
One of the best ways to stay up to date on what is going on in any industry is to read white papers and research reports distributed by major companies in the space. For example, in the digital marketing world, Experian is one of those companies that works with both small and large advertisers to implement digital marketing campaign and strategies.
They recently released their "2014 Digital Marketer" report which is packed with information (138 pages to be exact!). (
Click here to view it.) Out of this large report, one particular section I really found interesting is regarding the topic of 'Big Data'. This is a buzzword in the industry, but it doesn't have much meaning unless there is more definition and context around it. In this section, Experian explains how 'Big Data', or all of the data exhaust that exists because of consumers utilizing multiple channels and devices on a daily basis, needs to be made actionable. If it is not, then companies are losing out big on additional revenue, and I mean big revenue.
They estimate that retailers in the US alone lose nearly $100 billion each year because they haven't harnessed their data to execute intelligent cross-channel (online & offline) campaigns. I'm sure everyone can think back to a time where a brand has sent you an irrelevant message because they didn't leverage the information they had already collected about you. I don't want my insurance company showing me online ads and sending me prospecting emails that say 'Switch and Save with us!'. That's what I (and other consumers think), "Hello! Don't you know I'm already a customer?" It would be much more effective for that company to show me marketing messages that tell me how I can bundle other products with my current auto policy.
By combining the 'Big Data' that is collected across a company, whether it's from a website form, an online sale, an SMS subscriber or in-store purchases, to create a single view of the customer, advertisers can recognize significant growth in revenue from delivering personalized one-to-one content to customers and prospects.
If you take a few minutes to review the
Digital Marketer report, I would love to hear what facts and trends you found valuable.