Creating a personal customer experience with Big Data
Marketers have gotten away from providing an individualized experience for the customer. By embracing newer mediums of retaining information from customers, understanding your company’s niche will be much easier than going at it utilizing archaic methods. According to NGData.com, Customer expectations have moved on, but customer acquisition strategies have not. The ROI on investing in targeting your market is detrimental to the overall success of your plan. For example, more targeted digital ads lead to a 25% higher conversion that results in $3.5 million in savings in yearly digital ad spend (Datameer.com).
How do we use Big Data in order to create a personal customer experience?
Focus on one customer. Yes, a single customer. Identify your optimal customer for your business and look at your data. Does your data describe their needs and their wants? Does your product appeal to them? If not, then you potentially have bad data and need to look at your information collection strategy. An article in TargetMarketingMag.com says understanding the ability to identify the best customers will create a means of targeted and personalized customer acquisition.
How do I identify my market?
Rystems.com suggests collecting large amounts of data to create customer segments based on their likeliness to purchase your product or service and whether they believe it has long term value (LTV). When a single customer is chosen from the most optimal group your organization decides to target, develop a predictive analysis to convert into actionable customer insights.
Testing your theory
Liam Brown from SideStep Coaching discusses in an article from NGData.com to identify your target markets and offer a promotion. He uses an example of offering a seminar to mortgage brokers. By promoting a topic that appeals to that particular niche, you are more likely to gain attendance. If there is not any feedback or lack of interest in attending, go back to the drawing board. Develop a more focused topic for your seminar. Understand your market, their trends, and the kinds of topics they are interested in now. Your turnout will be highly affected by the appeal of the topic to your single customer.
Currently society beliefs want to know why they should buy your product or service. What is their appeal to them? By focusing on your ideal customer, you are able to narrow down exactly what they are looking for when it comes to your business’ offering. This, in turn, will assist future product development geared toward your optimal customer, sales, and a product development that will have a positive impact on your ROI.