Unleashing the power of data to its optimum best is like getting the perfect blend of art and science. Today, we are over the science of gathering data, we are exploiting the science of making this data turn into information and then applying the art of converting this information into experience.
More than half of world’s leading brands say customer centricity is most important to them. Achieving it is definitely challenging but not impossible. It is creating a personalised customer experience, this is achieved using data to make the right pitch and provide the perfect experience. All these require a deeper understanding of customer behaviour and needs which can be realised through Big Data and Analytics. This, in turn, will enhance customer relationship, maximise profits and increase customer base.
In the Big Data world, the journey starts from the congregation of large data generated from multiple sources – social media, past transactions, web behaviour, mobile app usage etc. This data is then synthesised to reveal brilliant trends and patterns which become brand’s most useful knowledge.
Earlier, marketers created the right marketing strategy to target audience group. But now, as the industry evolving and there is a massive increase in data generation, marketers can micro-segment their buyers based on not just their transactions in the past but their behaviour on the web & social media and their response to the brand’s marketing campaigns and advertising. This, in turn, opens cross sell and up sell opportunities.
Apart from this, Big data and its analysis help brands to:
- discover prospective customers
- fine tune their products / services
- develop pricing and marketing strategies
- create content for engaging
- define experience
- decide channels for communication
So marketers, now that we have realised how important Big Data is, let’s start to take advantage of it and design real-time personalized experience!!