A little while ago, Software Advice — a BI technology reviews site — put out a piece on their blog titled “David Norton’s 4 Secrets to Understanding Customers Through Analytics”. It’s a good read, if you haven’t seen it, and it absolutely verifies the work that we’ve been doing at InfoTrellis to provide clients with the ability to act on the advice that thought leaders like David Norton have been hammering home over the last couple years.
Right from the beginning of the article, it describes an analytic approach to customer loyalty and marketing that more and more organizations are moving towards.
“Every move made by customers at Caesars’ properties is tracked, the data feeding into Caesars’ central customer database–data that is later mined to improve the casino’s direct marketing efforts.”
Ten years ago this might have sounded like a fantastic ideal, but today it’s becoming more common and a rapidly increasing number of companies in a wide range of industries are taking advantage of the benefits of this strategy. Data mining isn’t just for scientists and hip young startups, and proper use of social media data puts money in the pockets of companies unafraid to make the transition.
Norton breaks his strategy down into four key notions, which he defines as:
- Create simple customer segments first by mining data;
- Prioritize data collection projects to build momentum;
- Abandon intuition. Test offers to optimize marketing campaigns; and
- Ensure marketing analytics is embedded with decision makers.
It’s a good read, if you’ve got a few minutes.
It all sounds great, but how do you get started on the path of making this into something tangible? The actual process of mining the data, cleaning the data, and then matching it to internal customer records is a daunting project. Consider getting experts involved to help with the heavy lifting; the InfoTrellis suite of Big Data Solutions offers a range of products from social media monitoring to social data collection and matching with internal customer records.