For years TV ratings companies have had to rely on sample panels as a proxy for measuring actual viewership, and we all know their obvious challenges. Consider that they’ve typically used panels of 20-50,000 households to attribute viewership to over 120,000,000 U.S. households. Even at the top-end, this means that one panelist has the burden of representing 2,400 households.
In Part One of this Two Part Series, we discussed the importance of having access to data-driven customer insights and the challenges, despite billions in investment by marketers in Big Data, to effectively obtain and use these insights to personalize relationships, deliver relevant, compelling messaging and offers, and increase the bottom line. We also shared that one of the most conclusive sources for obtaining and acting on individualized customer knowledge may be “locked up” in your enterprise mobile apps.
Whether your goals are to grow share of wallet, keep loyal customers from defecting, extend lifetime value, or attract a new demographic, the data-driven customer insights you have access to -- or don’t -- may make the difference between success and failure.
Brands spend over $50 billion per year on Big Data and advanced analytics, according to McKinsey & Company, gathering customer insights to personalize relationships and cultivate brand loyalty. Why is it then that over 57% of consumers enrolled in loyalty programs are dissatisfied with the relevance of the communications they receive from brands? And why is it that over 55% of frequent travelers belong to two or more loyalty programs?