Editors note: This is part three of a three part series, you can read the first part here: Part 1: Embracing the world of web intelligence and the second part here: Part 2: How to gain real insights from web intelligence
As we begin to enter the new era of big data, it brings with it big promises. It’s all about harnessing and interpreting the data generated by our ‘always-on’ society – be it from websites, burgeoning smart mobile use, tablets or other sources. With digital information generated at every customer and consumer touch point, savvy online marketers can start to gain real insights into customers, based on a single customer view from many datasets.
It’s these very marketers who – in a business world flooded with information – are emerging as the new generation of professionals able to chart new territory. They’re developing the analytical skills needed to make sense of big data and social media. They’re also the ones who will realise the big data promise, converting multiple datasets into customer intelligence and smarter customer engagement.
Focusing on B2B, there’s huge potential for companies to exploit data and convert it to actionable insights. B2B customers tend to be loyal, and they often buy more than one service from a trusted advisor. Prime examples are banks, law firms, accountants and technology providers. Knowing a lot about them enables you to create marketing and business development campaigns based on up-selling and cross-selling.
New heights
Long B2B engagement cycles between customers and suppliers – involving many different touch points between customer and supplier – are there to be exploited. They contain rich intelligence, such as:
- Marketing – emails, events, web, social media
- Knowledge management – readership, publication, trainings
- In house datasets such as CRM and Finance
Charting new territory means scrutinising all data in the customer relationship, unlocking its potential through customer intelligence tools. More than that, it demands the evolving analytical know-how and skills of our new generation marketers to interpret data gleaned from the myriad sources available. Only then can you reach the new heights promised by big data and social media, building new levels of customer intelligence and revealing opportunities never before tapped into by the business.
Insights – an uphill struggle
It’s not plain sailing. Research from Trovus shows many companies claiming to be ‘data rich but insight poor’. For them, it’s an uphill struggle to understand online behaviour. Worse than that, charting new territory is elusive: how to embrace the customer engagement opportunities presented by expert data interpretation and analysis, creating a single view of the customer?
Our research draws on datasets from case studies. It uncovers big opportunities presented by web intelligence and combines it with other datasets for business development. It trends analysis over the websites of technology, financial and legal services companies concludes that a better understanding of customer and prospect online behaviour and data – to improve customer engagement and long term relationships –eludes most companies today. It clearly reveals that only innovators are exploiting the value of customer intelligence to develop their businesses.
Clear cases
Take one example that’s a clear case for acting on intelligence gathered. In the Legal market, our survey revealed trends and behaviours in reaction to announcements about changes to agency worker legislation. They pinpointed a 100% increase in interest at the time among Technology and Telecoms organisations, as well as a five times increase with Financial Services. Another example shows a huge fall in interest levels in corporation tax among media companies during summer 2011, with a marked increase among professional services and technology companies. This was due to changing needs around planning for corporation tax calculations.
What’s obvious from this is that analysis of this intelligence from website profiles, at the right time, tells you a great deal. It unveils who’s interested in what and when. It tells you which customers and prospects to engage with now and what to talk to them about. In charting new territory, this is game-changing. Then to combine it with other datasets, such as CRM, Finance, etc. gives potentially strategic direction changing views.
Tackle social media
Charting new territory also means tackling social media. Trovus research says we ignore this at our peril. Just a few innovative companies today deploy customer intelligence and social media to gain insights into vertical market trends and customer needs. It’s being done to evaluate interests and behaviours, create that all-important single customer view, and then target engagement activity and messages.
Those who exploit social media will see major returns in terms of referrals to a company’s website. Trovus research shows a powerful correlation. These referrals are opportunities for further personalised business development activity.
From our research, it’s clearer than ever that those companies switched on to social media – able to interpret the intelligence they gain from LinkedIn, Facebook and Twitter – will reap the rewards of optimum customer engagement. Ultimately, of course, for all who chart this new territory and turn masses of information into meaningful intelligence, that will deliver greater customer satisfaction and more revenue.
