The digital age is rife with possibilities for organizations to further business and improve engagement and conversion. One great improvement technology has allowed us to develop is big data, or simply data that segments customers in a clear and organized way.
There are various forms of data at your disposal. Its just a matter of choosing which one would better fit your current purpose. Some of these available types come in the following:
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Activity-based You can tap into a number of resources to obtain this user information. Some of the most common involve website traffic, purchase history, call and mobile data, and response to incentives
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Social Network Profiling While these are largely offline information, it is also a form of data you can retrieve and look into to better understand your customers profile. A few examples would be work history, or group membership
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Sentiment Data Emotions are a large part of the customers experience. Finding out what makes people tick is the first step to piquing their interest. Look into their products and companies, likes or follows in social media, comments and reviews, and customer service records.
Plenty of companies are using the method of real-time micro-segmentation for more efficient advertising and product promotions by catering to a more specific audience. Through big data and the sophisticated analytical tools used to collect them, segmentation produces a personalized product or service fit to the consumers needs.
For sales companies, these tailor-fit products and campaigns are highly efficient. At the same time, it also works for other industries, such as those in retail. Retailers can use real-time data to tweak their offerings to loyal consumers, and make them more appealing.
Here are a few great examples of such companies that have succeeded with micro-segmentation through big data. Plus, heres how they did it:
1. Neiman Marcus
Using algorithms, this company can easily predict present market trends. But its not an arbitrary guess. The algorithm is based on frequency and an analysis of customer visits per department. It also analyzes the number of times each consumer has made use of or availed their multitier membership reward program, which gives its most valued and affluent customers greater purchasing power.
2. Time Warner
As a largely popular and huge media enterprise, it may come as a surprise that Time Warner knows each of its clients well. However, this is largely also through the help of big data. By gathering 0.6 terabytes of tuning data per day from the set-top boxes, and combining these with more personal information, like local viewing habits and voter registration, the company better understands how to cater to its wide following.
Using helpful campaigns and ads on various medium accessible to its target market, Time Warner gives viewers more avenues to give their feedback and also helps the company itself customize future ads.
3. Amazon
Amazons customized customer site is based on the companys keen attention to customer purchases. Based on your previous shopping carts contents, youll be offered similar items. But it doesnt stop there. 20% to 30% of a rise in sales is due to their recommendation methods, which even connects people who have had similar purchasing trends.
4. William Sonoma
Merging previous customer data with external information gathered from about 60 million other households, this company is able to obtain a greater response rate of about 10 to 18 times from a usual generic email campaign. Aside from this, William Sonoma can also create a wide variety of catalog versions by analyzing the behavior and preferences of customer groups through big data analytics.
The available data to improve and implement micro-segregation is at your fingertips. Utilize it to create better product and service promotions, mobilize more effective campaigns, and tap into your customers true interests. This can increase your lead conversion rate by a great amount, and get your company the leverage it needs in a competitive industry
