The word ‘data’ from the Latin datum, means “something given.” In today’s marketplace virtually every interaction a consumer has with a brand now requires a degree of data exchange, and this has become the norm for both business and customer. From a marketing perspective, data collection and analysis provide a valuable opportunity for businesses to gain insight into customer preferences which can be channelled into the delivery of a truly personalised customer-centric experience.
A recent Gartner research paper identified customer-centricity as a powerful way for organisations to differentiate from competitors. In this battle for customer attention the value of data cannot be underestimated.
Applied effectively it can provide businesses with a richer insight into the personal characteristics that make up the human behind a data point.
“Businesses have the opportunity to use data to develop a richer picture of their audiences and use the information to foster more personal (and profitable) connections.
Why look beyond transactional data?
A recent survey conducted by Forbes Insight with business decision makers found that only 27% considered their company able to turn their customer data into useful information and act on it. The reality is, that behind the data points, for marketers at least, sit people. And where people are involved, we move from linear systems that align to identifiable “laws” to complex systems non-linear in nature.