Big Data Unleashed!
Today, everybody understands that they won’t be able to embark on a transformational journey without taking advantage of Big Data’s benefits. This huge step forward has given businesses access to incredibly nuanced data sets, allowing market executives to create ideas that are better than ever before tailored to their consumers’ needs. But, in the not-too-distant future, how can Big Data‘s disruptive technology assist businesses in increasing consumer retention?
In today’s environment of expanded accessibility and always-connected capabilities, retailers must compete with smart shoppers who study competitive products even when standing in the store’s aisle. As a result, it is becoming more necessary for retailers to concentrate on consumer satisfaction as well as rising customer traffic. The goal should be to transform a one-time consumer into a regular customer and then a repeat customer into a brand supporter.
Many large retailers, such as Walmart and Target, regard customer satisfaction as a top priority and devote energy to collecting, analyzing, and using massive datasets of customer data in order to achieve a competitive edge – i.e., Big Data Analytics.
Big Data Management is the process of gathering, processing, and removing valuable information from large amounts of data. This enables retailers to solve expense, consistency, and other concerns directly, as well as create a dedicated consumer base.
Take a look at the following statistics on consumer retention:
- The retention of existing customers is the top concern for 32% of corporate executives.
- Just 20% of your new customers account for 80% of your earnings.
- The truth is that marketing to a new customer has a 60% chance of succeeding. What will you say to a potential customer? 10% of the total.
- Obtaining a fresh account costs 5% more than maintaining an existing client.
- A 2% rise in consumer satisfaction will result in a 10% reduction in costs.
- Because of poor customer support, businesses lose 71 percent of their clients.
You’re aware that Big Data consulting is now transforming companies, and you’re still aware of the importance of consumer satisfaction.
Customer Retention via Big Data Analytics
It’s comforting to realize that the company has all of the information it requires to better appreciate and know your clients. Depending on the sort of company you’re in, the key is to make sure you have the necessary big data analytics in place to bring the best out of the data you have. Through accurate analytics, the company would be able to extract critical behavioral data that can be used to make decisions.
Getting a new client will also cost the company hundreds of dollars. It is also less expensive to have the ones you already have. Stream processing will benefit you if your company has the capacity to handle high-velocity, high-volume data with limited latency, or if you work with live data that needs to be utilized while still in motion. This sort of data analysis approach allows you access to real-time data, which you may combine with historical data to get a better understanding of the situation. Customer satisfaction will be improved by implementing stronger big data analytics. You’ll be able to respond quickly to the information you get, allowing you to satisfy the demands of your customers without difficulty.
Here are a few big data tactics that your company may use to gain knowledge from consumer satisfaction, increase customer engagement, and become more competitive:
Spam Must Be Reduced
We’ve all opened our email to find it cluttered with meaningless ads at some time. Any consumers will get irritated if they receive some meaningless ads on a regular basis. Customers’ age, place, ethnicity, profession, social patterns, and web-browsing habits are all collected through Big Data management systems, which offer valuable insights for businesses to deliver appropriate and attractive content (emails/newsletters) to their customers.
Adaptability
Since technology is always evolving the customer’s needs, it’s critical to remain flexible with the execution method. It is up to the analysts to adapt and keep up with the changing climate. Your company would be able to keep aware of evolving demands and goals thanks to big data agility.
Have an eye out for blind spots.
You must capture what affects the consumer’s experience and behavior; if there are blind holes, you may lose crucial facts, resulting in an overall blurred view of customer experience and behavior.
Aids in the fine changes of your message and promotes the appropriate products
E-commerce merchants may use data such as purchasing patterns, product scores, and feedback to send personalized messages to millions of consumers around the world. Brands may use data analytics to generate stories that are important to each of their marketing channels, resulting in a more customized response for each client. Facilitating tailored marking strategies can result in a higher Return on Investment (ROI), which is critical because consumers want retailers to have more customization.
Increases the level of customer satisfaction
Through gathering information, you can easily and effectively create a solution for measuring fulfillment speeds and distribution times. You’ll be able to react to crucial questions like: how quickly are orders fulfilled? Are you getting your orders on time? What kind of complications do you expect when it comes to finishing deliveries? How much do clients come back to you for a second-order? Analyze critical information like this, and you’ll be well on the path to incorporating consumer satisfaction tactics.
Digital Banking that is Smarter and More Forward-Thinking
To get the best out of big data, you’ll need a multifaceted strategy and a sophisticated data analytics framework. Data science specialists may have tailored applications that integrate data safely and efficiently for financial organisations of all sizes and categories.
Last but not least…
The enormous data amount that major companies generate is both a burden and an opportunity. Bringing together organized and unstructured contextual data from around corporate silos and integrating it with core data from a live consumer encounter creates a powerful ability to shape customer engagement in real-time. In the coming years, Big Data and consumer satisfaction will merge to become essential industry buzzwords, allowing companies to differentiate themselves from their competitors.
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