5 Ways Big Data Can Help You Monitor Consumer Trends

Big data plays a vital role in transforming the way businesses work. In fact, many companies consider it as the framework for improving services and customer relationships. Entrepreneurs and marketers use analytics to process huge amounts of data to draw conclusions on consumer behavior, which help them formulate strategies to address issues and follow or set trends.

If your business is still on the fence about the power of big data, allow this article to expound on how it can improve your operations. 

Customer Satisfaction
It is crucial for any business to swiftly address whatever issues their customers have. This is especially true today, as Inside Big Data points out that consumers are now smarter and savvier — hence the need to connect with them through innovative and engaging means. For businesses to find out the areas they can improve on, they have to rely on insights from big data. For instance, Digital Diary emphasizes how data can help e-commerce companies understand their customers’ shopping habits and preferences. Depending on the results of the information gathered, marketers can opt to enhance their websites’ user experience or improve customer engagement.

Content Distribution Schedules
When a business is simultaneously running a blog and social media pages, adhering to a content distribution schedule is vital. However, for each bit of content to be truly visible, its release should coincide with users’ online activity. Analytics can determine the specific times your audience is usually online. This data can then help you form a content distribution schedule that would reach your intended target market when they are present online. Incidentally, the time slots can also influence what type of content you disseminate. For instance, if users tend to go online during rush hour, content about surviving traffic would be relevant. 

Targeted Advertising
Many problems faced by advertisers can be solved with big data. This is because big data lets marketers understand the details of user behavior. Entrepreneur notes that big data helps form targeted and personalized ad campaigns that increase efficiency by reaching the intended market with the right products. These campaigns also don’t break the bank, which is why they are an effective – and sometimes a better – alternative for advertisers than more expensive, above-the-line advertising efforts. 

Strategies Beyond the Digital Space
Big data doesn’t only deal with information about consumer behavior online. It can also determine what a consumer’s journey outside of their digital browsing looks like. A study published on Ayima shows that a significant portion of customers who purchase in-store start their journey on some form of digital channel. This could indicate that these people have seen the product first online, either through social media or web articles. Having this data on hand tells entrepreneurs that they should start focusing their efforts on in-store marketing as well to bolster online efforts. It also proves that digital channels have a significant effect over in-store purchases.

Predictive Analytics
Predictive analytics uses historical data, machine learning, and artificial intelligence to predict future consumer behavior. This kind of information is useful in several aspects. For instance, predictive analytics can be used to determine which of your customers are likely to not renew their memberships. With this information, you can create strategies, like incentives, that can convince them to continue their subscription.

Predictive analytics also forecasts which customers have the highest probability of buying your products. Likewise, you can think of ways to reach these people in order to drive sales growth. Sales expert Larry Myler explained that predictive analytics is the next frontier of B2B sales because businesses can then use the right resources at the right time to pursue the right sales prospects.

About the Digital Enterprise Transformation Assembly

As more and more businesses look to digital technology and strategies to transform their business, CIOs know that data and information technology have never been more important. Understanding the convergence of mobile, social, and cloud is the first critical step for organizations looking to create opportunities and stay ahead of the competition.

The Millennium Alliance is thrilled to present our bi-annual Digital Enterprise Transformation Assembly, put together by the industry, for the industry. Join us in Miami, FL. for a series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions will offer industry-specific topics and trends to ensure your company maintains its competitive advantage.

Are you a CIO or CTO interested in attending this event? Inquire here today to find out if you qualify for Millennium Membership >>