There was a time when understanding how your customers make decisions required guesswork, dart throws, or focus groups that, more times than not, did little to increase ROI, cash flow and margin.
Thanks to the growing disciplines of data strategy and behavioral science, this simply isn’t true anymore. These burgeoning areas allow us to leverage huge amounts of customer, prospect, market and social data to create “effective data” that allows us to simulate and predict customer intentions and behaviors better than ever before.
Being able to utilize business intelligence tools to harness the power inherent within “big data” can provide us with tremendous insight into how, when, where—and most importantly, why—people make decisions.
And this insight can then be used to define strategies, create precise messaging platforms, and provide visibility into which media channels are best suited for your audiences.
Converting “big data” to “effective data” can help you:
- Increase ROI by reaching the right people at the right time with the right message
- Reduce or reallocate spend and maximize engagement and action by knowing more about the “who and why”
- Increase cash flow by understanding where customers are in the buying cycle, what the barriers are, and how to accelerate the sales process
- Increase margins by knowing which of your customers are most profitable and have a propensity to buy “quickly”
So what is this all worth?
“A study commissioned by Sybase and conducted by the University of Texas found that the median Fortune 1000 company could increase its revenue by more than $2 billion a year if it increased data usability by 10 percent” — business2community.com
If you are not optimizing your data to deliver clear and precise insights that enable you to deliver content that addresses the wants, needs and challenges of your customers, you are likely not meeting your desired numbers. That’s why we’d like to talk with you about how “effective data” can help you change that.
Michael Atwood, Wilde Agency @AtwoodMichael
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