The term “Big Data” has been thrown around a lot in recent years. But what does it mean? And how can businesses use it to improve and personalize the consumer experience?
What is “Big Data”?
Big Data refers to the large, and sometimes hard-to-manage, volumes of data collected by businesses every day. In this increasingly digital age, organizations can collect data from a variety of sources – from purchase history to social media commentary, businesses can collect insights into their customers across multiple touchpoints.
And that data can be examined and used to create richer, more personalized experiences for consumers.
Here are some ways businesses can harness the power of Big Data.
Understanding consumer sentiments
Customers’ emotions play a key role in their relationship with a brand. Businesses can use data from a variety of sources – from formal surveys and email correspondences to social media comments and old-fashioned phone calls – to better understand how customers feel, connect with them on an emotional level and (hopefully) build loyalty.
Analyzing both quantitative and qualitative feedback from consumers can help businesses improve their customer service, change up marketing campaigns and offer more personalized services.
Implementing targeted marketing
Big Data is crucial to any organization that wants to implement targeted marketing practices. Looking at click-through rates for links in marketing emails, text messages or other channels can quantify if a marketing strategy is leading to actual sales. Gathering geolocation data allows businesses to better target consumers who live near brick and mortar stores – sending those customers information about in-store sales or promotional events.
Streamlining the customer experience
With the increase in online shopping and e-commerce, the technical aspect of a business’s operation is more important than ever and relevant to an organization’s success or failure.
If a checkout form is slow or difficult to use, or an app uses a hard-to-read typeface, customers will give up and express their frustration by taking their business elsewhere.
Businesses can take advantage of Big Data to track how customers use websites and apps. They can tell how long a customer spends on each page of a website, where they click and where their eyes are focusing by using heat maps and other tools.
Using this data, brands can optimize websites and applications, making them more accessible and easier to use, creating a more seamless customer experience.
Interested in learning more about the wonderful world of data analytics?
University Canada West’s Data and Web Analytics Micro-Credential is tailor-made for those who are analytically-minded and eager to upgrade their skills for an ever-evolving digital world.
Toronto School of Management’s Diploma in Data Analytics Co-op helps students build a strong foundation in this field by providing them with relevant knowledge and skills.
And Trebas Institute’s Analytics, Big Data and Business Intelligence program gives students the tools and knowledge needed to develop proficiency in analytics and BI using industry-standard software programs and online platforms.