How Smart Data Boosts Customer Lifetime Value
The concept of Big Data and its application to develop customer relationships has always fascinated me. There are so many possibilities and ways to extract value from the data. And now, we have access to more data sets than ever, but there comes a point when it would take an army of humans to work through them and turn them into meaningful actions. More often than not business owners, overwhelmed by the volume, velocity, and complexity, fail to leverage Big Data to create lasting relationships with their consumers.
Automated action in response to Big Data is a necessary step to help businesses tackle this issue. Smart Data technology turns large volumes of data into a living, breathing asset that allows businesses to communicate uniquely with every customer, increasing customer lifetime value. From publishers likeBusiness Insider to online retailers like Fab, countless companies deliver personalized and timely content to customers. While each customer is different, we’ve identified some proven ways that Smart Data helps businesses build stronger relationships with customers.
Learn customer interests to create relevant content. Customers are overwhelmed by the amount of information they are presented with on a daily basis. Savvy consumers today don’t want to be marketed to, they want information that they can use and easy access to content that is relevant to them. Often a customer’s interests will change in an instant and it is up to the brand to tap into that inferred nature of the data to determine which elements will be the most relatable and consumable to each user. In short, it’s about providing value to the customer and the way to do that is through using Smart Data technology. A brand can determine which pieces of content an individual wants to interact with on their website, email or app and then use that information to deliver fresh and relevant content to that individual, automatically and at scale.
Keep customers engaged. We work with a lot of publishers that cater to a diverse consumer base and keeping those readers engaged by presenting them relevant content could be a challenge. Yet by leveraging Smart Data to understand a user’s implicit and explicit interests, a publisher can offer up tailored content at a granular level to each user so that every experience with the brand is specifically catered to their interests. This also includes knowing when to reach out and when not to. Cadence sensitivity and predictive disengagement tools can help you determine a user’s preference for engaging with your brand. Read more…
[Source: Wired]
Filed under: Database Marketing