Seeing Customers as Individuals
Brittany Detamore 270006ARTU firstname.lastname@example.org | 2013-06-03 12:34:10.0 | Tags:  big-data predictive-analytics analytics customer-analytics marketing smarter-marketing social-media-analytics | 0 Comments | 3,812 Visits
Connect with Dawn on LinkedIn http://ca.linkedin.com/in/dawnmoravec
For most of my career, I've struggled to explain to family and friends what I do. Most of them have a vague idea of what marketing is, though usually a negative one about evil marketers trying to get them to buy things they don't need. But now, thanks to an IBM commercial on Smarter Marketing and analytics, it only takes 30 seconds to explain what I'm working on.
The world of marketing has changed. In the last few years I've been a part of a dramatic shift from decisions about marketing investments based on gut feel, to ones anchored in quantitative proof of how and where marketing dollars drive revenue. Analytics has helped me understand what marketing activity works best for different buyers and what offers they respond to at each stage of the buying cycle. And with more advanced analytics of social media and service interactions, leading marketers can now also understand customer sentiment, predict buying patterns or behavior and identify targets most likely to respond. This ultimately helps lower execution costs and greatly improves results.
Sound farfetched? A recent IBM survey found that 39 percent of leading marketers are adjusting real-time offers based on customer wants, needs and preferences. In addition, 71 percent of leading marketers are delivering personalized messages in real-time through social media channels, including Facebook, Twitter, blogs, and review sites, while 62 percent of leading marketers are delivering those same personalized messages through the mobile channel.
Still need more convincing? Let’s look at a real-world example. Fiat Group used predictive analytics to sift through data on 64 million customers to identify buying patterns and behaviors. The result - Fiat now identifies individuals who are most likely to buy a new car and provides each dealer with a short list of 'hot' prospects in their area. That kind of targeting ability has increased response rates 20% and has been a game changer in terms of driving sales.
I must admit that as a consumer, I am sometimes concerned that a company could know so much about me that they could predict what, where and when I'll buy before I know. However, the benefits of being seen and marketed to as an individual would be worth it. No more inboxes full of junk mail or letters from my bank for a credit card I already have; just personalized relevant offers for something I want, right when I want it.
Oh and if you go back and watch the commercial real close, you might catch me at the end. After all, I'm an IBMer and that's what I'm working on...