5 Real-World Examples of How Brands are Using Big Data Analytics

Big data analytics involves examining large amounts of data. This is done so as to uncover the hidden patterns, correlations and also to give insights so as to make proper business decisions. Basically, organizations have realized the need for evolving from a knowing organization to a learning organization. Essentially, businesses want to be more objective and data-driven, and so they are embracing the power of data and technology.

The big data concept has been around for many years. Decades before the first mention of big data, businesses applied analytics on the data they collected so as to gain insights and uncover trends. This involved capturing numbers on a spread sheet and manually examining the numbers.

Big data analytics is done using advanced software systems. This allows businesses to reduce the analytics time for speedy decision making. Basically, the modern big data analytics systems allow for speedy and efficient analytical procedures. This ability to work faster and achieve agility offers a competitive advantage to businesses. In the meantime, businesses enjoy lower cost using big data analytics software.

Organizations have invested in big data analytics. Think of a business you know that depends on quick and agile decision to remain competitive. In this article, we give five real-world examples of how big brands are using big data analytics. Keep reading to gain more insights.

The customer is the most important asset any business depends on. There is no single business that can claim success without first having to establish a solid customer base. However, even with a customer base, a business cannot afford to disregard the high competition it faces. If a business is slow to learn what customers are looking for, then it is very easy to begin offering poor quality products. In the end, loss of clientele will result, and this creates an adverse overall effect on business success.

The use of big data allows businesses to observe various customer related patterns and trends. Observing customer behaviour is important to trigger loyalty. Theoretically, the more data that a business collects the more patterns and trends the business can be able to identify. In the modern business world and the current technology age, a business can easily collect all the customer data it needs. This means that it is very easy to understand the modern day client. Basically, all that is necessary is having a big data analytics strategy to maximize the data at your disposal. With a proper customer data analytics mechanism in place, a business will have the capability to derive critical behavioural insights that it needs to act on so as to retain the customer base.

Understanding the customer insights will allow your business to be able to deliver what the customers want from you. This is the most basic step to attain high customer retention.

A real example of a company that uses big data analytics to drive customer retention is Coca-Cola. In the year 2015, Coca-Cola managed to strengthen its data strategy by building a digital-led loyalty program. Coca-Cola director of data strategy was interviewed by ADMA managing editor. The interview made it clear that big data analytics is strongly behind customer retention at Coca-Cola. Below is an abstract of the full interview on what Coca-Cola had to say about the role of big data in achieving customer retention.

Big data analytics can help change all business operations. This includes the ability to match customer expectation, changing company’s product line and of course ensuring that the marketing campaigns are powerful. Let’s face the naked truth here. Businesses have lost millions spent in running advertisements that are not fruitful. Why is this happening? There is a high possibility that they skipped the research phase.

After years of cautious enthusiasm, marketing and advertising technology sector is now able to embrace big data in a big way (Medal, 2017).