Big Data enables organizations to target audiences much more precisely and at a much more personal level, thereby increasing customer loyalty. Many companies are beginning to realize the benefits of Big Data and are starting to use their customer data more effectively, leading to much better insight on consumer buying patterns/preferences etc. Ultimately, this is allowing companies to increase their cross selling opportunities and build better relationships with their customers. With the advent of Big Data, companies now have an opportunity to harness the power of real-time information and use analytics to interact with their consumers in real time.
Big data collection also provides invaluable information about consumer preferences that allows marketers to adjust their messages and promotional strategies to their ideal target audience. Having this ability is especially beneficial in today’s day and age where consumers are bombarded with thousands of advertising messages on a daily basis. Data-driven marketing strategies enable businesses to project messages that consumers want to hear, which translates to higher sales. A combination of big data collection and an understanding of consumer habits (why they do what they do) will empower businesses to catch customers at the right time with the right message.
Smart companies are realizing that unleashing the power of Big Data insights is the key to staying ahead. And, while it may seem like a daunting task, companies that are making Big Data and analytics a cornerstone to their sales and marketing strategy are undoubtedly ahead of their competition.
Perceptions about Big Data that might be limiting you from getting started:
Upfront capital: There is a general perception that the infrastructure to apply Big Data and options for advanced analytics are costly, and that such initiatives are widely reserved for large organizations instead of small- and mid-sized ones.
Technological gaps: Costs notwithstanding, many organizations perceive that they are not sophisticated enough to handle the technical aspects of operating Big Data platforms and that they lack the resources to procure personnel/training to do so.
Data Awareness: Several companies are still largely unaware of the value of data and the potential power that advanced analytics options can bring to their businesses. Ignorant of data’s potential, they have yet to link business objectives to substantial data driven processes.
Here are a few ways you can get started on your Big Data journey:
Monitor social media: Keep tabs on what folks are saying about your brand, your competitor or other relevant terms for your business. Every one of them can be an opportunity to engage, respond, show you care, solve a problem or even turn a detractor into an advocate for your brand.
Get customers excited about their own data: By providing customers data that’s meaningful to them, these companies are using big data to develop superfans. Once they get hooked on their own personal data, they’re more likely to continue logging in or using the product. And if it all goes according to the master plan, they will have become brand loyalists along the way.
Improve customer service: For many companies, leveraging big data is the hot ticket to more effective marketing and product development. But those who are using data to improve their customer service are taking it one step further. When a customer reaches out, the representative can more quickly and efficiently solve the problem if they have the right data in front of them. They won’t need to ask as many questions of the customer because they already know the answers.
Don’t assume: Embrace your customers for what they do, rather than what you think they’re doing. Stay objective and allow the data to provide insight.
Be agile: Customer needs and priorities are always changing. Technology must be agile and able to adjust as well. To ensure that your analysts don’t lag behind, you must be able to adjust the data you capture & process on the fly to meet continuously changing requirements