Enterprises welcome the development and implementation of newer technology that not only helps improve the lives of customers, but also furthers the cause of new age entrepreneurship, resulting in a win-win situation for all concerned.
The latest in this never-ending saga of new age tech that is supposed to be the harbinger of ideal customer relationship is big data and its seamless integration in day-to-day operations of businesses.
Big data refers to large volumes of complex data derived from multiple or a network of connected devices that would have earlier been impossible to discern due to, well, their sheer volume!
Equipped with the necessary tools and processes, organizations are now prepared to reap the benefits from such data, by first understanding what trends or leanings the data sets could mean and then take appropriate action that benefits their business operations.
Just having access to such a huge volume of data does not guarantee success. It is highly pertinent to understand what the data represents. Many a times, organizations lose out on important cues just because of the sheer volume of data, and this is where data analytics comes into the picture.
Data analytics helps organizations delve into important metrics from the incalculable amount of data and presents those inputs that help improve specific aspects with a goal that is common to all businesses – increase the bottom line!
A very critical aspect of business operations where big data solutions can play a significant part is marketing. In today’s world of infinitesimal attention spans, it is important to leverage the undeniable hard numbers provided by big data development to augment an organizations marketing strategy instead of relying on someone’s ‘gut feeling’. Insights gleaned from big data integrations and analysis has been proven to help marketing teams design more practical and successful strategies.
Marketing trends powered by big data development can now predict what type of outreach and language leads to increased engagement at each stage of a sales cycle and outlining strategies for increasing conversions and customer lifetime values.
We look at five ways big data development can revolutionize marketing for businesses.
1. Dynamic Pricing
The incredulous growth as well as reach in the online market means that there are customers of all kinds and businesses that choose to cater to this wide variety of customers will have an added advantage. Terms like expensive or affordable are just relative and entrepreneurs can highlight the required features to the right buyer.
Value-based selling is becoming increasingly popular amongst businesses to tap into the varied opportunities with dynamic pricing based on the value a customer perceives for a product. However, this requires a deep understanding of markets as well as the target customers. Big data integration enables businesses to identify the correct customer-product pricing range by recognizing the customers’ willingness to pay.
This helps companies identify potential markets and customers and then design marketing strategies to realize previously untapped potential sales that they would otherwise have lost out on due to flat pricing structures.
2. Personalized marketing campaigns
Businesses are increasingly turning to big data to ensure customer loyalty via personalized marketing efforts that has produced excellent results for companies. These have been proved to be successful in increasing the Customer Lifetime Value (CLTV) by providing personalized content for every target audience. Companies are able to understand which marketing activities generated the best results and personalize upcoming marketing campaigns accordingly.
3. Informed Next Best Action
A very important part of marketing practices, big data development has further enhanced the next best action by analyzing historical data sets by incorporating real-time decision-making algorithms that study previous data at multiple customer touchpoints. This helps marketers understand the probability of customers to connect to a particular offer and then provide relevant options.
4. Seamless experience across channels
This cohesively incorporates all customer touchpoints right from the first interaction that builds a lasting and impressive image for your brand. Big data development helps brands maintain a coherent theme across multiple channels and build a consistent omnichannel customer experience by using tools such as Customer Value Analytics (CVA). CVA provides necessary data-driven insights to marketers to understand which touchpoints lead to actual as well as increased sales.
5. Increased Customer Responsiveness
Implementation of big data platforms has revolutionized customer responsiveness across industry segments and provided deeper insights. Studies have found that 44% of B2C marketers use big data platforms to improve responsiveness and achieve more relationship-driven strategies.
If you are looking for big data solutions to boost marketing activities for your business, contact Smart Sight Innovations
today for a free quote.