From price optimization to customer loyalty, the benefits of big data are many and varied. Big data is set to revolutionize hundreds of areas of marketing and sales. In this piece, we will look at 7 areas where big data is already delivering results and making a big impact today.
1. Better Pricing Decisions
Big data is enabling companies to differentiate pricing strategies at the customer-product level. This helps them find optimal price points. According to a study by McKinsey, 75% of a typical company’s revenue is generated from standard products while 30% of numerous pricing decisions often don’t result in the best price.
Even a 1% price increment can translate into 8.7% of operating profits. When sales volume remains same, pricing can have a substantial impact on profitability. Considering how it is enabling better pricing decisions, big data should receive your attention.
2. Greater Customer Responsiveness
Big data is also changing how a company achieves better customer responsiveness and gets greater customer insights. A study conducted by Forrester revealed that big data and analytics is being used by 44% of B2C marketers to improve their responsiveness. 36% are using data mining and analytics to gain better insights for planning effective relationship-driven strategies.
3. Intelligent Contextual Marketing
By using big data and its associated technologies, companies are able to infuse intelligence into contextual marketing. As marketing stacks are growing quickly because the evolving sales and customer needs are not met by existing systems, the stacks lack the proper integration at the data and process levels. Big data helps solve this problem, enabling companies to create scalable systems of insight.
4. More Successful Customer Relationships
According to a research by Forrester, big data analytics enables marketers to build more successful customer relationships. Helping them go beyond simple campaign execution is a big way that big data impacts marketing and sales. The analytics helps define and guide customer development, resulting in stronger customer loyalty and enhanced customer lifetime.
5. Stronger Customer Engagement and Loyalty
A survey showed that market leaders in 10 industries tracked by Forbes Insights were enjoying stronger customer engagement and customer loyalty by using advanced analytics and big data.
Big data expertise and department-specific analytics was enough to get strategies off the ground and deliver results. These were often a precursor to substantial culture change and enterprise-wide expertise.
6. Consistent Omnichannel Customer Experiences
Big data-driven Customer Value Analytics (CVA) is enabling leading marketers to deliver consistent omnichannel customer experiences across every channel. CVA has established a reputation as a big data technology that accelerates sales without compromising the personalization of customer relationships.
7. Superior Insights and Actionable Intelligence
Big data is allowing companies to get bigger and better insights and actionable intelligence into every key business driver. Boosting revenue, slashing costs and condensing working capital are the three key areas where big data is delivering value to enterprises today.
According to IQMS Principal and Forbes contributor Louis Columbus, more than half of companies interviewed in 2015 were adopting big data analytics. Even if you just consider the ways big data is making waves in marketing and sales, you can see why it is so important. Leveraging the power of big data correctly, you can take your company to the next level knowing sales and marketing are among the top metrics for gauging business success.
Fatima Mansoor is a writer at Aepiphanni, a small business operations and strategy consultancy that exists to help small business owners CREATE | DESIGN | BUILD extraordinary businesses. She specializes in business & entrepreneurship, digital marketing, and health & fitness. Her focus is on creating compelling web content for small and medium businesses form diverse industries. She mostly writes for entrepreneurs and marketing agencies across the US, Australia and UK.
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