Drowning in Data, Starved for Knowledge
“We are drowning in information and starved for knowledge.”
John Naisbett, Megatrends, 1982
Things haven’t changed much since Mr. Naisbett wrote his run-away best- seller 33 years ago. In fact, they’ve gotten worse.
Talking with Randy Giusto recently (V.P. & Practice Lead, Marketing & Media at Outsell) we asked about the big challenges he’s hearing from marketers he talks with. “They are clearly drowning in data,” he told us. “They don’t know how to apply all the analytics now at their hands. There’s all this technology out there now from the investments they have made to automate marketing but they are still struggling, and under increased pressure to show a return on those investments and the tools they’ve deployed.”
We happen to agree with Randy. But at Loyalty Builders, we think we cracked the code and made it really simple. The secret is not more data and more analysis. It’s zeroing in on a specific actionable, outcome – say, generating an email campaign list that promotes the most relevant products to every individual customer – and using only the most useful data for that purpose and automating the analytics.
For example, marketers are collecting a lot of data on customers these days and trying to make sense of it. It’s coming in from everywhere – social media data, web data, mobile data – data, data, data! It all has useful potential and there are a lot of new tools to help make sense of it all. But it comes with an unexpected surprise – an expensive, time-consuming, resource-sucking, data integration project, followed by lots of work and special skills needed to extract usable information. Do you have the time, money or patience for that? Not everybody does.
At Loyalty Builders, we focus on one thing: Generating campaign lists for delivering the most relevant offers to customers, producing extraordinary revenue uplift over your existing approach. It turns out, the customer transaction data you already own is all we need, in fact just four simple fields of it. We’ve proven that customers’ past transactions are the best indicator of what they’ll buy next. So we automated it.
Imagine that! You can use customer transaction data you already have to easily get lists for marketing campaigns that tell you, “Here’s the customers to target” and “here’s the products to offer each one of them.” There’s no data modeling, no staff of data scientists, no huge marketing budgets, needed; just an automated software service, made for any marketer to use, available at a low subscription price, providing a major uplift in response rates and revenue. How simple is that?