Answer to Question #157330 in Marketing for Chris

Question #157330

What 4 common practices to Marketers use to gain DATA?


1
Expert's answer
2021-02-01T13:39:25-0500

The 4 common practices to Marketers use to gain DATA entail;

  1. Getting a 360-degree view of their audiences. The concept of “know your customer” (KYC) was initially conceived many years ago to prevent bank fraud. KYC provides insight into customer behavior and information that was once limited to large financial institutions.
  2. Improved customer acquisition is another great benefit that big data brings to marketing. A McKinsey survey found that intensive users of customer analytics are 23 times more likely to clearly outperform their competitors in terms of new customer and data acquisition.
  3. Customer engagement, specifically how your customers view and interact with your brand, is a key factor in your marketing efforts for acquiring data. Big data analytics provides the business intelligence you need to bring about positive change, like improving existing products or increasing revenue per customer.
  4. Brand awareness is another way marketers can have a significant impact on marketing and big data. 

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