3 Ways Big Data Can Help Your Business
Big Data Defined
SimpleLearn says that “big data is a combination of all the processes and tools related to utilizing and managing large data sets.”
The concept of big data has been around for a long time but with the advent of cloud-based storage, huge server farms and the explosion of social media platforms, big data has taken on a whole new meaning. By scouring their own customer records and combining that information with profile information available from social media companies, businesses can dramatically improve their ability to target customers groups and even individual customers.
Businesses and other organizations can use customer analytics, artificial intelligence and other new technologies to create whole new experiences for their customers. Let’s take a look at 3 ways big data can help drive a better customer experience.
Better Understanding of Customers
Let’s dive into this example by looking at social media. Employing a concept called “social media mining,” marketers now combine output from social media platforms to gain new insights about their target markets. With this better information in hand, marketers can “microtarget” specific customer groups.
Using artificial learning programs called “machine learning algorithms,” businesses can target individuals based on very detailed specifications. Businesses can now easily advertise to people who like a specific movie, follow a favorite artist or have in some other way become a member of a micro target group.
They can even create marketing programs that appeal to these smaller groups and then track the success of the programs by how they respond in their own social media accounts.
By making historical customer information available to all customer-facing personnel, businesses can anticipate needs, tailor solutions and more quickly respond to customer issues. Linking Facebook, Twitter and other social media platforms to a customer service system allows employees to find out more information about their customers and even communicate with them directly when appropriate.
Improved Marketing Strategies
In his Business.com article, James Marktin says that businesses of all sizes can derive “actionable insights” by combining unstructured data from social media with the structured data from their own systems to create a social media marketing strategy and deliver what he calls “consumer-driven results.”
Once the analysis is completed and businesses are able to create group and individual customer profiles, they can design marketing materials that target the interests of the targeted groups. For example, if the data available from social media platforms confirm that a large number of prospective customers create content that “will resonate well with their customers” and then follow up to determine how effective the new strategies are working.
Consider customer service a hundred years ago. If you ran a department store, chances were that you dealt with a small clientele. However, you personally knew everybody coming in and out of your store, including their unique likes and dislikes. Customers today still expect that same human touch, and analytics can help your business provide it.
Rather than seeking a single set of cookie-cutter best practices, you need a firm grasp of the relationship your customer wants and to find a way to deliver that value. The more your business can connect the dots across your customers’ lives and help them at the moment they need to be helped, the better you can monetize your relationship with them.
As Forbes notes, more than 85 percent of mobile marketers report that successful personalization has brought them higher engagement, greater revenue, and more conversions.
With this personalized information in hand you gain a much better understanding of your target customers. Where do millennials spend their time, what TV shows do teen agers watch, where do seniors travel, etc. The demographic information you collect can help you tailor and personalize your marketing messages.
Check out this article by Supriya Karan and see how Amazon, Walmart and Netflix are refining their personalized marketing programs. Amazon is using a “predictive dispatch program” that anticipates what customers will buy before the customer even knows they are interested in a product. Walmart uses big data to create personalized mobile rollback deals for both in store and website visitors. Netflix uses the data it collects about its customers to alert them when a show they may like is going to be released. More important, they use viewing data to understand the viewing habits of their customers and are now designing programming specifically to meet the needs of targeted customers.
Glympse + Big Data
Here at Glympse, we use the power of location and customer behavior data in so much that we do; data serves as the foundation of our platform. With the rise of location-based mobile apps like Uber, there is a consumer expectation where every customer wants to know exactly where something or someone is – whether that be a driver, a package, their grocery order or any other type of transportable good or service. By using mobile location data, Glympse can do things such as optimize the number of daily deliveries for pizza drivers, helping take the customer interaction data — how they rated the experience, for example — and help our customers upsell to their customers. We can also optimize delivery and logistics for delivery services like FedEx and UPS, adding incremental location data on top of those services to improve the customer experience. The key is to use location sharing to feed into the evolution of the on-demand service economy.
The other key, as our CEO Chris Ruff discussed in detail on a recent panel, is being responsible about how we use that data. More on that here.
We are hearing more and more each day how businesses in Retail, Grocery, Quick Service Restaurants and more are realizing that the power of mobile location data is becoming more and more important to them. Working with partners like us here at Glympse, brands are able to leverage location data to help with their brick-and-mortar problems and give them opportunities they can tackle – and win!