Today, Big Data is considered a magic ingredient that can drive the wave of change for business growth and revenue generation. In total, the Big Data market is growing exponentially and is projected to reach $103 billion by 2023 .
The rapid rate of adoption and growing popularity are fueling the interest of companies and techies in implementing Big Data. Therefore, its potential uses in various industries are being investigated .
While sales and marketing is a big driver of the business wheel, how big data can help improve results is a major point of interest. Big Data can become a breakthrough for marketing and sales .
How does big data and analytics appear in the marketing and sales landscape?
If you know this phenomenon, you will know that Big Data is a term that refers to a large amount of collected (unstructured) data and analytics is the mechanism that processes this naive data to provide meaningful information.
Or when it comes to marketing and sales , Big Data analytics enables marketers and salespeople to learn about customer behavior , buying patterns, their interest, and what product/service they frequently visit.
In short, it helps marketers and sales specialists to know customers accurately. Although data is ubiquitous , it is an important aspect and a source of benefits for both consumers and companies.
Price is a critical aspect that affects the purchase decision of customers, and Big Data analysis allows you to collect information on the cost factor that affects the purchase decision. With the help of analytics, you can adopt differentiating pricing strategies at the discrete customer-product level.
In short, you can optimize prices and make them more affordable for your customers. According to Mckinsey, 75% of a typical company's revenue is earned through off-the-shelf products, while 30% of pricing decisions fail to deliver the best price to drive sales. This problem can be eliminated and by using Big Data the best price decisions can be made.
Now, most brands engage with their consumers online (via web or mobile app), which is critical to driving customer engagement and increasing responsiveness. By collecting crucial information about customers through Big Data, companies can achieve greater customer engagement by activating communication /responsiveness aspects such as calls to action .
The use of Big Data for customer service has already achieved significant success, such as: 58 % of companies have experienced a significant influx in customer retention as a result of implementing customer analytics.
44% of companies have gained a new customer and increased revenue by adopting customer analytics. While the main areas for improvement were marked as Improved Customer Experience as 85% and Improved customer retention and loyalty as 58%.
Marketing and sales are now more technology-driven, and the infusion of Big Data practices can make them autonomous and data-driven. Yes! Today's digital advertising and sales techniques include pricing like social media campaigns , Google display ads, and more.
While some platforms allow businesses to track their sales and lead generation channels , these are the main types of contextual marketing and sales. Data-driven marketing steps can improve targeted traffic inflow and appearance in organic search.
In reality, Big Data analytics lays the groundwork for the creation of intelligent, scalable, data-driven systems to provide insights into customer interest and purchases , helping to prevent problems and alleviate the level of problems. marketing standards.
It is a mechanism that allows organizations to leverage location-based information related to consumers to drive sales. It allows you to take advantage of the geographic location of consumers in the analysis for contextual awareness and to look through different aspects of the investigation.
By using the knowledge of geographic location, companies can achieve a great understanding of the buying behavior of consumers. In addition, it allows them to optimize their sales and marketing strategies. With Big Data solutions, companies can align their sales and marketing plans with regions and territories and harness the potential of the sell-by date.
Another most admired way to leverage big data analytics and reporting is to use analytics to deliver a consistent omnichannel customer experience across different digital media channels. Big Data-based technologies enable organizations to accelerate sales cycles and retention by personalizing the customer experience to drive customer relationships.
So, here are the top ways companies can leverage Big Data analytics in sales and marketing to open the big door of revenue . In addition to these, customer analytics, compliance, operational analytics, new product and service innovation are other potential aspects of Big Data that enable the company to use marketing and sales strategies on the go.