how do you go about creating value from data?
1. Always start with real segments.
Your segments must be based on customer needs and motivations.
2. Only target segments that care about receiving a tailored product offer.
If customers are content with what they are getting from you then creating additional value may be difficult (and not cost effective).
3. Focus on analysing the data about the unmet needs of your target segments.
Look at things such as customer complaints, customer satisfaction and their use of competitive products and services.
4. Analyse different/multiple sources of data.
Using one source of data will give you a degree of understanding. Using multiple sources (from quantitative and qualitative methods) will give you much greater insight.
5. Use your data to test your assumptions.
Consider how you think your market works and use your data to test your assumptions about your customers and their buying behaviour.
6. Make difficult decisions about your marketing mix.
Changing your advertising proposition or sales promotion strategy is relatively easy. But greater value often comes from the more difficult and costly changes to, for example, your product, itspricing strategy or the way that its distributed.
7. And finally: Be a team player.
Departments must work together to achieve your objectives. Creating value from data is really a cross-functional activity, so its success or failure will often be the result of how successfully the Marketing team, Sales department, IT (and R&D if you have one) work together to achieve the objectives.
Ultimately, the value that you get from your data will be very much determined by the ‘health’ of your list or database. Consider cleansing and enhancing your data routinely, ensuring things like name, address, telephone and email are up to date. Whilst these are the fundamentals – an address tells you almost nothing about the individual, household or business, except how to contact them. Enhance your data by adding external data such as demographic information (age, gender, location); as well as personal or behavioural information (occupation, marital status, lifestyle habits, purchase patterns etc). This way, the value of your data increases as you learn more about each individual, and a specific picture of the customer emerges as a result of this data enhancement, making them a clearer target for specific marketing activity and your campaigns more successful.
Rasalkhaimah, ras, al, khaimah, dubai, university, salford, manchester, @hishamsafadi, hisham, safadi, European, medical, center, business, entrepreneur, startup, economy, money, motivation, education, Leadership, Transactional, analysis, emotional, intelligence, organisations, development, innovative, technology, care, health, investor, investment, production, shark, tank, sharktank, USA, UK, London, group, european, canada, india, china, japan, KSA, projectmanagement, datascience, bigdata, IOT, internetofthings, cloud