Feb 01 2016
Guest blog post – Written by Grace Maher, Somerford Associates
As marketing has become more digital, most companies are using analytics within their business to tailor their campaigns towards customer preferences. These insights can drive improved marketing campaign performance, conversion rates and revenue. However, the world of business analytics in marketing is changing, and in today’s data driven world, companies who rely on structured data alone will find themselves at a distinct competitive disadvantage.
Data architects, analysts and developers are working with IT leaders to expand the scope of business analytics - including data sources such as machine data - to feed into their future marketing plans. Real time insights into transactional data, website traffic behaviour, promotional usage, service analytics and product information can enable business and marketing to adapt quickly - increasing revenue and marketing more effectively.
Machine data is generated by many different sources within a business’s IT infrastructure, with logs coming from applications, mobile devices, websites, servers, databases, and more. The data that is produced comes in huge volumes at high velocity and is inherently difficult to analyse due to its varying nature. This data contains a definitive record of all activity and behaviour of your customers, which can be easily used to identify patterns and deliver new business insights.
Splunk Enterprise makes it simple to collect, analyze and act upon the untapped value of the big data which is generated by your technology infrastructure, security systems and business applications. This data gives you full insights with contextual information to drive operational performance and intelligence across all of your IT and business platforms, aligning IT with your business. Although the primary function of mining this data is normally to aid with operational intelligence, enterprise security and log management, Splunk has seen its customer base grow to over ten thousand and the use cases are becoming more varied every day.
Many companies are now beginning to use Splunk to stay ahead of the curve. Their data contains valuable insights into how customers are interacting with mobile and web sites, how online services and products are being consumed, and where support queries are coming from. Splunk is able to enrich this machine data with business context to be easily understood across all areas of the business, aligning the information from your IT infrastructure with your business intelligence.
Leveraging this type of customer behaviour analytics allows businesses to manage their marketing campaigns in real time, drawing data from interaction trends. Domino’s Pizza have been one of the largest organisations to use Splunk within their marketing campaigns, as the simple idea of building a traditional data warehouse to support a business intelligence platform was no longer sufficient. Using information from the types of orders that were being placed before, during, and after their advertisements or e-mail and text campaigns were sent, allowed for real time tailoring of campaigns to hit a customer interaction sweet spot and increased revenue, as well as increasing brand awareness.
Similarly, John Lewis have used Splunk in all areas of their business, but one major use is tracking online shopping behaviours and dropped baskets that have not successfully checked out. The customers who have not completed checkout can then be directly marketed to for products which they are interested in, which has led to an increase in sales, and also a quicker time to resolution by finding the root causes of issues that may have left customers unable to check out.
These are just some of the examples that show how customer transactional data can be used in both business intelligence and towards the overall monitoring of IT infrastructure. Machine data is a wealth of knowledge that, if not made use of, is putting your marketing at a disadvantage, unable to make real time marketing and business decisions to target the correct customers and track and adjust sales and vouchers depending on usage. Digital marketing is such a powerful tool in this age of technology, and being able to make immediate decisions based on customer analytics and purchasing trends will keep companies ahead of the competition.
Somerford Associates provide a complimentary offering to AlphaQuad’s digital marketing services. For more information you can contact them by email on [email protected] or by telephone on 01793 698047.