Here’s a look at five ways you can get big data to work for your company.
- Improved Understanding Of Customers
Customer expectations, needs and preferences are ever changing which put companies under constant pressure to try and understand customers. Fortunately, big data has revolutionized market research helping companies to better understand their customers. A report published by Forrester revealed that 44% of B2C marketer use big data to boost responsiveness and 36% actively use data mining to help them gain greater insights and plan for more relationship-driven strategies. This helps the companies boost the success of their marketing strategies.
Data mining refers to the process used to examine large datasets to generate new information. Therefore, accurately quantifying these data plays a significant role in revealing a customers behavior based on previous transactions. A notable instance in of Netflix which has the ability to provide customers with next movie suggestions based on the customer’s watch data, past searches and scraping services.
Great data miners are able so spot patterns in customer searches, transactions, trends and behaviors. They then use the insight gained to deliver a better customer experience. This is a great way for your company to know and understand it’s clients. However, with big data, a lot of the consumer data is useless, and it is imperative that you figure out the best way to monetize the data. By studying the type of customers that convert and what makes them make purchase will reduce analytics time and enable speedy and accurate decision making.
- Advanced Business Intelligence
By determining what clients watch everyday including movies, documentaries and TV-shows, Netflix is able to predict a customer’s future behavior. They predict that if a subscriber watched the TV series Stranger Things, then the subscriber would watch science fiction or horror fiction movies or TV-shows in the following weeks or months. Your company can also use patterns from customer transaction data sets to gain advanced business intelligence and be able to predict what to offer your clients and when.
- Changing The Use Of Social Media
One of the primary ways big data has impacted businesses is through social media. Social media platforms give you direct access to your customer base. Data mining on social media can help you utilize behavioral targeting techniques with the goal of increasing sales and customer satisfaction.
- Better Targeting & Servicing Customers
The main focus of big data is to help companies know customers as well as their preferences, needs and behaviors. This helps you come up with predictive models and techniques related to consumer purchases. For instance, if clients show particular interest is specific products or services, then you can target them with special offers and discounts related to that service or product.
- Explore Trends
Google is one of the world’s largest data mining companies and their trends are offer groundbreaking insight on customer understanding and targeting. You can use keywords or terms to search for trends relating to your niche. For instance, if you are searching for trends related to “real estate in Jacksonville, FL,” you can quickly get patterns related to that in Google Trends.
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If your company is able to view big data and data mining as a strategic source of market insight, it can be better equipped to spot and access new market opportunities as they arise.