Big Data – Why and How You Should Be Using It
With information available across the web, social channels, and our very own databases, it is not hard to see that we have reached the point where we all need to figure out what to do with all the massive amounts of data being generated at an extremely rapid pace. Even though we know big data gives us all the information that we need, the thought of diving deeper can be overwhelming.
In order to make the most of all the accessible data, businesses need to start focusing on how they can use incoming data to create a better customer experience. Here are 3 ways that diving into your data will benefit your company:
Create an In-depth view:
Digging into your big data gives you the real-time information you need in order to cater to your customers needs. You gain access into an in-depth view of your customer’s mind and what the trends are. Also, when you are delivering what your customers want, it will result in better engagement. The right data will give you the ability to interact and engage your customers with products and content that is most relevant, mostly likely to buy, and most likely to yield the greatest influence. Amazon is one company that does an excellent job providing their customers with a personalized shopping experience and recommendations, all based on customer data.
Improve marketing strategies:
With all this data at your fingertips you have a better opportunity to identify shopping patterns with your customers. You can follow what discounts and promotions they respond to and follow the results of each campaign. For example, teachers, students, and military members make up a huge market for retailers to reach. Using data to understand your customer’s affiliations can help you create an even more personalized experience.
The Buckle, a popular apparel retailer, is one company who used their data to help discover that they needed to bring their military discounts online. Buckle knew that their in-store military discounts was successful, so they needed a way to extend the offer to their online guests as well. By implementing eligibility verification into their site, Buckle was able to not only bring their military offer online, but also create exclusive promotions around military holidays like Veterans Day. As a result from reaching out to their military customers, Buckle’s military verifications were up 60% during the week before and the week after Veterans Day.
Be better prepared:
Trends are constantly changing and companies are always trying to come up with new and better offerings for their customers. Analyzing your data will give you the ability to see beyond the horizon and help to set your company apart from your competition. Two companies that failed to evolve and respond to what their customers wanted are Kodak (evolution of digital photography) and Blockbuster (too slow to see the demands of streaming from movie-watchers.) Staying behind on trends that their data could have uncovered resulted in major problems that could easily have been avoided.
Data is a huge asset that many companies overlook. Make sure you’re taking advantage of all the data you have at your fingertips: You never know how it could benefit your company and your customers.