As long as people have been doing business they’ve been looking for ways to improve their products, fine-tune their process, and reach more customers. There have been some truly innovative techniques developed over the years. However, few have been as potentially game-changing as data intelligence. Advances in data science make it easier than ever to organize a company’s data into actionable insights.
The impact is so striking that using non-data-based methods alone is no longer enough to stay competitive. There’s too much information available for people to handle in any reasonable amount of time. Data intelligence catches that information and filters out useful data for human attention. To see this effect in action, take a look at how data intelligence outperforms traditional business practices in three common areas.
Customer segmentation and profiling
Customer segmentation is traditionally done according to demographics that are assumed to have the most significant impact on purchasing habits. These generally include things like:
- ZIP code
- marital status
While they are worth considering, these demographic categories are too broad. Personalization is a huge trend in marketing; designing marketing strategies based on raw demographics can alienate potential customers and lead to underperforming campaigns.