Time to Read: 6 minutes
What profession did Harvard call the Sexiest Job of the 21st Century? That’s right, data science.
Data is king. In fact, everything is constantly moving towards it. We now have mobile data, product data, even data on how we measure our data. According to Glassdoor, in 2016 and 2017, data science was ranked the best field to get into. Why? Because technology has become so advanced we now have tools which can analyze and sieve out all kinds of information. A great example of this is Amazon. According to Forbes, each product recommendation that you get comes from Amazon’s sophisticated data science algorithms. This can predict with some certainty if you are going to buy a certain product or not. If the probability is high enough, they move it to a storage unit closest to you so when you purchase it, it can be delivered the same day.
Another great example is Facebook. By using data science, you can target a Facebook ad to a single user out of the 2.2 billion. Targeting ads have become so customizable, you can be targeted based on the most granular details. This doesn’t just include where you live or what websites you visit, but whether you are a vegan, dog lover, recently engaged, or are trying to lose weight.
Today, marketing is becoming an integrally data-driven field, with data being more readily and widely available. If used correctly, this could be a game changer in the channel marketing industry.
- Insights from dealer spending behavior, market, and consumer data will drive marketing strategies and smart decisions at the local level
- Data-driven customer insights will be critical to driving customer loyalty and increasing revenue
- Collected data will allow us to analyze and personalize the in-store experience
Insights from dealer spending behavior, market, and consumer data will drive marketing strategies and smart decisions at the local level:
Traditionally, dealer level data and consumer level data have not integrated or intersected very well. However, with data science, we have the potential to change all that. It’s always critical to be a consultant for your channel partner, turning your tools into a roadmap and offering helpful insights. Whether it’s giving suggestions to direct dealers on ways to increase the efficiency of their co-op usage to drive demand or letting corporate brands know what sorts of spending are creating sales and what seems to be working or not. With Insight Fusion, Channel Fusion can take all the data we capture and provide strong decision support insight such as why partners who spend highly in POP/Showroom and Online are, on average, the highest performers with regards to year over year sales volume, etc. Data by itself is not particularly useful. What is important are the insights gained and being able to relay and use that information. For more examples of how Insight Fusion can impact your business contact us here.
Data-driven customer insights will be critical to driving customer loyalty and increasing revenue:
Today, consumers communicate with brands through numerous interaction points such as social media, mobile, stores, e-commerce sites and much more. With the variety of data types, you must analyze and dive deep, because data-driven customer insights are critical to overcoming challenges like improving conversion rates and personalizing campaigns to increase revenue. A great example of this is our customer, Timberland. Most of us have seen their boots before. In recent years their sales have increased by 15 percent. How? They focused on the consumer. According to Retail Dive, over the course of a two-year study, Timberland collected shopper data from 18,000 people in eight countries. By analyzing data, Timberland found its ideal customer – an urban inhabitant with a casual interest in the outdoors.
When you analyze the data coming in, it can provide you with insights you never had before. Such as, what motivates your customers to buy more, how they behave, and when and how is the best way to reach them. Data science will be the key to unlocking insights from your customer behavior data, and when equipped with these insights, you can drive customer loyalty. Providing that level of insight to your channel partners and using them in your program initiatives will give them the power to leverage that insight.
Collected data will allow us to analyze and personalize the in-store experience:
In the past, it’s been hard to measure the specific impact of retailing decisions. Now with the advent of data science, there are new ways to analyze store performance and measure the impact of merchandising efforts. Data allows us to help personalize the in-store experience with loyalty programs and drive timely offers to incentivize consumers to complete purchases, increasing sales across all channels. Insights can increase the likelihood of selling a product or service to an existing customer, increase the effectiveness of promotions, etc. This data can be gathered through point-of-sale systems, in-store sensors, websites, apps, and much more. It can also be used to provide helpful insights such as the impact of different marketing and merchandising tactics on customer behavior and sales, to even using a customer’s purchase or browsing history to identify their interests and using that information to personalize the in-store service for customers.
Every day company’s collect a ton of data, yet most of the time it’s neglected or not utilized. Through data science, by extracting this information and discovering actionable insights, it can be used to make critical business decisions and drive profitable change. We would love to hear from you. If you want to talk further about this topic or have any other questions about your channel programs, give us a call at (319)-294-7501 or email us at email@example.com.
Corporate Marketing Specialist