How Big Data Benefits You
Utilizing big data for marketing is a practice best tailored to B2C. It’s an assumption that many B2B firms are struggling to get rid of, and recent reports are stating that many B2B marketers are failing to find ways to utilize it effectively.
Apprehensions about the validity and quality of their data are legitimate reasons why they may not put big data to use. However, there are data enhancing, cleansing and other processes to unify a customer database to tackle these issues respectively.
As obvious as it might sound, one of the priorities for marketers is to establish who their ideal customer is. Using existing customer data as a starting point, marketers can employ insight tools that look at their organisation’s market penetration, then assess common patterns relating to their customers’ revenue, growth potential, cost to serve, and so on. This identifies a company’s most valuable customers and provides a ‘dream customer’ profile to apply to the wider market in order to find others who also fit that profile. This data insight can also be used to identify promising new target markets, as well as those ripe for cross- or up-sell of services, driving revenue and helping with the acquisition of new and more profitable customers.
How It Works
Big data can also be used to tailor the delivery of online products or services. This could mean recommending a returning visitor to a respective white paper, or creating a customized homepage for existing customers that highlights other services they might need. Improving the customer experience is a key goal, but deeper knowledge of your customers through the use of big data also means you can decrease the cost to serve, while also building loyalty and improving engagement.
Read more here: How Big Data Recruiters Can Enhance Your Marketing Operations
Although many marketers have their reservations about big data, a continued reluctance to put big data to use could mean you losing the customers you love, even missing perfect prospects entirely.
Check out this video
Video by: IBM Analytics