4 Steps for Turning Big Data Into Big Revenue

by Eloqua on September 11, 2012 in Demand Generation

Today’s guest post comes from Joe Cordo, Chief Marketing Officer of Extraprise. Extraprise provides demand generation expertise to enterprises and is an Eloqua partner.

Big Data is the topic du jour in the marketing world. Data, after all, from online and offline sources has grown by 1000% , according to IDC.

Those data points represent a plethora of revenue opportunities. But for most marketing organizations, Big Data is a missed opportunity.

It’s doesn’t have to be that way. Here are five steps to effectively harness Big Data to meet and exceed your revenue goals.

1. Use All Forms of Customer Engagement
You want to understand the behavior of your prospects and customers across all channels, online and offline. To do so, you need to manage your data in a way that brings together all of your interactions and purchase history.

The end result? A complete buyer profile based on products purchased, channels of engagement, and service history.

2. Make Customer Intelligence Strategic
Marketers want more customer intelligence, but aren’t sure how to deal with the avalanche of data coming in. The truth is the data you collect should serve a strategic purpose. For example, analyze the interactions with customers so can find predictable data for each stage of the sales cycle. This way you can identify which channels are most likely to grab their attention.

Three of the most strategic data points B2B marketers can collect are those that help you 1) profile results by campaign and customer attributes, 2) measure the risk/reward ratio of new revenue opportunities, and 3) turn around interactive reports on campaign performance and buyer behavior.

3. Make Data Management Part of Your Strategy
The goal here is to create actionable customer profiles so you can segment to your audience more effectively. Here’s how:

  • Use progressive profiling to add attributes to your customer profiles.
  • Store and manage all prospects in your marketing database, and drive campaigns based on prospect behavior. For example, what’s their preferred contact method?
  • Consistently maintain your data so your targeting and profiling continually improve. Stay on top of validating and appending your data.
  • Integrate marketing automation with your CRM and create business rules to distribute campaign responses to sales.

4. Really Close the Loop
Many believe closed loop marketing is achieved once they integrate their marketing automation, sales force automation and customer service systems But for a truly closed loop, you want customer intelligence baked into your marketing database, and marketing automation that offers sophisticated segmentation and profiling so you’re reaching the right leads at the right time.

Big data can field unwieldy and wild, but with the right tools and solid planning, it can open up new opportunities and dramatically boost your revenue.

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