With increased competition and media consolidation for audience share, content programmers and distributors are more focused than ever on how to attract, retain and engage their consumers. For companies like SiriusXM – the world’s largest satellite radio provider - new competition and distribution channels, like mobile and web, create opportunities and challenges.
Despite different opinions on how to tackle evolving business strategies, executives and analysts agree on one thing: marketing analytics that extract the full value from enterprise data are essential. During a recent panel - “How is the Big Data Phenomenon Changing Marketing -- and Customer Experiences?” - at the Teradata 2015 Partners User Group Conference, this theme was hit home by SiriusXM’s Director of Enterprise Marketing Solutions, John Carpenter – and underscored by his panelist peers.
Being able to meet consumer expectations for personalized marketing messages offers and enriched experiences brings meaning and value to the customers’ relationships with any business. These relationships are the key to building enduring brand loyalty. Discerning your customers' happiness – or displeasure – as they navigate their customer journey is essential to developing meaningful experiences – and heading-off churn disasters. In all of this, marketing analytics are essential.
Making the Most of Now – Real Time Analytics in Action
One major factor in SiriusXM’s marketing strategy? Moving toward a more real-time model that supports timely, accurate and relevant customer messages and experiences. According to Carpenter, the company could only achieve this vision by taking full ownership of their marketing analytics platform, bringing that back in house to eliminate data latency, and shifting to individualized marketing that employed trigger and event-based dialog versus prescriptive dialog. At the foundation of that strategy was capturing more data about how their subscribers use the service, and who their subscribers are.
The solution requires more than simply expediting technology adoption. Teradata Chief Analytics Officer, Bill Franks, says companies don’t necessarily need more technology, but a more sophisticated use of technology. One key mistake that companies make when embarking on a data-driven marketing journey is that they look headlong at technology without considering organizational maturity. Both components – the right technology, and a mature analytics approach – are critical for data driven marketing success.
To learn more about how SiriusXM is keeping pace with its changing marketing ecosystem.
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