We’ve heard the ‘big data’ buzz words many times. There are certainly many ways to utilize big data, but we want to know what we can accomplish with big data from a marketer’s perspective. That’s why we were very excited to have Amrit Kirpalani, founder and CEO of nectarOM, join us on the Tech Marketing Radio Show.
Started from the ground up, nectarOM’s marketing personalization technology platform allows marketers to ingest many data sets and determine the right interaction and channel to engage with the customer. Amrit is a strong believer that we are still in the beginning stages of all the things big data can be doing for us.
What is Practical?
Many companies run into this question; what good is big data if you can’t use it? At first, companies have too much data without being able to do anything with it. nectarOM believes in practical big data; data which companies can utilize in their customer engagement programs.
Practical big data begins with setting goals. Are you trying to acquire a new customer? Are you trying to get a customer to buy one more time, two more times? Retailers, perhaps you want a customer walking in once a week. These are important things to establish before beginning your data collection.
What is Big?
nectarOM separates data into two big categories:
- Internal – this includes transaction history, how many times a customer walked into a store, and customer demographics and psychographics
- External to the datacenter – email behaviors; how customers open their emails, how they engage, and information from their social media sites
However when gathering all of this data, it’s important to keep in mind the creep factor. nectarOM does a lot of testing to determine the customer reaction before rolling anything out universally. Marketers should know that when customers give you access to their information it’s a trusted relationship, so we must be good stewards of customer information and understanding.
What is Data?
Data is the new gold. If you are able to capture the right data, you come to know your customer in a better way and become able to grow the lifetime value. It goes beyond collecting data, though. Marketers have to harness the analytics starting with their objectives.
- Start in the database environment – where you can aggregate resources and look at all the data from one individual in one place.
- Couple it with CRM – make sure you are targeting the right individual in the right channel.
- Engage – manage cross channel applications, which serves to send out the right communications at the right time and in the right way.
Treat data with respect. In the end, it’s all about relevance and the benefit for the consumer. Think about is from their perspective. We all may be a bit critical that we are possibly being watched, crept on, etc., but if you can allow for more (or less) personalized messages, that is ultimately what the customer wants. It is a working relationship to help marketers become more value oriented – save the consumer time, save them money and most importantly, keep them coming back.
To listen to the full interview, click here.