For today’s businesses, big data offers numerous possibilities. Big data analysis also offers a number of advantages when it comes to the prospective as well as current customers of an organization in addition to gains in efficiency and revenue.
For the marketing department especially, this is a very big news. In-depth understanding about the potential buyers, their preferences and habits can help make sure that offerings and advertising are targeted for a particular group, enhancing the chances of loyalty and conversion. In addition to this, it can finally put an end to the age-old problem of offering huge amount of money to a advertising campaign and expecting miracles from them. Today, every dollar that is being spent on marketing is a highly calculated investment and ensures big returns.
When it comes to prospective clients, does your business know whom to target and when they are identified, how do you capture them? Let us take a look:
While it will be tempting to make the most ofbig datain a way that is facing outwards to exploit the new customers but experts like John Weathington who is a TechRepublic contributor states that this kind of big data strategy is highly successful when analysts first analyze the existing customers.
Weathington explains this kind of initiative as the noise and the signal where analysis is used to determine the existing loyal customers of a company. All the data is considered as noise and all these individuals are the signal. In this manner, the business can determine the type of clients who make up its current true customer base and can then search harder and find other individuals who can get connected to this group in the larger marketplace.
From the order history, customer service information, order management system of the business, the analysts can create a all-round view of your most loyal shoppers by leveraging data. These individuals are designated by being the highly satisfied ones with their experience with your organization and this also comes at the lowest possible cost to your organization.
Weathington has stated that “you will possess a good number of attributes that have a powerful signal against the value of the customer with minimum noise. You will presumably determine various markets that are not productive for your business i.e., they spend very small amount and take a lot of time with your customer service representatives. With this knowledge, you will come to know where to focus your valuable relationship offerings and marketing dollars.”
Mike Dickey, a WIRED contributor has noted that when it comes to understanding your customers, it would be most helpful if you gather as much information as possible. It is also important to make the maximum use of your clients’ personal details, including their location, age and other valid information in addition to other brand interactions, returns and exchanges and prior buying history. This is helpful in getting the entire picture of your client base and eliminate any knowledge gaps.
Dickey pointed out that “the blind spots can lead to missing valuable information and misleading the complete picture of the experience of the customer. Ensure you capture everything that can have an effect on the behaviour and experience of the customer.”
It is important to not presume anything about your client base before the analysis gets completed. This process can disclose insights and patterns that might not have been readily available or come to light previously. This knowledge is helpful for you in addressing the specific preferences and needs of your customers. “Willingly, accept your customers for what they do instead of what you ponder they are doing.
