Big Data: How It Impacts Your Customer Value Proposition
22nd June 2017 Will Humphries
Big data continues to get bigger and more important within a company’s marketing strategy. The modern-day CMO is tasked with harnessing and making sense of more data than ever before.
But what is the single, most important factor that marketers must always remember?
Your customer value proposition.
You must use all of that big data to focus on your clients.
The following is a look at several of the most significant ways in which big data will shape marketing strategies moving forward.
What is a Customer Value Proposition?
Let me start by asking you a question: Why would a customer choose to do business with your organisation?
What value can you offer them?
I’m not going to answer that; it is something for you to answer. But your answer is your customer value proposition.
However, when you think “big data”, your CVP must be at the forefront of your mind if you truly want to deliver marketing ROI for your organisation.
Leading from the Front
More companies have moved the CMO position to the forefront of executive leadership. Because of the significance of data and the need to be more precise, top managers want a data-driven professional involved in discussions about the company vision and goals.
And in competitive industries, you just cannot afford to make major missteps with investments in business development.
Data-driven CMOs focus their strategies and campaigns on:
- educating clients about their products & services,
- solving a client’s pain point,
- demonstrating how their product improves a client’s situation,
- fulfilling a client’s needs, and
- differentiating themselves from their competitors (and how the client can do the same).
Focusing on Interpretation
Often, companies have established an infrastructure to support the collection of massive amounts of data. However, the next step is to plan for the analysis of what could be uncovered.
Businesses need marketing leaders that can make accurate and efficient insights from data that allow for optimised investment in marketing strategies.
The ability to adapt teams quickly to respond to changes in data or results from testing across multiple channels is vital to effective marketing.
Development of Micro-Segments
Segmentation strategies have given way to micro-segmentation in the big data era. With data, targeting has become much more granular, to the point of offering personalised content to particular job functions within the B2B sector.
We have recently discussed that through intent data, whereby a business can target different decision-makers within the same organisation with individual message strategies.
Continuous Technology Updates
Technologies that integrate artificial intelligence in decision-making processes from data are on the rise.
CMOs need to keep a constant eye on emerging technologies and opportunities for the company to increase its capacity for both gathering and using data for marketing decisions.
More Cross-Channel Focus
Focus has increased on tracking data across multiple channels to get a complete picture of how buyers move through their purchasing journey.
The goal is to figure out the channel path that prospects take in particular roles and situations. After all, if you can understand this aspect, you can replicate it for similar personas.
Also, you must understand which types of messages achieve the greatest results through specific channels.
The more you recognise the progression of the typical buyer, the better able you are to present the right messages at the right times across channels.
Return on Investment Certainty
It is no longer practical for marketing teams to implement promotional strategies in hopes that the selected media channels will work.
Data is vital to achieving a high degree of certainty that targeting selected customers through a particular media channel will generate the desired return on investment.
Big data is so important to organisations that it not only affects the marketing function, but it impacts strategic decisions at the highest levels. It should be used to improve your company’s decision making.
Therefore, the contemporary CMO needs to be a champion for leveraging data as much as possible. However, it is crucial that your marketing team is using the insights gleaned from this data to develop the right messaging for your clients.
At the end of the day, your customer value proposition must be at the heart of it all.
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