Big Data is one of the most revolutionary opportunities for marketing and sales ever since the internet infiltrated all parts of our reality and dramatically changed it. According to Berkeley’s researchers, 1.5 billion gigabytes of information was produced only in 1999, and that amount doubled in size over the course of three years. SINTEF, a leading independent research organization in Scandinavia, stated that 90% of all the data available today was created over the past two years. Now it’s easy to understand the power of all the information that companies have at their disposal. The trick is how to properly utilize it and make the most of it.
Various pieces of data and information are being collected every second, and since our society has become highly technological, there are various sources for obtaining all kinds of data. Our laptops, tablets, mobile phones, GPS devices, gaming devices or even cars can be potential sources of information. 20% of the data is structured and can be analyzed by means of regular tools. A massive quantity of the obtained data – about 80% is so-called unstructured which means that it comes from various sources such as Instagram photos, YouTube videos or various posts from social networks, and such information can’t easily be organized. The thing is that this vast amount of data is actually a gold mine of information. Luckily, there are new platforms that can help in analyzing unstructured data. McKinsey states that companies that use Big Data and analytics have profitability rates that are 5-6% higher than those which don’t use these valuable resources.
If you want to generate more sales revenue and expand your market share, using Big Data is a must. Customer intelligence analytics can actually make it easier for your marketing and sales teams to determine which leads to pursue. Targeting right audiences as well as identifying new audiences similar to the existing ones are also among of the benefits of Big Data analytics. One of the fundamental parts of making a good marketing strategy is creating a buying persona. Now, with Big Data you can have very precise information and use sophisticated tools for establishing in-depth customer profiles which will enable your sales team even to predict future behaviors. By analyzing social media, which is the most prolific provider of information, numerous hidden patterns can be discovered and companies gain insight into the interests, likes, needs and expectations of their customers.
How About a Second Helping?
Countless discussions have been lead about the power of sales follow-up. Still, many companies fail to take advantage of this technique. Again, Big Data analytics can help you strategically target your existing customers and offer them your assistance and products in a timely manner. Sometimes, contacting your customers too early can be pushy, while poorly executed post-purchase effort can lead to alienation. Big Data analytics can provide you with exact estimates when your existing customers are about to run out of their previously purchased products, which means that your timely email in which you’ll remind them that it’s time to reconsider another purchase will definitely be appreciated. You’ll show that your customer service is superb and that you actually care about your clients which will most likely result in repeat sales. You can also count on word-of-mouth advertising.
Know Thy Competition
The trick in outselling your competition is in gaining a competitive advantage. This possibility is a benefit of data-driven marketing. You can not only find out how you’re ranked among your competitors, but you can also use social data that can help you learn more about your competition, and for example discover more about their audience. By analyzing Big Data obtained from social networks, you’ll be able to understand and even predict certain behavioral patterns. This can massively improve your business intelligence and enable you to capture share from your competition. Powerful tools can dig deep into websites of your rivals’ websites and perform a thorough competitive analysis. The data you get can give you an amazing starting point. For example, this can be an unbelievably useful way of creating a successful and versatile SEO strategy. You use tools that can analyze ranks of your competitors’ keywords and utilize that information for producing the content that targets exactly those keywords thus outranking them. By understanding how your competitors are operating, you’ll make yourself fertile ground to predict their next actions, not to mention that you’ll be able to strike back with an even better and more innovative business solution. You may think of this as of something unethical, but be sure that all your competitors are doing the same thing even as we speak.
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