Today businesses are happily embracing the power of data and technology in order to be more objective and data driven. The concept of big data analytics is not new, as businesses have applied analytics on the collected data to gain insights and discover trends, using spread sheets to store data and manually examine the numbers. However, today big data analytics is carried out using advanced software systems that allow businesses to reduce the time for analysis, thereby enabling speedy decision making. The efficiency of these analytical procedures gives organizations a competitive advantage. Due to its several benefits, every big and small organization has invested in big data analytics.
Boost Customer Retention – Customers being the most vital asset for any business, it is essential for them to not only attract new customers but also retain existing ones. Businesses can make use of big data analytics to observe various customer related trends and patterns. Understanding the customer’s behavior is important for businesses, as it helps trigger loyalty. In this era of technology, businesses have access to their customer data which makes understanding their purchasing behavior a lot simpler. Businesses need to have a data analytics strategy to maximize the use of this data.
Design Targeted and Personalized Marketing Campaigns – Businesses are often seen spending millions on running advertisements that are sometimes not able to maximize their return on investment. This happens when there isn’t sufficient customer research. In such cases, Big data analytics can prove helpful as it allows businesses to plan powerful marketing campaigns by providing valuable insights into the customer’s needs. This not only helps ensure efficiency, but also allows organizations to optimize their advertising budgets with highly targeted campaigns.
Innovation in Business Process – Today businesses have well understood the fact that improving quality and streamlining the manufacturing process, needs data. Organizations should have proper means to track their products, competitors as well as customer feedback. Today every business process starts after knowing customers’ requirements through data analysis that help businesses to come up with services and products exactly as per the expectation of their customers. Organizations can make use of big data analytics to improve customer-service.
Personalized Customer Service – Big data has even allowed service providers to have in-depth insight into the needs of every client. Service providers will no longer need to implement a ‘one size fits all’ strategy, but can personalize their service for each client. By doing so, it not only expands their customer base but also wins the trust and faith of their clients.
Develop a Well-aligned multi-channel customer service – In order to render smooth and hassle-free services to clients, organizations have to count on multi-channel customer support because not every client is the same. Some might prefer traditional phone call support, whereas some might prefer live chat or social media accounts. In this regard, big data helps service providers understand the functioning of customer service across different channels and points out suggestions if required in any area. Thus, by doing so they can develop efficient, well-aligned multi-channel customer service.
Big data analytics is of great importance for businesses, helps organizations achieve competitive advantage, reduce operation cost and drive customer retention. With technological advancements, data is readily available to organizations. All they need is a big data analysis strategy.