5 Ways Big Data Can Help You Monitor Consumer Trends

  • By digitaldiary
  • in
  • on March 21, 2019

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 >>

Leave a Reply

PUBLISHED BY digitaldiary

View all posts by digitaldiary

Related Posts

Blockchain/Crypto/DeFi

The Millennium Alliance Will Now Accept Bitcoin Payment From Its Customers

NEW YORK – April 9, 2021 – The Millennium Alliance has just announced that it has started allowing customers and vendors to use their cryptocurrency holdings as a form of payment for future transactions. With Bitcoin nearly doubling in value since the start of this year, it was important to Millennium to embrace the digital […]

Millennium Staff

The Millennium Alliance Launches Its New Charitable Initiative, The Millennium Mission

NEW YORK – April 8 2021 – The Millennium Alliance is proud to launch The Millennium Mission, a new charitable endeavor that incorporates philanthropy into the Assemblies that Millennium’s members know and love. At each Assembly, the most engaged attendee will be awarded with a $1,000 donation in their name to the charity of their […]

#MillenniumLive , Healthcare

#MillenniumLive with Wolters Kluwer on AI-Powered Healthcare & Recent Tech Trends

#MillenniumLive is joined by Dr. Itay Klaz, Medical Director for Clinical Surveillance & Compliance at Wolters Kluwer, Health. In this week’s episode, we take a deep dive into the development, implementation, and support of Wolter Kluwer’s AI-powered clinical surveillance solution and receive the physician’s perspective on some key trends surrounding enterprise-level EHR, treating Sepsis, and […]

CMO

Research Preview: The State of Digital Advertising in Retail 2021

Digital advertising is difficult, and the behavioral shift triggered by COVID have made it even more so. Many challenges get in the way of maximizing our Return on Advertising Spend and delivering conversions. This was made painfully clear in a research study performed in Spring 2020 that uncovered the top organizational, people, and technology challenges […]

Lovin’ Digital Diary?

Premium content to our readers interested in all things business.

Check Us Out!

Millennium Membership offers Fortune 1000 C-Level executives, leading public sector/government officials, and thought leaders across a variety of disciplines unique and exclusive opportunities to meet their peers, understand industry developments, and receive introductions to new technology and service advancements to help grow their career and overall company value.

About Millenium Alliance Next

About Digital Diary

Created to provide premium content to our readers interested in all things business.

Launched in 2017, Digital Diary was created to provide premium content to our readers interested in all things business. With our blogs catered to deliver the top news stories, trends, and interviews from across all industries.

Read all story Next

Millennium Alliance Membership

Learn More Next

What does it mean to be a Millennium Member? In the midst of the constant disruption across all industries, our members are given the tools they need to digitally transform their organizations and become the best leaders they can be. Millennium Members are provided the exclusive opportunity to attend our 40+ intimate in person and virtual Assemblies, take part in industry-leading Executive Education sessions conducted by the nation’s leading academic institutions, business leaders, and technology providers and receive industry leading content through our Digital Diary Platform as well as the rapidly growing #MillenniumLive Podcast Series.