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Got the Data. Now Where’s the Information?
| Guest post by: Mark Johnson |
Article Overview: Companies are swimming, if not drowning, in wave after wave of customer mentions. But what do you do with it?
 |
Free Download - Customer retention, engagement remain top challenges for 2012 By Mark Johnson |
Got the Data. Now Where’s the Information?
If you’re like most loyalty
marketers, you’ve accumulated plenty of customer data. And you’re probably
saying to yourself “Yeah, I have lots of customer data… but no information or
insight!”
Trust me… you’re not alone. Online conversations about brands are exploding: Facebook boasts some 700
million users;
people send 95 million tweets daily; the number of Foursquare
check-ins exploded by 3400% in 2010.
As Steven Lohr pointed out in this recent
article, “ When There’s No Such Thing as Too Much
Information,” in the New York Times, companies are swimming, if not drowning, in wave after wave of customer
mentions. These social and mobile-era technologies, by one estimate, are
doubling the quantity of business data every 1.2 years.
I agree with Lohr’s contention that this data
explosion is also an enormous opportunity. But, companies need to find proverbial needle in the
haystack ---- AKA the information in the data.
According to Forrester Research’s
report, The Intelligent Approach To Customer Intelligence (October 2009),
the majority of companies struggle to fully understand their customers and
leverage their customer data as a strategic asset.Accenture goes on to
report that 70% of CMO’s indicate
they had no tangible evidence of the value of social media. Over 30% of them cited lack of analytics
as the primary reason.
Mining the
data and uncovering what
customers are saying online is a great first step; gleaning actionable
insight from all this customer feedback is imperative. Why? Because it is the only way to:
•
Identify and understand your
very best customer
•
Identify customers that
are slipping away… dropping in frequency
•
Create renewed loyalty by
understanding customer
•
Understand purchasing
patterns and target customers ready to buy
•
Using the behavior
patterns of current “best” customer to identity similar customers “attributes” in an acquisition strategy.
Gleaning actionable insights about
current customers also helps marketers determine (1) key messages that will
most effectively help to acquire new customers and (2) where these messages are
best placed. Attribution theory
tells us that consumer assumptions about a product/brand
are often derived from the consumer's experience, personality, or attitudes.
For instance, a consumer who has had poor experiences with domestic cars but
good experiences with imports might attribute the quality of the import to the
fact that it is not made in the USA. Having a better understanding of what
customers are saying online --- and where they are saying it --- gives
marketers great insights into the optimal messages to communicate.
How to maintain data privacy?
Whats in a name?
Data Loss - The Scariest Term in Business Today
Profitable Online Business Ideas and the Recession Part 2
Data processing Requirements
Data Backup and Recovery
The data storage prayer
Data Security is Mandatory
Analytics- A Marketing Managers Friend or Foe?
Work from Home Data Entry Jobs: What Are They?
Security Concerns with Cloud Computing Services
Data, One of Your Most Important Assets
Don\\\'t Ignore Data Backup on Your Computer or You Will Probably Eventually Loose Your Data
Data Collection? Save Yourself the Trouble.
Why It is Critical to Verify Your Data in QuickBooks
Google scraper to download data from Google search pages.
The Best Data Recovery Software
Start Data Entry Work At Home
Data Extraction Services, Data Extraction
A Brief History of Data Communications
Article Tags: customer loyalty, data, loyalty 360
|
About the Author: Mark Johnson RSS for Mark's articles - Visit Mark's website Mark Johnson is President and CEO of Loyalty 360 - The Loyalty Marketer’s Association (www.loyalty360.org). Loyalty 360 is the only organization that addresses the full spectrum of both customer and employee loyalty issues. An unbiased, market driven clearinghouse and think-tank for loyalty and engagement opportunities, insights, and responses, Loyalty 360 is the source business leaders trust for industry metrics, market driven research, actionable case studies, and networking opportunities. Prior to founding Loyalty 360, Johnson designed and administered loyalty, CRM and data-driven marketing communications for industry leaders such as Fifth Third Bank, Stored Value Systems and Size Technologies. A sought-after speaker and writer, Johnson is frequently called upon by media worldwide to share his expert insights into customer and employee loyalty issues. Johnson can be reached at markjohnson@loyalty360.org Click here to visit Mark's website   Nordstroms Loyalty Program Creates Loyalty DMA Retail Marketing Conference 2010 Cash is NOT King When it Comes to Employee Engagement Share of Mind Leads to Share of Wallet Want Loyal Customers Make it Easy for Them to Get their Problems Solved |
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