Marketing has changed quite a lot since the advancement of technology. Previously, only a few companies had the investment and resources to market their products. Additionally, if they wanted to change their advertising, they would have to go through tons of paperwork that contained all their sales and customer data.
But big data has transformed all of that. Big data has completely changed the way we market to our customers. It has enabled companies to increase their profits tenfold. According to the BARC survey, businesses that use big data see a profit increase of around 8% and a 10% decrease in cost.
There are many ways to use big data to increase your profits and change your business model according to what the customers want. Just look at Amazon, and you will know what we are explaining here. Have you ever come across Amazon’s recommendations and saw something that you could use? If yes, you are not the only one. Many people have reported getting various recommendations. Amazon is one of those companies that utilize big data to determine what product the customers will want to buy in the future. In 2018, Amazon achieved a net worth of 1 trillion dollars. It gave its customers valuable insights into how they use big data to find out and display the recommended products. The three main factors that they used were:
- The purchases that customers made
- The ratings that the customers gave
- Matching customers who have similar buying habits and patterns
Out of all these three factors, the last one is the most vital. You, too, can make the exact predictions about your customers using big data. Once you master big data, you can observe various patterns that you can act upon to upsell. And learning about big data is not that difficult. All you need is an analytics degree online, and you will quickly understand the working and application of Big data.
So, let’s see what you can achieve once you leverage big data.
Make Better Decisions
Have you ever wanted a crystal ball that you could use every time you had to decide something about your brand? Don’t worry; we’ve all been there. Yes, it would indeed be fantastic, but it would be more beneficial to know all the future trends and insights. With big data by your side, you don’t ever have to worry about your future predictions. Big data enables you to move further than just assumptions and puts you in a powerful position to make well-informed decisions. Companies never had this before big data.
You can now analyze your data and determine which products will be in demand and how that will affect your overall sales. You can predict how your products and services will perform in various seasons. Based on this data, you can decide how much of a product you need to keep in your inventory so that the customers never leave empty-handed. That is just one of the unlimited possibilities that you get when you start leveraging the power of big data.
Make your products better
Big data is not only beneficial for increasing sales. It can also help your company understand what your audience is looking for and then changing or designing your products accordingly. This way, when you launch your products, they will resonate more with your offerings. You can find out how much money the customers are willing to pay for a particular product or service and how you can customize it to their liking.
Streamlines your processes
You can use big data alone or couple it with another technology to enhance your business operations further. A perfect example of this is the combination of big data and automation. Using these two technologies, you can automate repetitive and tedious tasks from daily operations so that your employees have the time for other, more critical tasks. It will allow them to be more creative and innovative. It will also eliminate the human error factor from your daily operations.
Another thing that big data can do for you is to inform you when your staffing needs change. It could be before a particular event or a particular season.
Handle Competition Better
With big data by your side, you can even handle your competition better. Competition has become more challenging in today’s corporate world. If you want to keep your position at the top and keep your competitors at bay, you need a significant edge. With big data, you enjoy that edge. You can use it to find out what your competitors are doing and act on it immediately. It will allow you to monitor competitor strategies, identify their gray areas, and disrupt the market accordingly.
Leveraging technology to ensure the success of your brand, products, or services in today’s cutthroat market has become imperative. There will always be some competitor waiting to take your position in the market. To win in this era, you need to have a certain competitive edge. That is where Big Data comes into play. It provides you with the edge to increase your sales, enhance your daily operations, make well-informed decisions, and grow drastically.