Investor, Sales and Marketing Pioneer, Author, Technology Champion, Philanthropist, Leadership Mentor
Today, technology has reduced global market place to the click of a mouse and geographical locations are no longer a constraint to locate and reach a prospect. 3 simple factors have heavily facilitated this digital environment:
– Rising number of Internet Users across the Globe
– Widespread use of smartphones & tablets users
– Proliferation of the various social media networks
The deluge of information that consumers have at their fingertips is ballooning monumentally. All the digital channels have empowered the consumers with various new ways to research and collect information on what they are looking for. Correspondingly, companies are also coming up with new and exciting channels to market their products and services. And deploying various process, people and technologies to tap the online behaviour of the consumers. As a result, marketers sit on piles of data confronted with the daunting challenge to convert these data into some meaningful insights for business decision. Mathematically, data is just bits and bytes of zeros and ones. Since marketers have access to a lot of data, their lion share of work is devoted in drilling down data that is actually meaningful to their business. That is where data analytics comes into and plays a significant role. Decoding behaviours that influence the customer steps into a sales funnel – marketers have to decipher three key points:
– Customer tastes and choices
– Customer decision making process
– Customer buying patterns and monetize sales opportunities from the sieved information.
In broadest sense, analytics follows a three step formula for marketers:
Data = Information = Insights
From a data set, information is deduced and from that information – insights for business decision is captured. Analytics enliven data by extracting the potential out of it. It help the marketers to find that valuable insights in a data that can turn them into real business winners. As we all know that data is exploding thick and fast – marketers have to increasingly deal with the complexity of data. The pressure is even more when they are hard pressed to show tangible benefits for every marketing dollar. They can’t get complacent by remaining just digital marketers; they have to always put their “data scientist” cap on. They have to understand very clearly that the success or failure of their marketing campaigns depends directly on the quality of the data they are working on and what they make it out from it.