Similarly, cloud-based companies have started using big data to help them achieve a lower cost of customer acquisition while increasing customer lifetime value.
In 2017, every other company looked up to big data for a more effective and efficient business process. Here’s how it has been helping them sale better:
Optimized Pricing Strategy
According to research conducted by McKinsey, more than 25% of business revenues have generated with new and innovating pricing. It might sound untrue, but pricing flexibility has the power to increase revenues, and big data has been an essential tool in the development and use of new pricing strategies.
Coming up with the best pricing strategy is an analytical process, especially with big companies and brands. Big data helps automate price analysis and products. A good example here would be UBER that has been shaping new pricing strategies in real-time to make the maximum impact.
Better customer insight
Sales have always been the most dynamic field of business and businesses have been prompt enough to adopt big data and the benefits it provides. The last decade, since big data has gained prominence, the company has benefited from relationship-driven strategies for selling. In the coming years, big data will further help in improving customer responsiveness while achieving higher customer insight.
Better customer analytics
Customer analytics data is one of the critical elements in the development of a successful marketing/sales strategy. 2019 and beyond, big data will help marketing research gain new heights. At present, when every other company is also looking to come up with their mobile app, the amount of data generated can get overwhelming.
The analysis and structuring of these data pools can help improve several aspects of the business process, including sales. Improved customer analytics will automatically help customer acquisition and the number of revenues drawn from every purchase.
Effective product improvement
While you might say that product development is not a direct part of sales strategies, it does drastically affect the sales figures. We work in a highly consumerist society today and to be successful; businesses need to innovate and improve upon their products continuously. Big data, in this context, is a has helped corporate designers and brand engineers come up with innovations that are in line with the expectations and changing requirement of the customers.
To define the decision-making journey of customers
Consumers in 2018 have a wide variety of options and alternatives when it comes to the preferred shopping channel like Amazon, Alibaba. The internet has been a boon for online shoppers, and the predominance of smartphones has helped intensify the trend.
However, this also brings in more competition and makes perfect sense why businesses should have a thorough understanding of customer needs. The data centres in top companies today have consequently become a powerhouse of data, a range of it. Understanding customer choices and industry trends help optimize websites, campaigns, and products for better conversions and match the needs of the curious customer.
Sales process automation
Big data technology advances have been helping many businesses and brands automate their sales and making it more efficient in the process. An exciting trend today is companies developing their own “Algorithmic Marketing” models that use self-learning to create more relevant interactions.
Ecommerce businesses, especially, can help big data to come up with dynamic pricing strategies while allowing customers with more relevant product suggestions. This is achieved by gauging customer behavior, browsing history, inventory, price comparison, customer age, gender, and other parameters.
Smarter email campaigns
Email marketing has always been a popular marketing tool. Many companies engage in creating newsletters that are not just relevant to customer browsing but are highly personalized. Big data helps analyze the behaviour of visitors and categorize the leads according to product preferences. This allows for marketers to come up with customized newsletter and email marketing campaigns that in turn, help improves lead generation and conversions.
Improved website navigation
Browsing experience and navigation are essential tools for any online store. These directly influence sales while directing customers towards checkout. Unfortunately, however, there are still several stores that have in-optimized navigation like Netflix movie website, Amazon prime video and some other popular content distribution networks.
They consequently lose a significant amount of customers and give way to competitors. To improve store navigation, companies need to understand what got the wrong ad. This can come from analyzing the browsing pattern and at which point in time they feel uncomfortable. With millions of visitors, big data is the only way to put all the interactions in a useful metrics.
The data generated across the globe every day is growing by an astounding 40% every year, and each small part of this data is essential for businesses. Though it might seem to burden, Big Data has been designed to make things more relevant and turn analytics into a goldmine of information. The faster businesses adopt Big Data, the more hope they have to stand in this highly competitive market.