So, in the previous article, we have explored how data analytics can help small and medium businesses to ripe the benefits. Now, let’s understand how businesses can leverage big data to improve their operations and sales. We can start with a few common big data applications.
Implementing price differentiation tactics
Companies are employing big data analytics to implement customer-product level pricing strategies in order to meet targets. According to one estimate, a 1 percent price increase can enhance operating earnings by nearly 8.7 percent. As a result, using big data to figure out the best pricing approach can boost profit margins dramatically.
Increasing consumer responsiveness
B2C marketers are embracing big data analytics, and data mining approaches to gain deeper insights into customer behavior. In this instance, proper data analysis procedures are required. This will assist them in developing more relationship-driven marketing tactics, which will result in increased consumer responsiveness and, as a result, more sales.
Integration of big data into the sales and marketing process
Companies are progressively investing in customer analytics, operational analytics, fraud, and compliance monitoring, research and development, and corporate data warehouse. All of these are now regarded to be part of the sales and marketing process. While customer analytics is still the most important aspect of this investment, research suggests that focusing on the other four categories has resulted in more revenue per customer and improved existing products and services.
Integrating artificial intelligence into big data and related technologies
Existing systems are running out of bandwidth while handling duties due to changing customer needs and the natural changes brought on by big data analytics in sales and support channels. To handle these new difficulties, businesses are turning to artificial intelligence and automation technology. Big data insights have aided in the development of smart and scalable systems that can be utilized for automated contextual marketing.
Big data insights across the organization
Companies are increasingly turning to big data insights to boost revenue and save working capital expenditures. By bringing scalability at an organizational level, big data analytics is assisting firms in becoming more nimble in their operations
For the “Top Main Technologies That Enable Big Data Analytics (Pt.3), we will get into the main part of the five technologies.