The Data Challenge for Marketers
Wherever you go at the Mobile World Congress, you cannot get around it – the Big Data challenge.
Because of the widespread use of smartphones, tablets, social media, online searches and data transactions, the number of transactions and amount of data have exploded -- and with the 4G LTE, this trend will grow even stronger.
Organizations everywhere are now faced with the challenge of analyzing these vast data sets in order to remain competitive. This analysis can be used to improve customers' experience and service, lowering the chance they move to a competitor.
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For marketing executives, big data analysis is a great way to get insight into the behavior of (potential) customers, partly because it provides location-based information. In today's highly competitive market, chief marketing officers need a flexible data analytics solution that gives answers to complex questions – ideally in (near-) real time.
They need to know the influence of OTT apps on their other services; how they can prevent customers from signing up with a competitor; what the average revenue per user impact of a new offering is; how they can cross-sell and up-sell between different content and pricing packages; and how they can target relevant customers.
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The optimal solution enables marketing departments to combine knowledge and insight into the financial and behavioral aspects of customers. This not only allows for a holistic approach where various departments share knowledge and data, but also gives CMOs the overview and insight that they need to transform data into business value for their organization.
Amit Daniel is the Executive Vice President of Marketing and Business Development at cVidya, a global provider of revenue intelligence solutions for telecommunications, media and entertainment service providers. cVidya is exhibiting at this year's Mobile World Congress.