With 90% of the world’s data created in the last two years, companies are blessed with an incredible volume of data to help improve the performance of their sales and marketing efforts and derive customer insights that can produce game changing results.
However, many companies end up not even attempting to garner the value of Big Data as there is a perception that it can be tremendously complex, difficult and expensive. Additionally, new tools and expertise may be required to do complex data analysis, and many C-Level executives don’t want to fund Big Data ventures without first getting proof of ROI.
These challenges all conspire to make Big Data monetization a delicious dream as opposed to a consistent way to drive revenue. So, what’s a marketer new to leveraging value from Big Data supposed to do?
Here are five best practices we recommend using DataFinder and LifeData® (Versium’s data set of more than 800 billion relevant consumer data points) to extract value from the different data sources you already have to gain quick lift/ROI and build momentum for a Big Data strategy:
1. Add demographics to your existing data such as age or location for improved segmentation.
By running a list of prospects or customers through DataFinder, you can append demographic information that will give better insight into how to manage segmentation. For example, you may think your customers are all in their 40s and 50s, but using DataFinder, you may learn that half of your customers are actually Millennials, giving you better insight into how to organize and message to them.
2. Perform a quick data analysis to discover previously unknown interest data that can lead to improved messaging.
By running an analysis of your customer base using DataFinder, you may find your prospects have similar interests that you would have never guessed in a million years. For example, you may find that the majority of your prospects are cat owners or love long-distance running. Using this information you can fine tune your messaging based on what the data says your prospects would likely respond to.
3. Use predictive scores for better targeting and prioritization.
DataFinder can also assign predictive scores to your prospect or customer lists, allowing you to quickly understand the probability of an individual taking a certain action. For example, you can assign “green scores” to your prospect or customer lists to understand how likely each person is to buy an ‘eco-friendly’ product. You can also use DataFinder to assign a score that tells you… the likelihood of someone to purchase additional products, donate to your cause, spend more based on wealth, cancel a membership, etc.
4. Add emails to prospect lists to run an email campaign to previously unreachable prospects.
If you have a list of prospects but are missing critical information—like email addresses—you need to be able to market to them, DataFinder can quickly find and append that missing data.
5. Validate postal addresses and phone numbers are correct before running a direct mail or cold calling campaign.
Sales and marketing tactics like cold calling and direct mail aren’t cheap. By using DataFinder to validate customer and prospect data before running these types of campaigns, you can improve your effectiveness tremendously. You can also help ensure you don’t waste time and resources by sending mail to bad addresses or placing phone calls to bad lists.
Summary: DataFinder is a self-serve solution that can help by appending missing consumer information to customer or prospect lists to improve your ability to connect with and engage your target audience. With the ability to add missing contact and demographic information as well as activity, interest, financial and social data you can gain new insights into your customer base or prospect lists, which will allow you to make smarter decisions faster, run better campaigns and ultimately, increase revenue.
Feel free to contact us with any questions.