Everyone talks about the importance of big data. But many organizations, although they collect and store customer data, do not put that data to good use – or they don’t know how to.

“For example, by correlating data between digital and non-digital advertisements (e.g., purchasing history, profile information, behavior of customers on social media sites) companies can find patterns of behavior for high-value customers,” she says. “With these insights, they can adjust their marketing strategy to target people of certain profiles with specific advertisements” and make their marketing dollars go farther. For example, by analyzing its customer data, “one company was able to decrease its customer acquisition costs by $3.5 million per year and at the same time increase conversion by 20 percent.”

To read this article in full or to leave a comment, please click here