See your consumer patterns and connect with them to ensure their loyalty and make more sales.
Harnessing Big Data in your Business
Somebody has bought your product or service and this sale is only the first step, but repeating this process is more significant for the company than you think, as repeated business is a must in this fierce business environment. How can you repeat the purchase process?
The answer is that you already have all the information you need to translate a sale into many sales. You just have to understand what to do with the data acquired and this is the main theme around Big Data, this year is not enough to have it but it is paramount and critical to know how to use if effectively and boost revenue. We are at the transition point where Big Data is moving to the marketing suite while directors seek to drive and generate revenue as quickly as possible. Big data is definitely the best way to hook your customers and increase customer retention.
How can you see the patterns of your customers to increase second sales?
Hook your customers using Big Data
Here are three ways to start:
Know your customer
Basic information is in transactional history. Have a name, address and data to know what your customer needs to buy. The analysis of Big Data shows not only how much consumers spent, but what they have spent and therefore it can be easily determined what their likes are. That knowledge will inform you about their next purchase if you analyze correctly and apply the conclusions to their preferences.
Was it an anomaly or part of a pattern of behavior? Is this the first time they buy or is there a story that you’re not aware of?
All your customer interactions with your business, either through your website, in person, by telephone or social networks will provide data to help you learn more about them. What tools are using them to learn more about your business? What is the individual preference of the client to make him or her to the shopping cart: Smartphone, the tablet, the store or the website?
Once you know everything about your customers, you know better how to connect with them and this will help in establishing long-term relationships with them leading to an increase of their wallet during their lifecycle.
Build loyalty by listening to your customer
Big Data lets you know how to effectively connect with your customers and build a relationship over time as you learn what he or she likes or dislikes. Social networks allow this opportunity to connect to the Web through conversations, in which an unlimited number of potential and existing customers can participate.
By connecting with your customers via Twitter or Facebook, let them say what they think and let you use that information to modify the offer of a product, or to widen your target market. It is the dream coming true of every director of marketing.
Each data tells you something important about the buying habits of your customers. Distribute a coupon, or other offers through social networks that could well allow you to retrieve some important data from your consumers just by telling them to cut their periodic discounts.
Deliver the right offer to the right person at the right time
Customers are more likely to buy something directly for an especial even before they need to. For example, mother’s day let the Big Data analysis telling you that certain types of gifts belong to a specific type of consumer.
What else can you use in order to capture the data you need to drive to repeated sales? Sources include Web server logs and click stream data online, third-party data and even information captured by the sensors when customers glance at physical stores.