Big data is at the forefront of the Internet. It is becoming more and more critical to the onward progression of an innovative, successful company. Such boundless figures help businesses analyze consumer behavior to better understand their preferences. Sales and marketing are the primary beneficiaries amongst the array of industries influenced by the big data revolution. Big data in sales and marketing has helped improve the quality of leads, effectively plan campaigns based on territory and demography, and aid progress in the overall decision-making process.
Internet sourced figures provide suggestions based on buyers’ behavior as to what works best in different circumstances. The figures also back businesses with insights on how to improve prospect engagement, conversion rates, and revenue. Due to the abundance of data on the Internet, it is important that businesses create an effective plan on how to utilize them.
Here are some ways big data can be used to achieve the best value for money:
To Connect with Customers
Customer connection is the process of filling the sales vacuum by providing products and services relevant to clients. Businesses can use big data in sales and marketing to monitor customer behavior and to pitch parallel products, as determined by their requirements.
The use of big data, followed by predictive analysis can help businesses forecast the demand based on the data stored on their computers. This is exemplified in a NY Times article on Walmart’s knowledge of its customer habits. When Hurricane Frances was barreling towards Florida, Walmart came up with an innovative plan. The superstore opted to stock up more than just the usual flashlights and emergency kits. The mined data from the previous hurricanes suggested stocking up on pop-tarts and beer. The store later stated that most of the stocked products sold out quickly.
In Customer Analytics
Customer data analytics is useful in creating a planning module for a successful marketing and sales strategy. Tools that help to gain analytics provide insight to businesses to deliver anticipated offers to the customers. Customer analytics help in the growth of response rates, customer loyalty, and ROI by contacting the right customer. Furthermore, they contribute to reducing campaign costs by targeting customers with a higher probability of responding.
The Netflix series, House of Cards, which has nine out of ten stars from more than 275,000 reviewers, shows the importance of customer analytics. Much before the show’s release, there were speculations regarding the show’s evident fame. To gather a larger audience, Netflix used big data collected from viewers to determine their likes. In other words, Netflix received creative content from its audience using customer analytics.
To Influence the Customer’s Decision Making Process
Online shopping has been a boon to both the consumer and businesses alike. While buyers have the liberty to make purchases at the click of a button, companies capitalize by reciprocating with the data provided by every purchase. Understanding the industry trend and consumer behavior helps to optimize websites, campaigns, and products for potential buyers. However, the rise in online shopping has also brought fierce competition amongst businesses. The competition allows the practicality and usability of big data to influence consumers’ decision making it more crucial to success.
To Generate Smarter Email Campaigns
Compilation of data obtained from the email campaigns is important in determining your customers’ interest towards your brand. Higher bounce rate suggests that you’re doing something wrong and you might consider bringing changes in your email campaigns. By using big data, real-time information tracking is easier and allows your company to tailor customized services by employing narrower customer profiling and segmentation. Smart email campaigns using big data in sales and marketing helps to increase audience engagement, open rates, and conversions.
Internet data is rising. The growth is estimated to reach up to 40% annually. The increase suggests there is a larger chunk of data on the already pre-existing data system. Though seemingly burdensome, the answers to consumer behavior lie here. Therefore, it is highly advisable for businesses to work in parallel with the information encrypted from big data.