Almost every organization today, holds loads of customer data. But, they are unable to derive valuable insights out of it. This is why data mining is imperative for data-driven organizations to get the desired results in the industry. As per a survey into data mining practices and requirements, “92% of respondents want to deploy advanced analytics more broadly across their organizations.”
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Today, email marketing has come of age. Unlike the earlier days when businesses filled the inboxes of their prospective clients with massive blocks of text, today email marketing has become more subtle and targeted. While earlier people did not even bother to open emails from organizations, now a business executive takes every mail from an organization as an opportunity. This change in perception did not happen overnight; it is the result of years of research on customer behavior and use of the latest technology. Even email copywriting has gone through a sea change over the years and use of appealing GIFs, videos and graphics have become an integral part of every email marketing strategy.
“It is estimated that data generated per second for every person on earth will amount to approximately 1.7 megabytes by 2020.”
With data growing at such a rapid pace, it will be difficult for businesses to manage it in the coming time. Though it was easier to maintain the data manually when the quantum of data was low, the times have changed drastically since then. And so, it has become imperative to switch to a new system or platform where data can be integrated into a single location, making it more manageable. The intent is to efficiently handle all business-critical information not only for the smooth functioning of the business, but also to facilitate better decision-making.
As per IBM, around 2.5 quintillion bytes of data are created each day. These numbers are gradually increasing, as even when you need a piece of information and turn to search engines, you are augmenting the data stockpile. However, when data is being generated in such a huge volume, its management and accuracy can pose to be a real challenge. To overcome the challenge, organizations require specifically skilled resources which imply additional expense and efforts.
“The customer data platform industry is expected to grow at least 50% per year, reaching over $1 billion total revenue by 2019”
– A report by Martech Advisor.
This affirms the fact that a customer holds utmost importance and the customer data is at the center, around which every organization revolves. In the business world, getting the attention of the target audience remains one of the primary motives behind the conduct of every business activity. In this era of ever-growing competition, businesses can’t afford to waste precious resources and valuable time. Hence, it has become a necessity for every business to keep track of the latest, accurate and authentic information at all times to stay ahead in this competitive corporate environment.
Reportedly, most of the businesses face internal technical hurdles in becoming a data-driven organization. The primary ones among these hurdles are:
With the active email accounts expected to reach the 5.6 billion mark by 2019 (source: Hubspot), it is no wonder that despite a host of marketing alternatives, B2B email marketing is still on top of the marketers’ list.
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If you want to operate successfully in the entrepreneurial ecosystem, you should keep a constant track of your market. Similarly, remaining oblivious of your competitors’ activities wouldn’t benefit you in any way. This calls for a dire need of staying informed at all junctures, the need for which multiplies when you are preparing for a turning point in your business-expanding your scale of operations.
Every year business organizations spend a good sum of money to acquire data that can act as a foundation of their marketing campaign and other business decisions. Since the advent of Internet, acquiring information pertaining to anything and everything that one desires is readily available in the public domain. What calls for the need of data capture services then?
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For those involved in market research, there are factors that make or break your campaign. Could be that all of your strategies are on point, but you still are missing out on reaping the rewards of your campaign. Read more
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