You must pay attention the data points that matter!
Long gone are the days when digital marketing was based on gut feel and what looked good. The industry knows data is critical to a successful strategy. The hard thing is knowing which data points to pay attention to – separating the signal from the noise.
With so much of marketing being quantifiable nowadays, it can be easy to get lost analyzing the wrong data and wasting time which could be better spent elsewhere. Preparing a comprehensive marketing plan before you close on your priorities for 2022 can save you some of these troubles.
Consider what your ambitions are and what metrics you’re going to use to judge your effectiveness. Each business will have their own specific goals which change the priority of the data points below, depending on what is needed most by them at that time.
Here are five of the most important data points you must include in your digital marketing strategy to maximize effectiveness.
Cost-per-lead
Good digital marketing takes budget ceilings and ROI into consideration, so it’s critical for marketers to make the most of their limited resources. As a metric, cost-per-lead is particularly useful to keep track of in a segmented fashion, with drill-downs by channel and content type. This allows you to make educated decisions about where the right places are to invest in the future.
Keep in mind the pareto rule of 80/20 rather than trying to have a presence everywhere. If you find that most of your leads are coming from one channel, then invest more time there where you may see cheaper results rather than pumping money into channels which aren’t offering a good return on investment.
Within a platform, you should also watch which types of content are generating the most leads and their relative costs. For instance, native content promotion ads have been shown to be far more effective than banner ads. If you’re finding potential customers consistently telling you that they found you through one post, then it makes sense to create more content similar to it.
Lead conversion rate
Inexpensive leads are great, but generating lots of them that don’t convert is a waste of resources and futile effort. The lead conversion rate of different channels and messaging can show a company where the highest quality leads are coming from.
A low lead conversion rate could mean your marketing is poorly aligned with your actual product. It’s common for companies to use memes to grow their social followings, for example, yet if those memes lead to the wrong type of people clicking through to your site then it becomes a waste of time.
Consumers who are interested but ultimately don’t buy might feel as if they are being misled, and collecting feedback from these people can be a big help to address the underlying issue.
Marketers may be aware that the average lead conversion rate is very low, but this masks considerable variation. The top 10% of converters have a conversion rate of over 11%. This is a realistic goal for people to aim for by cutting down on low quality leads and improving the relevance of your messaging.
Demographic parameters
The use of buyer personas has become widespread, but a fictional persona is no match for real world customer data. It’s not uncommon to find that actual customers and followers are different to what you might expect.
On social media platforms such as Instagram, you can easily check breakdowns of your audience by going to the insights section. This shows you your followers’ gender, age and location breakdowns, key information which can help drive your strategy to focus on how to convert the people who are gravitating toward your brand. You may find the difference in cost-per-lead and lead conversion rate is huge between different geographies.
For instance, if you have a large percentage of followers in a region you do not prioritize, then you can change this and update your talking points to be more relevant to these people. This could then make them more likely to convert in the future.
Search trends
Trends in search are changing all the time as different topics have their moment in the sun. The words people use to describe the same underlying concept change too over time. It’s particularly important in the most innovative industries, where consumer recognition of certain terms can evolve considerably, even from month to month.
Google Trends allows you to work out whether or not you are targeting the right keywords. You can see the peaks and valleys in the volume of demand for search terms and see whether your results match that of the overall market. Keeping an eye on this is critical if you’re going to minimize wasted SEO efforts.
Seasonality in search trends is also key to ensure the right digital strategy is being used at the right time. If your company sells multiple products, it could be worth emphasizing different products at different times of year, when the demand for them online is at its greatest.
Volume and sentiment of mentions
Most people don’t enjoy being bombarded with adverts, and 84% of millennials don’t like marketing at all. It’s important to be aware of this in your marketing strategy and encourage organic mentions that help the brand grow without feeling too corporate.
The power of an everyday person evangelizing your product can’t be underrated. If you’re generating content that people want to share, then it helps to signal you to create more that type of content.
On the other side, look out for negative mentions. These can give crucial information of where something is falling short so it can be addressed. It’s not uncommon for ads and social posts to unintentionally cause offense, and it can be a disaster for a company to not have a timely response.
A sudden spike in mentions means something major has happened, whether it’s good or bad, and the company must be aware of this to leverage it the best they can.
Final thoughts
These are some of the most important data points to consider into 2022, but be sure to customize what you track depending on your company and what you wish to achieve.
Ensure that you are tracking your statistics regularly to avoid needing to make significant pivots in your strategy at short notice.
Big data has been a pivotal asset in modern businesses. Major tech companies like Google regularly use big data to offer higher quality services to their customers.
Google is one of the companies that has always used big data to its full effectiveness. They have used big data in their Gmail services to offer better features to their customers. In the past, they used new forms of big data technology to offer more robust security. However, there are other major benefits as well.
Google has recently found an application for data technology in their Gmail platform. They are using a new VoIP service that relies heavily on sophisticated big data technology.
Big Data Advances Help Make VoIP a Reality for Gmail Users
Gmail’s goal is to become your go-to center for more than simply communications, according to Google. Even though there are other enterprise VoIP solutions that companies of any size may add to their account for a cheap, easy-to-use business telephone service. Google is releasing a bigger data-centric Workspace upgrade that will bring direct talking to the Gmail mobile app via Google Meet.
Users will be able to call individuals directly through their Gmail mobile or Web applications using Google Meet. The call will be received via the Gmail app rather than the separate Google Meet app, though the latter will be able to originate and make VoIP calls in the future, according to Google. Big data advances will help streamline this considerably.
Together with emails, the new features revealed by Google combine the newest Workspace technologies into the Gmail tool, which now includes three tabs for Chat, Spaces, and Meet. Users will be able to make one-on-one calls directly from Google Meet with complex data-driven technology without needing to first create a meeting link.
The fact that Gmail was the first area Google considered putting its calling function demonstrates how significant Gmail has become in the wider Google Workspace improvements. Gmail is now effectively Google’s version of Microsoft’s Outlook. It serves as a focal point for a range of services.
This, according to Google, will make meetings more spontaneous.
Google now creates URLs that consumers may use to join Google Meet video conversations. With this new feature, users will be able to make calls without having to create a meeting and share invite links with other participants thanks to the new Google Meet calling option.
This is a step toward making “meetings more spontaneous” according to Google. They may even incorporate their other Gmail analytics tools into the VoIP features.
“Our intention is to bring Meet calling to all the natural endpoints in Workspace where you’d initiate an ad-hoc call including chats, people cards, and Spaces, but this will come first to one-to-one chats within the Gmail mobile app.” said Google’s Senior Director of Product Management, Sanaz Ahari.
The Spaces tab, which was formerly known as ‘Rooms’, is now rolling out to Gmail users. It’s a specific location for better collaboration, according to Google, and it’s connected with other Google Workspace apps like Calendar, Docs, Sheets, Meet, and Tasks. Users will be able to share documents using the group chat function, and the space will save their whole discussion history. More features will be introduced to spaces in the “coming months,” according to Google’s blog post.
Google is striving to give additional tools for hybrid meetings in addition to incorporating new capabilities into Gmail. In November, Google will launch a Companion mode in Google Meet. Users may use their laptop to host or attend a meeting from inside a meeting room, making use of the in-room audio and video. They will be able to bring presentations, papers, and other materials to the meeting on their computers, as well as see shared content up close.
The Series One kit was built with direct interaction in mind, using cutting-edge technology that enables more seamless, inviting, and inclusive virtual encounters. Other companies-built Series One devices to seem like they belong in Google’s design style, and they only function with Google’s software. Google has teamed up with Cisco WebEx to make video conferencing easier and to guarantee that equipment built for Google Meet can dial into meetings.
Google’s goals for Gmail are quite obvious. It’s becoming a hub for all business communication, not simply email and periodic meetings, similar to Microsoft Outlook. This is unsurprising given Google’s direct competition with Microsoft Office.
Big Data Leads to Major VoIP Breakthroughs with Gmail
Big data technology is leading to some major changes with Gmail technology. The new introduction of VoIP technology is possibly the biggest change yet.
All businesses need a system to accurately track their expenses. Without it, they would not be able to keep reliable records and would likely soon find themselves in financial trouble.
To track expenses, most businesses rely on some form of expense management software. However, not all expense management software options are created equal.
Some offer more and better tools, providing some significant advantages to their users. One such example is expense management software that’s powered by AI.
What Is AI-Powered Expense Management Software?
Through the use of AI, the software is able to handle more complicated operations, much more than your typical spreadsheet-based software options.
It also learns more about its users over time, making operations even faster and more efficient as you use it longer. Below, we’ll outline some of the major benefits you can find in AI-powered expense management software.
Faster Expense Tracking
The first major benefit of AI-powered expense management software is that it allows users to more quickly track their expenses. Anyone who has spent time manually entering all their different expenses knows how much time it can waste throughout the day.
With this more powerful software option, you can do things like submit receipts with a single click on your mobile device. You can also sync your mobile and desktop applications, allowing you to complete expense report tasks from anywhere.
Ensures Policy Compliance
In some cases, an employee may submit an expense that your business does not cover. When this happens, it may take some time to discover it. You then need to spend more time undoing the mistake.
With AI-powered expense management software, it will automatically check all submissions against your current expense policy. It ensures compliance, not allowing any expenses that don’t fit your requirements. This saves everyone time and ensures your business isn’t reimbursing for additional expenses.
Track Mileage Automatically
If your business reimburses for travel, having AI-powered expense management software can greatly improve your tracking process. Some software options use GPS to accurately track the miles traveled and record them in your expense report. It can even calculate the cost based on different types of vehicles.
The person in charge of approving the expense reports can also view a map of the travel before approving and ensure that it is accurate. With the help of AI, you and your employees no longer need to spend time adding up miles or trying to calculate just how much you spend on gas.
Automate Reimbursements
Another important part of expense management is sending out reimbursements to your employees. Whenever your employees spend money on business-related expenses, you need to reimburse them as soon as possible. With AI-powered expense management software, you can automate expense claim reimbursements.
This improved software allows you to directly transmit payments to your employees’ bank accounts based on approved expense reports. Your employees will certainly appreciate the improved turn-around time on reimbursements and you’ll appreciate not having to send out each payment manually every time an employee spends money on your business’s behalf.
Quickly Prepare for Audits
Finally, AI-powered expense management software helps you to quickly perform any audits. It’s easy to search through all of your records, finding any expense or receipt stores. You can also generate reports based on your specific requirements and see just the information you need.
If you’ve ever spent time trying to find a mistake somewhere in your records, you know how much a hassle it is. And even though AI-powered software makes these mistakes much less likely, they may still happen. When they do, you’ll want a system in place that makes it as easy as possible to perform an audit and find the mistake. This improved expense management software does just that.
Making Use of the Best Software
If expense management is a major part of your business, you deserve to have the best available tools to help you with it. Take some time to assess your current expense management software and see how quickly you can perform your necessary tasks with it.
If you feel like you are spending too much time on expense submissions, reimbursements, reports, and audits, then you may benefit from AI-powered expense management software.
Then, it’s just a matter of finding the right software option for your organization and spending time switching over to the new software. With the number of benefits you can get from the switch, though, it’s likely worth your time and effort.
In a rapidly digitizing world, data is a crucial thing to both individuals and organizations. One of the recent developments in digital technology is streaming data in real-time. Data streaming is all about processing and analyzing data that keeps on flowing from a particular source to a destination in almost real-time. No matter the size and scale, a business can now reap irrefutable benefits because of the real-time data streaming option.
Data Streaming Functioning Procedure
A company can boast hundreds or thousands of sources of data. It is essential to process sensitive data only after acquiring a thorough knowledge of a stream processing architecture. It is a framework of multiple software components. The data architecture assimilates and processes sizable volumes of streaming data from different data sources.
This very architecture ingests data right away while it is getting generated. It may consist of several components for different purposes, such as software for real-time processing, data manipulation and real-time data analytics. The stream processing evaluates streaming cross-device information in almost real-time.
Processing of pieces of data in real-time is possible because of the streaming data option. Streaming video media and real-time evaluation are the two most typical use cases for real-time data streaming. A company doesn’t encounter any difficulties in monitoring every major and minor aspect of its business because the data stream facilitates it to process data in real or near real-time.
A company’s management can react and take requisite actions prior to a crisis because of the real-time aspect of monitoring. Data streams have been playing an instrumental role in offering a constant communication channel between an organization’s moving parts and decision-makers.
Advantages of Real-Time Data Streaming
In this era, business organizations that know the importance of responding to real-time data streaming can gain an edge over potential competitors. It becomes easier for a company to develop a sound understanding of its target customers’ requirements instantly.
Currently, nothing is more crucial for an organization than continuously obtaining insight into data pertaining to its services, products, users and resources. Read the following to learn about the three main benefits of streaming data in real-time.
Helps a Company Gain Instant Insight
A company can analyze data while streaming it in real-time. It is profitable for your business when you get the opportunity to evaluate data streaming and old data at a remarkably high velocity and volume. You won’t have to struggle much to understand a customer’s interests and potential crisis when you analyze real-time data.
Responding immediately in an effective manner to eliminate risks is possible for a company when it performs real-time data analytics. Data streaming in real-time enables an organization to act in the moment, which eventually enables it to prosper. Do what’s the need of the hour to meet customers’ needs and exceed their expectations.
Make Informed-Decision Faster
It is indispensable for a business enterprise to make sound decisions faster to gain a competitive advantage. When you have real-time information that highlights errors your company makes, it becomes easier to right away prevent the same mistakes from occurring again. You can make better and faster decisions if you keep streaming data in real-time.
Boost Business Operation Agility
Business agility doesn’t only mean making informed decisions. It consists of calculated and well-strategized business objectives. You should keep conducting real-time data streaming analytics to improve the agility of your business operation. Try focusing on using up to date information to enable your company’s day to day operation to become more agile.
Address Operational Problems Quickly
Ensure that you have access to real-time information to detect and address business operational problems effectively and quickly. Most companies use data from video feeds and IoT sensors to continuously track business manufacturing lines for backlogs and stoppages. You will identify and resolve several issues if you continually stream and analyze data in real-time.
Provide Improved Customer Services
A company can drive more returns on investments successfully by improving the standard of services that it provides to its customers. Hence, most business organizations, regardless of the sector, invest in real-time data analytics software nowadays. Gaining insights into your customers’ data and needs can help your company ensure better services.
Enhance the Customer Experience
It is now super easy for an online business to become well aware of a customer’s behavior, likes and dislikes because of the real-time data. To drive more target customers to your online store, keep them engaged and compel them to buy from you, you need to improve their shopping experience. Real-time information can help you create a tailor-made customer experience.
Drawbacks of Real-Time Data Streaming Analytics
There is no denying that data streaming analytics in real-time benefits business organizations significantly. However, it comes with certain drawbacks. There’s a lack of special planning for storing real-time data in the cloud.
It is also essential for a business organization to consider its strategy to archive data carefully and securely. Many companies do the same to review or audit data for compliance purposes. A business organization sometimes requires dealing with real-time data processing issues, late-arriving information and system outages.
A data stream encounters the difficulty of arranging its data in order and delivering it to its customers. The CAP, which stands for Consistency, Availability and Partition Tolerance theorem issue, is something that data streams directly face.
Conclusion
Despite a few pitfalls, streaming data in real-time helps business enterprises reap a host of benefits. It’s high time to stream and analyze real-time information to stay ahead of your competitors and grow your business successfully.
The world we live in keeps facing unprecedented and rapid phase changes when it comes to business verticals and innovations. In such an era, data provides a competitive edge for businesses to stay at the forefront in their respective fields. Satisfying end-customer needs within the given time limits has also become a main priority. According to Forrester’s reports, the rate of insight-driven businesses is growing at an average of 30% per year.
Recognizing the potential of data, organizations are trying to extract values from their data in various ways to create new revenue streams and reduce the cost and resources required for operations. With the increased adoption of cloud and emerging technologies like the Internet of Things, data is no longer confined to the boundaries of organizations. The increased amounts and types of data, stored in various locations eventually made the management of data more challenging.
Challenges in maintaining data
As organizations keep using several applications, the data collected becomes unmanageable and inaccessible in the long run. The legacy systems and infrastructures can no longer be capable of handling such massive amounts of data. Shifting the data to the cloud from the existing legacy systems had its own challenges. Additionally, data sharing between different public cloud platforms or on-premise platforms can be difficult.
Companies these days have multiple on-premise as well as cloud platforms to store their data. The data contained can be both structured and unstructured and available in a variety of formats such as files, database applications, SaaS applications, etc. Processing such kinds of data require advanced technologies from ELT processing to real-time streaming. The daunting amounts of data make it very difficult for companies to quickly ingest, integrate, analyze, and share new data resources.
With the amount of increase in data, the complexity of managing data only keeps increasing. It has been found that data professionals end up spending 75% of their time on tasks other than data analysis. The ability of the organizations to manually extract the most out of their data results in being highly time and resource-consuming.
Advantages of data fabrication for data management
Data fabric is an architecture and set of data services that provide capabilities to seamlessly integrate and access data from multiple data sources like on-premise and cloud-native platforms. The data can also be processed, managed and stored within the data fabric. Using data fabric also provides advanced analytics for market forecasting, product development, sale and marketing. Moreover, it is important to note that data fabric is not a one-time solution to fix data integration and management issues. It is rather a permanent and flexible solution to manage data under a single environment. Other important advantages of data fabric are as follows
Unified environment
Data fabric applications provide a unified environment that caters to all the needs of the organization to transform raw data into valuable and healthy data. It also eliminates the need for the integration of multiple applications and tools for the product, contract and support mechanisms. Data fabric helps from discovery to integration of data that are gathered from various sources. Data Fabric also helps with cleansing the data, analyzing the integrity and enables sharing the trusted data with all the stakeholders.
Native code generation
A data fabric solution must be capable of optimizing code natively using preferred programming languages in the data pipeline to be easily integrated into cloud platforms such as Amazon Web Services, Azure, Google Cloud, etc. Also, the solution must have multiple built-in connectors and components that can function as intended for many environments and applications. This will enable the users to seamlessly work with code while developing data pipelines.
On-premise and cloud-native environment
Since a wide range of organizations stores data on both on-premise and cloud environments, a data fabric solution must be developed in such a way that it is natively capable of working in both environments. These solutions must also be able to ingest and integrate data from both on-premise and cloud environments such as Oracle, SAP and AWS, Google, Snowflake, etc. The data fabric solution must also embrace and adapt itself to new emerging technologies such as docker, Kubernetesinserverless computing, etc.
Data quality and governance
Data fabric solutions must integrate data quality into each step of the data management process right from the initial stages. Separate roles have to be set out for cleansing data and trace the source of data to maintain data integrity and compliance.
Best Data Fabric Tools for Enterprises – Tried and Tested
Atlan
Atlan’s data fabric solution focuses primarily on 4 major areas such as data cataloging & data discovery, data quality & profiling, data lineage & governance and data exploration & integration. This product offers a search feature that is as sophisticated as Google and automatic data profiling. Altan’s data fabric solution lets the user manage data usage across the ecosystem using governance and access controls.
K2View
K2View’s data fabric solution organizes isolated data sets from various data sources according to the digital entity. Each business entity has its own hyper-performance micro-database. The digital entity unifies all the known data related to the business entity. This data fabric solution ingests, transforms, orchestrates, secures all the data in the micro DB. This solution can also be integrated with the source system and can be scaled up to support millions of micro databases at the same time. This high-performance architecture can also be integrated into on-premise and cloud-native environments.
Cinchy
Cinchy offers a data collaboration platform that can handle enterprise applications and data integration. The product was originally developed as a secure tool to solve data access challenges and provide real-time governance and effective data delivery. Cinchy’s solution can seamlessly integrate fragmented data sets into its network architecture. The ‘autonomous data’ feature enables the platform to self-describing, self-protecting, self-connecting and self-managing.
Data fabric ultimately enables organizations to extract the most out of the collected data and meet business demands while maintaining a competitive advantage among companies in similar fields. Data fabric also helps in data maintenance and modernize data storage methodologies. Additionally, companies can also leverage the advantages of hybrid cloud environments with the right data fabric tools.
Business Owners Lean on Big Data to Deal with Cybercrime Threats
It’s no secret that the COVID pandemic caused a lot of industries to get flipped on their head or at least make some major organizational changes in order to stay afloat during the peak of shelter-in-place orders and other legalities aimed to stop the spread of the virus. The great thing about living in a world governed by advances in big data technology is that it was possible to offer these services remotely.
For many businesses, there was a move to the remote workplace for those employees who could do most of their work on a computer. In a classic “one thing leading to another” scenario, there was a boom in ecommerce and web-based sharing of data for businesses, which also led to a spike in cybersecurity breaches. For business owners looking to keep all or some of their business in the remote office (it’s a big money saver), it’s important to understand the seriousness of cyber threats and the possibility of a data breach, especially in a post-pandemic world with a heavier reliance on web-based interactions.
Types of Attacks
There is a near-endless list of different types of hackers, but they don’t all take aim at small businesses. Some try to infiltrate home networks to steal data, and others even do what is called “hacktivism,” in a “steal from the rich and give to the poor” type of scenario that includes things like publishing information on corrupt politicians.
Here is a list of some of the types of hackers use to orchestrate data breaches that you need to be the most wary of at your small business.
Phishing – These attacks are most often conducted via email, and focus on pulling on the heart strings of the receiver in order to get them to share information that can be used to infiltrate a network. When the pandemic first hit, phishing attacks increased by a whopping 600%, most via unsecure home networks being relied upon for work activities that would have otherwise been conducted at home. Phishing emails will often disguise themselves as an organization looking for financial help, and last year, a Texas school lost more than $2 million after a hacker forged an email from the World Health Organization to steal data from the public.Software Vendors – Part of the move to remote work was a heavier reliance on software to help with project management and communication, and these vendors became targets of many cyber attacks focused on stealing sensitive data. A silver lining to the pandemic was a heavy increase in capabilities offered by software, but no matter what it offers your company, be sure to look up how well they secure their information and if they have been victim of any attacks. Cloud Storage – Companies needed to rely on cloud storage during the pandemic, as well, and this led to a spike in cloud-based hacking. Technology allows hackers to scan cloud servers to find openings that don’t have passwords, or have very simple-to-break ones. Ultimately, any server is vulnerable, so ensuring you protect your information within the server is important and should be something you train your team on.
Take Adequate Steps to Prevent Data Breaches as a Small Business Owner
Speaking of training, it’s your responsibility to protect your client and customer’s data. Unfortunately, a data breach of any sort can be catastrophic to your bank account and your image. More than half of employees working remotely during the pandemic said they probably did some things that made company information more vulnerable than it would have been if they were in an office, so training, training, and more training should be the first three things on your cybersecurity list. Investments into security software are also generally sound.
Email marketing ranks among the best ways to stay in touch with an audience and potentially to build one too. However, like so many digital marketing tasks, it’s something that undergoes constant evolution and development. Even with the initial tasks out of the way, such as deciding on a tone and template and testing your email servers, it requires regular work to keep people engaged.
It’s also a discipline that involves massive amounts of data. Anyone with even a passing interest in using email as a marketing tool should have a good idea of typical open rates and bounce rates, so they have something to compare campaigns to. It’s then far easier to understand where a business stands and can guide what comes next.
Utilizing this data to drive decisions and others elements of the overall marketing plan is what inevitably takes up the most time – even more so than crafting the emails themselves. However, great campaigns don’t necessarily rely on marketers who understand their data’s comprehensive ins and outs. So instead, we’re going to focus on four critical aspects of that data that can yield the best results.
Performance Monitoring
Starting off with the most basic data, it’s vital to understand how your current efforts perform if you’re to stand a chance of improving them. Most email marketing tools provide this data as standard, spanning core metrics such as click and open rates, together with the number of people that unsubscribe with each email.
Naturally, knowing this information is merely part of the job. The actual skill stems from applying context then making a decision. For example, when it comes to people unsubscribing from your list, the most common reason is almost always too many emails. It’s not difficult to apply context to that one, but someone needs to make a decision and decide whether the current schedule brings in as much value as it could.
With open rates, keep an eye on how different styles and tones in the subject line have an impact. With click rates, monitor whether in-content links perform better than images and buttons or vice versa.
While basic, this insight should be a priority, and marketers should monitor performance with each email they send to build up an overall picture of subscriber behaviors. From there, they can deploy their knowledge from the moment the following email goes out.
Audience Segmentation
Most of your email subscribers will already have something in common – likely at least a passing interest in your brand, products, or services. However, unless you do just one thing, there will be differences.
While an extensive list is always beneficial, most email marketers accept that not every email needs to go to every subscriber. There’ll always be generalized updates, such as the latest news from your brand. However, with a robust handle on how your audience differs, you can start to divide up marketing campaigns based on their interests.
Big data is at the core of audience targeting across all channels, and few are as specific and accessible as information related to your mailing list.
Funnel Overview
Emails form a vital part of the overall sales funnel, and the data behind them can reveal where list prospects reside on the buying journey. Social data is valuable in the funneling process, and it works exceptionally well with email data as someone on your list can already be considered at least a partially warm lead.
Your email strategy will be driven by your information on how people interact with what you send them. For example, some users will make a purchase every time you email them special offers and discounts. Others will open every email that provides a story or industry commentary but demonstrates less interest in your sales messages. This ties back into audience segmentation but differs in that it provides valuable insight into the types of customers that are just browsing and those that are ready to buy.
Shareability
Wrapping up with an oft-overlooked influence of data on email marketing, we consider how likely someone is to pass along something you’ve sent them. There was previously a trend where marketers would directly encourage readers to forward emails to their friends. Although a few holdouts remain, it’s mainly fallen out of fashion, primarily due to brands preferring to nudge people towards social media.
Whether you ask, imply or let nature take its course, it’s always a great idea to keep an eye on which content resonates so much with your readers that they cannot help but tell someone else about it. This might involve a behind-the-scenes look at the business, a special offer that matches what someone they know wants to buy, or anything else. Again, the key is knowing what and who.
This form of word-of-mouth marketing is exceptionally valuable in that it can not only boost sales but also grow your list organically. Both undoubtedly reside near the top of your KPI list, so a renewed focus on passing the message on, with data to make it happen, can make all the difference.
You might be surprised to hear that AI is becoming more important in the field of insurance than ever. Insurance companies have been using AI and big data for underwriting and other functions for years.
As Gen Z is now beginning to make radical financial decisions for themselves, we’ve seen a rise in the number of platforms and applications that are now automating the process of insurance policies. With such platforms, powered by AI and data analysis techniques, insurance companies are slowly changing the way they function, bidding farewell to the pre-set traditional insurance schemes for people to choose from.
Most companies talk about the benefits of AI in marketing and management, but it can be essential in other aspects of the insurance industry as well. These new-age AI-backed insurance plans are making the consumers’ lives simpler and better, which has resulted in a stronger competitive advantage for insurance companies using it. Here’s how.
AI Provides Better Accessibility for Insurance Customers
What’s better than having all your essential finance-related documents and details in your hand at all times? These online platforms make it incredibly easy for you to get the required insurance quickly. It eliminates the tedious step of processing paperwork by simply automating getting customer details without you having to fill out numerous forms.
Since you get your insurance entirely online, you don’t even need to carry around physical proof for the same. The platform gives you e-proofs for everything related to your insurance policies.
Artificial Intelligence Means it Takes Less Paperwork to Get Insured
We’ve all been there – tired from standing in long queues, figuring out complicated terms related to insurances, filling out forms while making sure not to make any mistakes; it’s draining and tiresome. But platforms such as Salty can help you.
These AI-backed insurance platforms allow you to move the process online, giving it access to your information which helps them suggest a personalized plan for you. All the necessary details are also stored online on cloud with maximum customer privacy and security to ensure your details are in the right hands. Once you’re done with the formalities, you’re insured. It’s just that simple.
With no in-hand documents or submission of the same to the company, you can enjoy the security of your insurance without the hassle of paperwork. This is especially beneficial when insuring utilities such as a house or vehicle.
Personalized Insurance Schemes
Gone are the days of traditional insurance schemes when people were bound to sacrifice some of their requirements to attain insurance through these rigid plans. Nowadays, insurance companies have integrated technologically advanced techniques into their architecture. This allows them to understand their customers through efficient data analysis truly. When you give them your basic details such as name, phone number, email address, etc., they read through your smart devices, transaction history, bank history, SMS, etc., to determine what kind of insurance plan would be ideal for your needs.
This personalization of schemes has been made possible with AI allows customers to be in control of their money and safety.
Room For Customization
With personalization comes room for customization of these schemes! Insurance plans on such platforms allow customers to alter their plans based on recent changes easily.
For instance, when a customer gets healthcare insurance, it covers their needs and is customized for their requirements. However, a new addition to the family or the demise of an older member calls for a change in the plan. They can alter their policy to cover their family members without a lot of hassle or paperwork by simply completing an online procedure.
This is also incredibly useful when buying a costly home appliance or automobile as these utilities require insurance.
Flexibility When Choosing Plans
Designed to give the customer complete freedom, these AI-backed policies genuinely deliver what they promise. These plans aren’t solely for healthcare or life insurance; they can also be small-term, event-based, or utility-based.
For instance, if you don’t get embedded insurance for an appliance as a native feature, you can buy utility-based insurance on a low premium; you can also get short-term insurance for a small business—the possibilities are endless.
Getting insurance can sound daunting. However, the new-age AI-driven platforms which leverage data analysis to provide you with the best customer experience make the process incredibly easy to grasp, fit for anybody seeking insurance.
