DATA! DATA!! DATA!!! Why only DATA and INTELLIGENCE driven enterprises WIN?
Category : Blog
Data –in whichever language you read or pronounce it, ultimately means a collection of facts (numbers, words, measurements, observations, etc) that has been translated into a form that computers can process
Whichever industry we work in, or whatever our interests, we will almost certainly at some point or the other in our life have come across a story about how “data” is changing the face of our world. It might be helping to cure a disease, boost a company’s revenue or be responsible for those targeted ads you keep seeing.
Why Data is Important for companies Today?
The word Data is on everybody’s lips these days. Companies are generating more data than ever before, with 40 zettabytes expected to be created by 2020. It doesn’t matter if you are selling to other businesses or ordinary members of the general public. Data is essential for companies and it’s definitely going to be a determining factor between those that are successful and those that are not. The result will be very simple, DATA and INTELLIGENCE driven enterprises WIN.
Let me crystalize my thoughts on this subject by addressing key elements that are often forgotten while writing that cumbersome marketing plan.
Better Targeting: The number one role of data in business is better targeting. Companies are determined to spend as few advertising dollars as possible for maximum effect. This is why they are collating data on their existing activities, making changes, and then analyzing the data again to arrive at informed decisions.
Knowing Your Target: Once you have identified your target audience, Data will now allow you to act on your findings in order to formulate the right mix and ensure that you are addressing the right audience. This exercise is extremely crucial for effective results and must be adapted with surgical precision because many businesses today are wasting their time targeting people who have little interest in what’s available on offer.
Delivering to Your Target: Once you have a Target Group in place, the next most important task for you to accomplish is to deliver quality communication to them at regular intervals that ensures your clients are always in touch with you as a brand. “Recall”
Servicing Your Target: Creating a group of loyal customers is only the beginning of your uphill journey, the real test lies in retaining them – now a key to this is your levels of service offered and maintained. Very often we take it for granted that our customers will always remain loyal – Not Anymore!
Respect the Privacy of Your Target: Companies are going to have to tread carefully because customers are smarter than ever before. In this world of Big Data, the GREATEST concern to be addressed by corporates will be “balancing customer privacy and the need to know”. Getting this code cracked will take time but don’t let it dissuade you from even starting coz the omen is clear “Companies that do not use DATA intelligently” will be ultimately left out.
The present times demand that you make it not only an advantage to be using data but rather a necessity. If you have not yet taken your business into the area of big data, you are missing out, and its time to change that if you need to stay ahead of the competition.
To conclude my thoughts, though Data is significantly important – when mixed with Intelligence, provides the perfect results – WIN! WIN!! WIN!!!
If you are convinced and looking to license that “Perfect Data“, just send a note highlighting your needs to [email protected] and you will receive a personal call from one of our data scientists who are well positioned to advise you on how to intelligently use our PROFILED DATA for achieving effective results.