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BizReport : Advertising archives : July 09, 2013

Monetate: Big data pushing personalization

More businesses are investing in big data, but many continue to use that data incorrectly. Or not at all, in some cases. A new infographic out from Monetate shows how online businesses are - and aren't - utilizing data to create better personal experiences.

by Kristina Knight

Online shoppers want personalization, and while most brands are trying to give the customer what she wants, some continue to fall short. In fact, more than one-quarter (26%) of businesses aren't using real time behaviors to personalize online experiences. According to new data out from Monetate 94% of marketers believe online personalization is key for their success; most also believe properly used data is pushing the most successful brands higher.

"Companies have more data than ever, so it's crucial to make sure your analytics team is uncovering actionable, rather than just interesting data," writes the company. "Case in point: if a marketer uncovers that iPad users are the company's highest spending customer segment, what action can the marketer take with that information? Before diving into data, ensure the questions being asked result in answers that can be acted on."

Other interesting findings include:

• 95% of the data collected isn't used
• 39% of marketers believe data isn't collected often enough and that they can't turn data into actionable insights
• 53% of marketers want to add customer data to their customer profiles
• 46% believe identifying actionable insights is important

And the report supports businesses investing in big data. According to the report almost half of brands who have invested in big data analytics have also seen increased revenue; about one-third say they're seeing higher campaign ROIs as the result of data analysis. Almost 20% are seeing increases in online sales (KPIs) from website personalization.

Image via Shutterstock

Tags: big data trends, data analysis, Monetate, online data

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