Wanted: A database that contains the following vital components: In-depth information, detailed transactional data, a comprehensive overview of your customers’ likes, dislikes, behavioural trends, tastes and preferences.
Sounds like a marketer’s pipe-dream, doesn’t it? However, with the rapid evolution of technological development, this information is becoming increasingly attainable and it’s almost certainly collating in your business right now. The real question is, ‘What do we do with it?’
One of the biggest problems with data is that there’s often too much of it and we simply don’t have the resources to analyse it and pull out what’s important. So how do you know what you should be collecting and what is just background noise?
A recent study from Responsys* discovered that over the next twelve months, the biggest focus for marketers is on improving the targeting and segmentation of their campaigns. This is not just about targeting your customers based on general preference data, such as whether they like poker or gaming, or whether they’re categorised as a blue-collar, 30-45 year-old male who would be interested in the Big Fight Night.There is more effective targeting potential hiding in your data. Transactional and usage data that records what your customers are buying from you, when they buy and whether they remain loyal to that product. It allows you to analyse trends, predict customer behaviour such as visitation or redemption and make informed marketing decisions. Businesses now have the ability to track key information and can act with confidence knowing where customers come from, where they spend their money, their tastes and attitudes and how they interact with you. You just need to know where to look.
The term ‘Big Data’ has been coined in recent times and has seen a rise in the data analysis tools now available. There is no denying data is big business and should be driving your key marketing and business decisions. Having an in-depth understanding of the customer you communicate with allows you to engage in more meaningful conversations with them and immediately heightens your relevance to the customer. In simple terms; when you’re talking about things that your customer actually cares about – everybody wins.
By unlocking the gold nuggets hiding in your operational data, you can inject a level of certainty to your marketing strategies because you are making decisions based on solid information and you can evaluate it at length. The hospitality industry is fortunate enough to have access to a plethora of data, gathering by the hour. Another surprising fact – only 7% of marketers in Australia evaluate their data on a daily basis. So what are you waiting for? There’s a whole mine of golden nuggets waiting for someone to dig out and start using them to engage on a more personal level.
To find out how you can capitalise on the wealth of data gathering dust in your data systems, contact us here or call (07) 3878 9355.