Big Data Analytics: The purpose of every entrepreneurial activity is to generate income, increase its sales volume and continuously satisfy customers’ needs.
How can you continuously create added value for customers and, at the same time, improve your financial results? Big Data is a very interesting tool for your business as it allows you to assess consumer needs.
They allow the company to set goals involving numerous human and technological skills.
In this guide, we aim to understand how a company of any size can be able to predict the needs of potential customers by implementing a Big data analytics strategy.
Big Data: 3 Steps to anticipate customer needs
Implementing a Big Data analysis strategy means having the opportunity to obtain a lot of valuable information that allows you to create innovation and predict the behavior patterns of corporate customers. In this article, we focus on the three main steps to follow to understand customer needs and to create added value.
Segmenting consumers: What is a customer profile, and how to create it?
The first step is to understand who our customers are: Big Data analysis helps to understand the profile of potential and current customers.
Profiling customers allows you to arrive at a general description of the various categories of consumers who are interested in the commercial offer.
All information on customers’ consumption patterns and purchasing habits can be used for marketing and advertising purposes.
The creation of market segments allows companies to sell products in a more “targeted” way, saving resources to invest in advertising. Segmenting and understanding customer needs is the key to any company’s commercial success.
Each customer profile contains valuable information: personal data variables, average income, purchasing habits, behavior patterns, etc., etc.
Demographic variables are one of the main indicators that reveal interesting information about age, gender, family status, employment, and income. This data helps to have a holistic picture of the customer’s personality and primary needs.
Not only that, every company should carry out more advanced analyzes and acquire additional information such as:
- Interests
- Lifestyle,
- personal goals,
- Content consumption habits,
- What influences customers’ purchasing decisions etc. etc.
Data collection allows each business unit to create a database that must be constantly updated through the:
- Export of customer data from all available online channels (email, website, social media, mobile apps);
- Export of customer data from offline channels (direct mailing campaigns, data relating to physical store visits, use of loyalty cards, event participants, latest in-store purchases, etc.);
- Import of all data into a single hub (internal CRM system, a data warehouse, or special software for big data analysis);
- Customer data mining is understood as an IT process useful for organizing data sets and presenting them in an easily understandable form (graphs);
- Use collected customer data in targeted marketing and advertising campaigns;
- Regularly update customer profiles to be aware of any changes in their purchasing preferences.
Remember that an updated database of data helps every company to understand the profile of every customer: through big data analysis tools, companies can implement their marketing strategy and promotional campaigns.
How to create value for customers thanks to the use of Big Data
Big Data is an effective analysis tool for understanding customer preferences: knowing their real needs helps every company build a lasting competitive advantage over time.
Remember that to create value for consumers; you need to be able to answer the following questions:
- What makes them happier and more satisfied when they buy our products?
- Are they willing to pay a “plus” for the products offered?
- Why choose our brand?
- How does our brand create value compared to that of the competition?
The answers provided by Big data analysis can help improve the offer of products and services and even create new product lines or provide new services compared to those already offered.
How to offer a unique shopping experience to customers?
Once you have all the necessary information, every company can create and “package” a shopping experience that is unique and “targeted” to meet customer needs. This allows each company to establish a relationship of trust between the company and its customers.
This, in turn, translates into an increase in turnover for the company, which can build a competitive advantage in the medium-long term and “overwhelm” the competition.
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