The digital marketing revolution
Big data can be key to successful marketers, says Teradata
Companies in the emerging field of digital and electronic commerce are fast realising the potential large volumes of data –otherwise known as big data – can bring to their businesses. Digital marketers that are benefiting the most are those taking steps to develop their capabilities by fast analysing deeply complex and detailed data.
Experts in multichannel online marketing believe in the potential in the rising digital media and e-commerce space, adding to its solid base of major online retailers, specialty services, entertainment and auction sites. The trend is reflected in the increasing pressure and responsibility facing chief marketing officers. According to a recent Gartner report, CMOs are expected to have larger technology budgets than chief information officers (CIOs) by the year 2017. This highlights the growing importance of technologies that allow marketers overall insight to big data, particularly when the sheer amount of this data is itself one of the biggest challenges facing them.
According to John Lovett, senior partner at Web Analytics Demystified, companies that are using data to understand customer actions are ahead of the competition as they are unlocking patterns in behavior and tailoring messages and anticipating results. The world-leading Web hosting providers are using models to predict the probability for customer responses tied to email marketing campaigns. This helps them to cater to a customer's response rate by giving the customer the information they want and need.
Software and hardware solutions help online leaders easily track and report every interaction, regardless of channel, in time series, over the customer’s lifetime and then analyse patterns across thousands or millions of customers to:
• Create more accurate predictive models and encourage website experimentation
• Run complex, activity-based costing to save enormous dollars on the eMarketing media mix
• Execute in “right time” to intercept and treat root causes of site issues
• Create truly personalised Web experiences & real-time offers across conversion points
• Discover what really influences online buying behavior
• Develop more effective online loyalty programmes
• Give executive management much deeper customer/market insight