There was a time when the biggest asset to a company was the seniority of its salespeople. They were the feet on the ground. They knew customers, understood their habits and they had the requisite experience to handle any issue or complaint. However, it's no longer about relying upon someone's memory.
Success in today's business environment is about leveraging big data marketing in order to predict customer behavior. Unfortunately, too many companies base their marketing initiatives on a gut feel and hope for the best. It's a costly endeavor with little room for error. It's based on assumptions and it rarely works. So, here's how big data marketing helps predict customer behavior so that you better understand customers and deliver better marketing messages.
Lagging and Leading Indicators
Big data marketing teams use customer data as a roadmap to predict customer behavior. They analyze lagging (historical) indicators as a means of predicting future (leading) indicators and track the efficiency of those predictions through a series of benchmarks and metrics. That information allows them to better understand customers and their preferences. That intel also allows them to determine the success or failure of any change made to digital campaigns. However, predicting behavior is never a one-time event. It's a continuous process where tweaks are made in order to improve accuracy.
Your data helps you understand which business quarters are busier than others. You can quickly ascertain the significance of competitive offers, how a price increase will be received, and what the impact of seasonal demand will be on sales. However, your data accomplishes far more because it comes from multiple real-time online sources. You capture data from email marketing campaigns, digital advertising, social media, apps, online forums, webcasts and podcasts, and your website provides you with invaluable analytics.
All of your data is provided in real-time which further emboldens you to better anticipate customer needs. More importantly, your data shows you how your customers want to be reached by pointing to which type of social media channel they prefer. So, it's really about understanding customer behavior and knowing how they express themselves in our digital age.
A Clearer Buyer's Journey
Predicting customer behavior comes down to understanding who your buyer personas are. What makes these people tick? What reasons do they have for buying? What reasons do they have for staying with one vendor over another? Are their decisions entirely driven by price or do they focus on other variables? Your buyer personas define the makeup of each of the types of customers you deal with.
Your buyer personas are the decision makers you need to understand. Some customers know exactly what they want while others don't. Some have the benefit of past experience to guide them while others are entirely new to you and your offer. Each of them approaches their buying decisions differently and your data helps you piece together a picture of who these people are and what motivates them to buy.
A Clearer Picture of Your Brand Champions
Your data outlines who your loyal customers are while providing you with a ready-made plan to building more brand champions. You know how they arrived, what they asked for, what they bought, what their experiences and perceptions were of your company, how they decided to buy again and why they became such staunch promoters. This invaluable information can be used to duplicate your efforts and build more promoters, ones who will champion your company and its offering.
Listen to what your customers are telling you. Customer-facing strategies still apply, but the real-time data you need to better understand your customers is readily available through multiple online sources. Get used to those data sources and you'll better understand your customers' behaviors.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.