Companies can know their customers and act on that information through effective Personalization. Realizing the importance of Big Data, Machine Learning and Analytics for delivering relevant Customer Experience — is gaining momentum at Enterprise’s Senior Executive Levels.
The ability of Big Data to provide highly personalized, cross-platform consumer experiences has the potential to lead to massive revenue increases.
The Evolution of Consumer Data: How the Digital Frontier is changing the landscape of Data Analytics?
Big Data Details: Big Data is viewed across two different constructs
- Structured Data: Name, Address, Date of Birth, Transactions, Loyalty Points, Amounts, Prices, Products, etc.
- Semi-structured Data: Product Reviews, Social Posts, Tweets, Likes, Images, etc.
However, the irony is that large part of the data assets are unknown, hence unexplored by Corporations.
Race to get Big Data Optimization: How to get ahead of the curve and Why that matters?
- Analyse Big Data: The successful marketer can analyse Big Data and create personalized experience across all avenues
- Get to the Source: Big Data Analysis lets corporation focus on per-Customer profitability
- Focus on Specific Goals: For Example, getting the most profitable items into the Customer’s Shopping Cart
- Precision Matters: Always deliver the correct piece of information to the correct Customer -facing professional at the correct time
Obstacles to Implementation: What’s keeping corporations from embracing the Big Data capability?
Despite Challenges, Big Data Drives Results
There’s good reason for Companies to master their data and act on it. The astonishing numbers driving growth of Big Data Technologies.
Organizations that are able to leverage their data to deliver personalized experiences effectively, especially to high-impact segments, are more likely to improve business performance.
How to Develop a Big Data Roadmap?
Keeping with today’s demanding customers and analytics-savvy competitors means putting data at the heart of your business.
3 Keys for achieving success through Big Data
- Knowing the difference between Interesting Data and Useful Data: Companies have more data than ever, so it’s crucial to ensure that analytics team is uncovering actionable, rather than interesting data.
- Focus on High-Impact Segments: Focus on segments boosting the bottom-line, rather than focusing on just high-volume customers. Focus on segments, with higher conversion rates.
- Review Data Frequently: Make it a goal to review data more frequently in order to uncover and respond to customer trends in real time, or as close as possible to that. Remember, Data does have a shelf-life
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