The digital realm is bursting with data.
The buzz words of today are “big data,” and I know you’ve heard them. There’s a reason why. It can boost business in extraordinary ways. But how?
WHAT IS BIG DATA?
Let’s first look at what exactly big data is: enormous collections of information developed either internally from the company itself or from a vast array of new media. At times, this data is so large, it cannot be analyzed using standard means of examination. Social media, for instance, delivers an infinite amount.
Consumers are also constantly sharing intelligence as they utilize search engines, browse websites, sign-up for e-newsletters, and download content.
Each of these interactions contains important details. And mining this data from these sources and establishing associations can be particularly beneficial when it comes to marketing to your target audience.
Why? Because each of these customer channels can be incorporated into a single cache, and consequently, profiles can be created for each consumer. Understanding who your customers are helps you sell more to them and others like them. If you knew exactly what your market wants and needs, it would be easier to identify opportunities to promote new products to them and direct them with suitable offers.
THE BENEFITS OF A BIG DATA PLAN
With a cohesive database solution in place, you can analyze it and gain insights into your customer’s behaviors, their demands, their habits, and how to reinforce their loyalty. Your target market is not made up of a bunch of the same type of people. Consider the different characteristics of your customers: their gender, age, income, location, buying habits, interests, and other key traits. You can categorize them into segments of individuals who share similar qualities.
Evaluating customer data to generate segments allows you to create targeted messages that speak directly to specific groups, which makes your marketing mix more efficient. Some customers may favor traditional direct mail while others respond best to email or text messages. It’s imperative to distinguish which avenues your customers like better so you can enhance their experience and in the process cultivate loyal brand advocates.
Profiling current customers also makes it simpler to find new ones. You can examine parallel prospects, and advertise to them in a comparable way. The data will help you uncover commonalities, connections, and other dynamics that your business never deemed as a worthwhile target. Expanses of untapped markets exist that you may never have reviewed. Your data will give you accurate facts about your audience, and so instead of making educated guesses regarding how to market to your audience, you can leverage these truths in order to accommodate their preferences and maximize your profits.
You can additionally use the information to improve customer service. Better, more accurate access to data helps you interact with customers more quickly. In order to ensure a positive effect of each contact, communications must be appropriate and relevant. Prognostic analytics play a key part in affording a clear comprehension of a customer’s likelihood to prefer and accept one offer over another. The offer being made must deliver value to your customer, and with the right intelligence, you can customize product offerings and provide individualized service. Furthermore, in order to attain customer experience excellence, you must be consistent in supplying consistent communications through every channel.
THE BOTTOM LINE
In the end, it is the consumer who is at the helm. Businesses must decipher techniques to get to know their customers in a more profound, personal way. And with the right data in place and a clear, comprehensive marketing plan, you can capture an immense breadth of veiled revenue opportunities.
I welcome you to reach out to me and connect via LinkedIn at https://www.linkedin.com/in/samfrida