your followers are a growing challenge for marketers. To fully utilise the information, you need experts who know what to look for and what to do with the information they find. Quant Marketing has that expertise. If you would like to know more about the services we provide and the ways in which data can benefit your company, get in touch today.