Today, businesses look for an efficient yet a powerful tool to reach out to new as well as retaining customers for multiplying their current ROI.
A decade ago, obtaining data for analysis was a laborious task, but with the emergence of Big Data, it has all been transformed. With a plethora of advantages and possibilities, Big Data analytics act as a catalyst in improved targeting, enhanced efficiency and revenues.
According to a survey conducted by 101data, retailers in the US stated that Big Data technology would have the biggest impact on the following-
- Targeted offers and deals (50%)
- Demand and supply chain modeling (49%)
- Customer-focused products (43%)
- Loyalty programs (35%)
Unfortunately, we still do not have enough businesses that use Big Data technology. There are several challenges holding them back and questions which are yet to be answered.
- Why do you need to gather data?
- What type of data should be collected?
- How should it be used to produce actionable insights?
- How to measure ROI?
From the marketing perspective, in-depth knowledge of user behavior, their preferences and habits are important for shooting up the conversion rates. Additionally, advertising campaigns that required to put several dollars can now be eliminated with Big Data. Each penny spent on marketing and advertising campaigns can be optimized to generate big returns.
Here’s our take on how can businesses identify and acquire prospective customers using Big Data.
Accumulate Customer Data
It is one of the vital aspects of understanding who matters to you and who is just a passer. Collect as much information about your customers as possible in order to produce relatable and actionable insights. The more customer data gathered means the more you understand them. Try piling up datasets on the basis of location, age, past behavior, interests, activity time, brand interaction, purchasing power, habits and more. The data thus collected will help you in devising personalized marketing plans that’ll guarantee success and increased revenues.
Make sure you gather enough information and diminish the knowledge gaps to minimal because missing valuable information can have an adverse impact on your business growth.
Don’t presume until you analyze
One of the mistakes that mobile app development companies or you can say data scientists commit is of presuming things before the analysis is completed. The analysis can uncover insights, facts and figures that were not previously known, which certainly can be helpful in defining customers’ needs, purchase patterns and preferences.
One important thing to remember is that customer demands are ever-changing; therefore, analysis can’t be completed in one shot, instead, it is an ongoing process till you shut down your business completely.
Comprehend the Requirements
Once the insights are out and you know what the customer needs are, how they plan to satisfy them and what are the appropriate times of doing that, it is the time for you to act. Make sure your team of experts produce an action plan that not only satisfies customers’ desires and wants but also prove beneficial from the business perspective. Customer experience is important but at the same time making money is important too.
A Plan-to-action That Affirms Right Targeting
After identifying the right audience to target, ensure that a plan is devised that addresses customers’ needs and preferences in the first place, review and feedback in the second place and patterns in the third place. Addressing each of them in detail will help you draft a comprehensive tactical plan that strengthens loyalty, helps you target the right people and generate revenues like never before.
Get Associated With Right Big Data Company
Apart from paying attention to aforementioned points, you need to join hands either with a mobile app development company with Big Data proficiency and experience or with a company that dedicatedly works on gathering, sorting and refinement of data to produce useful insights for businesses to think and invest wisely.