For data-based marketing to be effective and to bring us closer to our clients, it is necessary to understand and work with data at all levels. For this, we must resort to flexible and agile tools that allow us to adapt, change and continue to rely on information to make decisions.
Which are?
Despite the investment that many companies have made in recent years in applications ranging from online advertising management to web technology, marketing automation, CRM and more, most marketing departments find it difficult to answer key questions such as: ” What is the value that the different contacts, programs and marketing channels are offering us? ” or “Are we only getting opportunities to fill the pipeline or are they providing us with real income?”
A recent study revealed that 78% of companies are still struggling to digest, analyze and interpret their current volumes of data.
Some data management solution providers offer a product known as Marketing Data Lake , which allows self-service access to all relevant data.
Use cases for Marketing Data Lake
A Marketing data lake can be used by companies from various sectors. Here are some examples of use cases:
- Account-based marketing. The total visibility of an account (companies) is a powerful concept that in many cases is difficult to apply because most of the marketing applications today are focused on leads rather than accounts. With Data Lake it is possible to support account-based marketing, as data from different sources can be combined to generate an account-based view with marketing interactions from different channels, making it easier to detect cross-selling and other opportunities .
- Improve income forecasting. A Data Lake simplifies pipeline data management so analysts have access to all data, not just partial extracts. In this way they can perform advanced analysis, from projection models to analysis of shopping trends based on the products that are included in an online shopping cart.
- Segmentation and customization. A Marketing Data Lake can help segment your target audience into increasingly granular, significant segments. This segmentation can be based on a wide range of relevant variables, as well as on the information obtained about individual customer behaviors in the different channels and points of contact.
- Abandonment of the “contact” form. The “contact” form is the part of an online business that brings us closer to the customer. Getting someone to submit their details and questions through this form can potentially be worth a lot of money in sales. An insight into who has started filling out these forms but didn’t finish them, and what potential income each person represents, can guide strategies to encourage form completion as well as alternative forms of prospect tracking.
3 main benefits of using Marketing Data Lakes
1) Find any data and discover important relationships
Marketing analysts are looking for an efficient way to manage the “volume, variety, and speed” often associated with big data . We can discover what customer data exists through an automated discovery process based on machine learning. In this way, you drill down into this data to identify meaningful relationships that, in turn, can fuel specific and highly accurate customer, marketing, and sales analysis.
Rather than a time-consuming manual process, real-time synchronization and linking of big data accelerates the way data is mastered and the relationships between those most critical to the business are discovered.
It will interest you: What is Datahub, Data Lake and Data Warehouse?
2) Quickly prepare and share the data you need
Critical data can be quickly prepared and made available to deliver competitive marketing analytics. Thanks to efficient, repeatable and collaborative processes, it is possible to prioritize data delivery, providing the right data at the right time to those who have to make decisions in order to achieve business value quickly.
3) More trusted information: data without increasing risk
The architecture of these solutions allows more data to be ingested and delivered for marketing analytics, with the added benefit of built-in security and governance, ensuring a more reliable view of more data without increasing risk. This gives marketing analysts a 360-degree view of the total customer relationship across the business, including consumer preferences across locations, channels, and partners.
In this way, with a Data Lake, the Marketing area can better segment customers and offer more relevant and personalized offers to improve the experience and increase conversions and recommendations. And, because sales teams have more information about the products that customers own, they can cross over and sell other products and increase revenue. Plus, customer service can address and resolve issues faster and deliver great experiences to increase satisfaction.
