June 29, 2017 | Written by: Veronica Summers
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The world is swimming in data – about 2.5 quintillion bytes of it are created every day and roughly 90% of all the data in existence has been created in just the past few years.1 From smartphones and appliances, social media posts, digital pictures, videos and CCTV cameras, to GPS signals, industrial sensors, climate information and more, data never sleeps.2
There was a time before the internet and digital age when data came in limited volumes, resided in transactional databases and was likely updated daily. Although not as informative, the data was relatively easy to analyze to see who bought what and when.
Today, most data is generated by our digital interactions and it’s the increased volume and velocity of the data that creates the biggest challenges for marketers. It also represents a potential gold mine because the information buried in digital data can be analyzed and acted upon to improve customer experience management and personalized marketing.
However, your data is only as good as the intelligence you can pull from it. If your organization is dealing with petabytes of data critical to your business, capitalizing on it requires someone who can manage and find insights in it. Here’s where a talented data scientist, trained to mine data to discover new and interesting patterns, can help find diamonds in the rough.
Become your own data scientist
But what if you need faster insights or want to help your organization grow by making data-driven decisions yourself, without relying on a data analyst? Nearly 65% of business leaders surveyed say they depend on data experts to pre-model or prepare data for analysis, which can be an inefficient process, and impede time to action.3 When your business relies on finding insights from customer data, you don’t want to face delays or compete with a backlog of requests to your company’s data expert.
With the right tools, you can become your own data practitioner. Rich, pre-packaged customer analytics designed for the marketer can help you gain the self-sufficiency needed to make data-driven decisions at speed. You can collaborate beyond the marketing team, using insights pulled from multiple channels to unite all parts of the business around your customers. You don’t need expertise in organizing, structuring and sifting through data. No programming languages required and you don’t have to learn how to write code. You can do it quickly and by yourself – turning a swimming in data scenario into controlled discovery and insight.
Find customer insights with analytics
As a data-driven marketer, you need the ability to discover insights that will allow you to craft a compelling customer experience. Cognitive analytics can help you quickly uncover and then visualize predictive drivers and insights about customers. And with a dynamic view of customer behavior and the power of predictive insights, you can reduce the noise and take swift action.
By doing all the hard analytics work in the background, today’s cognitive customer insights offerings help marketers like you become self-sufficient, so you don’t have to rely on your company’s IT or data science teams. With the right tools, you can have all the capabilities right at your desk to become your own data superhero.
See you how you can:
- Extract meaning out of complex data from multiple sources
- Discover and act on meaningful, behavior-based audiences
- Get a complete picture of your customer’s experience
- Identify what’s working in the customer journey – and what’s not
Kick-start your data initiative
Data is the new basis of competitive advantage, and marketers that do a better job of incorporating insights based on this data into their daily processes have a built-in lead. In one survey, about 90% of marketers said that audience data has driven at least some value in supporting unique competitive advantage for their organization, while 32% said they had driven substantial competitive advantage.4
Think of how many ways consumers generate data. For instance:
- Roughly 90% of people keep the location-based services function on their smartphones switched on and Google says that smartphone queries for near me searches are up 146% year-over-year.5
- The average consumer has 13 loyalty program memberships.6
- Every second, on average, around 6,000 tweets7 are tweeted on Twitter and 230 million8 social media posts are shared every hour.
- There are more than 426 billion credit and debit card transactions every year.9
- Hyperlocal weather forecasts are generated for over 2.2 billion locations across the globe every 15 minutes.10
Understanding customers’ behavior is the key to effective personalized marketing. Using data that comes from web traffic, email, social or purchases through any channel, you can learn more about your customers over time, including changes in the level of engagement. Add in demographic data and other information from your loyalty program or account database, and you begin to get a fuller picture of your customers’ behavior. Cognitive tools take this data as it comes into the system, continuously translating it into actionable insights.
No human can read, see, feel, hear and make sense of all the data that is transforming their work and their profession. You don’t need to be a data scientist. But you can become your organization’s insights superhero with the power of knowledge, the power of technology and the power of you.
Want to learn how to use cognitive analytics to your advantage? Check out the “Data-Led Decisions: You’re in the Driver’s Seat” interactive paper.