Big data and analytics can help a business in many ways which include: predicting consumer behavior, decision making, and marketing efforts. By closely monitoring these aspects, a business can continue to improve and expand.
Personalize Customer Interactions
Today, businesses have access to almost an unlimited amount of information about their customers. In the past, businesses had basic demographic information about their customers such as age, gender, ethnicity, and location. Companies now have access to more detailed information regarding behaviors and preferences. What’s great about this is that many customers are willing to share this information with companies to have the products and services they want to be marketed to them. A recent study found that 52% of customers were likely to switch brands if a company didn’t personalize offers to them. According to WordStream, “Personalization has evolved far beyond simply addressing customers by their names. In fact, now the bar may be set at offering distinct web and mobile experiences for each customer.” This type of marketing not only provides an excellent return on investment (ROI), but it also makes customers feel valued.
What’s Working and What’s Not?
Improved visibility is the foundation of data-driven marketing. Prior to digital marketing and other data, marketing teams couldn’t be sure if their efforts contributed to a purchase of their products. This created a big problem because a company could direct money to a marketing campaign that had nothing to do with a sale. By using big data, companies can now monitor customers from their initial interest to purchase. They can also learn valuable information during this period.
Today, interacting with companies goes well beyond viewing their products in a store or online. Email, website visits, and social media communications are all pieces of a complex marketing puzzle. The average consumer now has at least eight social media accounts. Keeping track of all these digital transactions can be very difficult without data analytics. If companies use this data to build a customer profile, they can chart a path to high customer satisfaction.
Data models created from raw data are only valuable when the information is acted on and understood. Intuitive visualizations play an important role in helping technical and non-technical decision makers understand the data. According to Orbit Analytics, “The primary function of business intelligence is to mine new data pools, so as to seek out patterns that could be useful in future business strategies and longer-term decision-making. The patterns derived from these searches can then be parsed in greater depth for the purposes of forecasting upcoming trends, or even predicting specific business outcomes.” Powerful intuitive visualizations should be accurate, readable, interactive, customizable and accessible. Accuracy and readability are the foundation for visualizations and the other aspects take the data application to another level.
In closing, in order to maximize your company’s marketing ROI, it is important to take full advantage of big data and analytics.
Part of the analysis process you implement for understanding your customers’ search behaviors is to find out where you rank in searches overall. If you are looking for help to find this information, look at our services and contact us!