Mining customer data can pan out in repeat sales

By Lindsay Lorenz
PBN Researcher

If a company has customers, then it also has data about them. For some businesses, the uncertainty comes in how to harness that data and leverage it to their benefit. More

To continue reading this article, please do one of the following.


Mining customer data can pan out in repeat sales

CLEAR PICTURE: An attendee at last week’s Social Media & Marketing Summit takes a photo of a slide with her tablet device.
END GAME: Joel Evans, center, VP of strategic integration at Mobiquity, says developers must focus apps and websites on the user experience.

By Lindsay Lorenz
PBN Researcher

Posted 3/4/13

If a company has customers, then it also has data about them. For some businesses, the uncertainty comes in how to harness that data and leverage it to their benefit.

During the second part of PBN’s Social Media and Marketing Summit held Feb. 27, panelists attempted to shed some light on this topic and other areas of technology-based marketing.Through customer interactions, company websites, mobile apps and social media sites – even payment transactions – companies have access to what’s known as “big data,” data sets that can be measured by volume, such as the number of transactions; velocity, perhaps the number transactions per minute; and variety, things like tweets, reviews or likes on Facebook.

According to panelist Matt Sly, vice president of products at Swipely, a company specializing in payment marketing for small businesses, there can be clues about customers in that data.

Swipely, which works mostly with restaurants, uses credit card transactions to learn more about a company’s clients. Each client who pays with a credit card begins as an anonymous user, but by tracking that user’s actions, a company can build a profile around its customers to find out how much the average sale is, who the best customers are, the amounts of new and returning customers and how sales are affected during campaigns. Eventually, if the customer opts into a program, the merchant can attach an identity to the customer to tailor its marketing efforts.

Knowing so much about people’s habits is something that, as a lawyer, fascinates Brian Lamoureux, a partner with law firm Pannone Lopes Devereaux & West LLC. Lamoureux said companies are starting to explore a new trend called “if then marketing,” in which technology makes both the company and the consumer marketers.

For instance, when a waiter stops by a table to collect payment, he can offer an incentive to the customer. He might suggest that if the customer posts to Facebook that they just ate at the restaurant, the restaurant will pick up the tab for their valet parking.

“Within that five-second interaction with payment, there will be this interesting dialogue with the consumer to help us push our product to your friends and you’ll get something right now,” he said.

In addition, it could help the company learn more about their customers.

But sometimes, how much you can learn about a customer depends on how it easy you make it for them to share information about themselves.

Next Page
PBN Hosted

Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
  • Manufacturing Awards
    Applications are now being accepted for the 2nd Annual Manufacturing Awards. Dea ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News