The concept of Big Data is nothing new, however the impact it has on how you own your customer experience is.
Marketers are all too familiar with data composites so large in volume and varied in source and format that they require powerful analytical tools and expandable infrastructure. In fact, by the end of today we will have created nearly 2.5 quintillion new bytes of data. Historically these data sources have been used by companies to increase the understanding of consumer needs, motivators and behaviors in order to aid in the allocation of resources to support a healthy sales funnel. With over two decades worth of collecting, analyzing and applying colossal amounts of data through maintaining Customer Relationship Management databases, filling data warehouses with behavioral and transactional knowledge, archiving KPI reports and configuring third-party data providers into the mix, it’s no wonder this newer, heightened concept of “Big Data” has everyone’s head spinning.
So why all the hype now? Realizing consumers are altering the way they desire to interact with brands, companies have continued to shift marketing dollars across a more diverse blend of channels. This has caused a hefty explosion in measurable digital channels including social media interactions, surveys, transactional data, click through rates, email campaigns, GPS data and mobile entities. Now customer behavior is seemingly more fragmented, complex and is becoming increasingly more difficult to track. While these new components have added a great deal of complexity to the mix, the upside is that marketers have also gained an exponential opportunity to deliver more captivating customer experiences than ever before. Big Data can be used to fuel personalization and segmentation efforts in a very powerful way. The trick is connecting the dots between a vast array of data collection points. However sophisticated tools like Sitecore Digital Marketing System and Swift Reporting can help amass and analyze this information in one place, allowing you to capture and react to customer experiences in real-time.
Whether we want to admit it or not, Big Data has an impact on virtually everything. Therefore it significantly effects the digital space along with content management as well. It goes back to the explosion of measurable data. Data that only becomes useful to a company once it’s been digested, connected and transformed into valuable content. After all it’s still compelling, well managed content that leads to increased conversation rates. Therefore companies who are able to manage the overflow of data and extract high-impact segments rather than just “cool facts” will be able to deliver personalized content and own their customer experience.
How is your company utilizing Big Data in order to own your customer experience?