Savvy marketers recognize that big data plays a critical role in a brand’s ability to identify, reach and address customer needs on a one-to-one level. On the flip side, brands that do not take advantage of real-time big data will create sub-optimal experiences and incur unnecessary costs, negatively impacting customer relationships.
A strategic imperative for most retailers today is to break the divide between in-store and online shopping experiences, and more are accomplishing this by leveraging their own first-party data. By mapping their customer’s activity on an ecommerce site to in-store activity, retailers can anticipate a customer’s wants and needs at the most relevant moment in time.
As a customer, I want an engaging experience. For example, after browsing products online to compare prices, a big box retailer can leverage available inventory data and nearest physical store location to send a personalized message encouraging me to make a purchase online and pick up in store. This can extend to mobile as well. Using my current location and the location of the nearest store, the retailer can feature the last product I viewed online, where in the store it is located, and add a call to action to buy in store with special pricing or rewards points.
Big data facilitates personalized, contextually relevant experiences at each touchpoint throughout the customer lifecycle. Brands that can successfully harness and use the power of big data will not only drive actions, but also nurture long-term customer loyalty.
Meeting customers’ changing expectations
Brands can provide truly personalized customer experiences and achieve their acquisition and retention goals by combining big data with online video, the most engaging digital medium. In fact, a recent study conducted by Adroit Digital found that more people reported watching video content online than on a television. Online video provides the ability to deliver more engaging, targeted messages and calls to action, ultimately driving incremental business impact beyond what traditional online communication methods can achieve.
Customers are becoming familiar with one-to-one marketing, and they now want to create personal connections with brands. Marketers can address these growing expectations by delivering tailored, contextually relevant messages to reach and address each customer’s unique buying criteria. Through the use of big data, brands can develop a deep understanding of customer needs and expectations across the lifecycle and deliver on them through tailored messages, creating a series of memorable customer experiences. These differentiated experiences not only help a brand stand out among competitors but also maximize acquisition, retention and growth potential.
Brands taking advantage of real-time big data
Leading telecommunications companies, retailers and banking institutions are applying real-time profile, historical and situational data to online video to get, grow and keep customers. For example, a wireless company can deliver a strong customer experience and combat an early lifecycle churn rate by sending a welcome video that pulls customer data to highlight the benefits of a new mobile device, educates customers on how to transfer their existing contacts and applications, and reminds them to purchase related accessories. Industry leaders understand that the customer experience is key to maintaining competitive advantage, and they are seeking intelligent ways to harness the power of big data and online video throughout the customer lifecycle.
Big data success measurement
The ability to measure success is as important as utilizing big data itself. Although video is commonly associated with brand impact and driving brand awareness, personalized applications of video have a measurably stronger impact in support of both brand and performance marketing objectives. With personalized video experiences, retailers have the opportunity to capture more wallet share through a lift in cross-sell revenue and increased brand stickiness measured by offer uptake. Engagement and performance metrics also exceed that of mass communication tactics with high open rates, click-through rates and conversion rates.
When multichannel retailers reach a highly relevant audience through the most captivating digital medium – video – they are able to profitably defend and grow revenue, strengthening their competitive position against both pure-play companies and more traditional rivals. Retailers investing in big data and personalization initiatives are poised to deliver the most engaging and effective experiences across all customer touchpoints and channels.