Big Data makes big promises, but it’s hard to leverage and slow to deliver. That’s the sentiment of many marketing execs who see the possibilities but have yet to realize big rewards.
To say that they are frustrated is an understatement
We know we have tons of data, we know it can be processed, and that analytics can be applied, they argue; so why is it so hard for us to get the right offers to the right customers at the right time in the right format via the right channel, they ask. And why are there so many obstacles (a.k. a. processes and people) in our way?
It’s a big question and one that InsightsOne, a pioneer in consumer predictive intelligence solutions, can answer, not with a bunch of jargon, but with a real solution that marketing departments can acquire today and start using tomorrow.
Today, at the Big Data Innovation Summit in San Francisco, the company unveiled its Marketing Workspace, a groundbreaking new feature of their InsightsOne Predictive Intelligence platform that puts the power of predictive analysis directly into the hands of marketers.
Companies who implement the new solution won’t need a team of a data scientists, statisticians or a house full of data-wrestling Hadoop engineers to take advantage of it. And users won’t need any extra training. Once the data feeds are set up, it’s pretty much plug ‘n’play.
Putting the Power in Marketer's Hands
For the first time, marketers will have in their hands the ability to exploit and manipulate data to understand their customers and to predict their actions, says Bob Dutcher, Vice President of Marketing for the company.
“We are handing over the power of prediction to those who can use it most, and we are delivering it to them in a format that they can both understand and take advantage of,” adds Waqar Hasan, the company’s founder and CEO, “With InsightsOne the marketer has the power to ultimately improve their top line and their consumers’ experience.”
The InsightsOne Marketing Workbench leverages not only traditional data feeds from call centers, websites, email activities, purchase histories and keyword searches, but also device and geolocation data which prove to be extremely informative.
“For example, kids in a particular area who live within a given mile range of a mall, of a similar age, tend to buy the same things,” says Dutcher. “And people with certain characteristics tend to buy the same things and respond to offers across the same channels,” he adds.
But it’s not only for targeting customers that the Marketing Workspace is used for but also to make recommendations and to prevent churn.
Consider that a major health insurer who used the Marketing Workspace was able to identify and reach out to customers who were predicted to churn resulting in a 400% retention improvement according to Dutcher.
Here’s The Small Stuff
Key features of the new InsightsOne Predictive Intelligence Platform include:
- Marketing Workspace which allows marketers to analyze customers, predict their behavior and optimize campaigns.
- Marketing Workspace Segment Analyzer which allows marketers to better understand consumer behavior and what they want and need.
- Enhanced unstructured analytic capabilities which delivers integrated structured and unstructured big data analytics, improving results significantly over traditional non-big data analytic approaches.
- Packaged connectors for integration to popular SMS and email service providers (ESPs), such as ExactTargetTM, as well as web instrumentation to enable real-time data and offer feeds.
And The Consumer Wins Too
While InsightsOne clearly develops and sells its products to help their consumer products customers to grow their top lines, there may be another beneficiary, namely those of who are inundated with emails, spam ads and other offers that don’t seem geared toward us at all.