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How to Get Value from Big Data
Five ways to embrace the information you have.
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Big data has become so pervasive in marketing that it has almost become meaningless in terms of its practicality. However, ignoring its applicability to your marketing strategy is incredibly risky. Think about it—every second, customer data is flowing into your organization, and if you're not using it correctly, revenue opportunities are being lost. Here are some practical steps to understanding how to get value from big data, while mapping it directly to your marketing strategy.
Step 1: Zero in on the Customer Life Cycle
In developing a multichannel marketing strategy and executing campaigns, most marketers profess to being very customer-centric. But often that customer centricity is very linear. It views the customer typically in the context of new customer acquisition only. This view discounts the value of data from your existing customers and lost revenue opportunity from account penetration strategies, i.e., up-sell and cross-sell.
According to Forrester Research (Customer Life Cycle Marketing Demands New Metrics, February 8, 2011), a customer life cycle approach forces the marketer to look at four dimensions of the customer buying process: discover, explore, engage, and buy.
Read the entire Joe Cordo article
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