It might be a little cynical, but it isn’t too farfetched to claim that humans are by nature selfish creatures. It is why the folks over in Marketing Land are abandoning cookie cutter advertising in favor of hyper targeted, personalized ads based on personal data. The theory goes that the more you can tailor content based on an individual’s interests and desires, the more likely you are to convert them into a customer. Theory or no, it seems to be working.
For us here in the world of big data and businesss analytics, we could stand to take a page out of the marketer’s playbook. Organizations need to be prepared to implement a hyper-targeted “marketing to one” strategy. The good news? Much of what you need to take this personalized approach is already available. It all comes down to how much you truly know about your customers, or what I like to call: people data. Preferred shopping times, spending , etc. You might not realize it, but you’re sitting on a goldmine of information, which, with the right tools, can be translated into not only an improved customer experience, but a higher bottom line.
This can even be used to combat constantly shifting trends with the ever-so-fickle consumer. A reoccurring problem for grocers: a new documentary comes out and a wave of vegetarianism strikes among millennials aged 16-24. Suddenly meat sales have dropped while seafood and vegetables have skyrocketed. The right analytics capabilities, that feature machine learning modules which can automatically identify changing behaviors, will flag this shift and intelligently suggest tactics to seize the opportunity – perhaps identifying which of these products are purchased together and offering a discount to repeat purchasers. The profit loss from the meat is recouped while simultaneously creating a more loyal (and happy) customer.
While it might seem like something out of Minority Report, the story told by collected data is much more than science fiction. Customers today want to be treated as individuals, and the key to meeting that expectation is to leverage the information they themselves provide. If you’re interested in expanding your data analytics capabilities, you can find more information here.
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