Data is the most valuable resource in a modern company. Organizations can operate much more efficiently by examining large quantities of data and making better business decisions. So it is not surprising that more and more companies are choosing to implement big data solutions. Although small and medium-sized companies increasingly use data, large organizations are still leading the way. So let’s find out how big companies use big data for growing business.
Big data (BD) refers to extensive data collected by companies that can be explored and analyzed to generate helpful information or used in machine learning projects. Across all sectors, companies use the big data collected in their systems for various purposes, depending on their specific needs. For example, that could streamline operations, provide better customer services, create personalized marketing campaigns established on consumer preferences, or increase revenue. Large companies are the true forerunners of modern solutions, so let’s examine how they currently use big data.
Big data allows companies to track purchases and current customer preferences. By following customer purchases, it is possible to estimate better what needs to be produced or what services to offer, thus adjusting supply. Based on available data on current and future products, or customer demand, companies can develop new products and predict the number of purchases thanks to big data. If there is a company that illustrates how using big data can improve your sales, it is Amazon. Collecting and analyzing user data (pulled from purchase history, web browsing time, or wish lists) can generate personalized recommendations.
Customer acquisition and retention
BD also improve companies’ ability to segment customers to learn about and meet their specific needs, which helps improve both conversion rates and build loyalty among customers. Leaders of streaming services such as Netflix, Spotify, and YouTube have mastered this art to perfection. The platforms use their vast databases of customer behavior to analyze searches, ratings, and suggestions. They use all sorts of details – views, reviews, clicks, searches, time and date preferences, and other facets – to develop a set of instructions that best predict customer interests.
Real-time marketing and native advertising
Display ads are bringing the Internet to life. All the sites we browse daily are covered by display ads, which use numerous algorithms to analyze the personal data of each site user. Until recently, this task belonged mainly to cookies, but today significant sites are using big data to collect and analyze browsing data from third-party sites. Amazon, for example, uses browsing data from Facebook, Twitter, and Google to improve targeting, better understand their user’s interests, and display relevant content. Based on this logic, native advertising and display marketing are moving toward increasingly sophisticated personalization.
The North Face, which offers outdoor and sporting goods, has used big data to provide its customers with highly personalized and highly innovative customer service while respecting the environment. The service is delivered via a mobile app. After downloading the app, customers can speak exactly to their phone to contact the company. The system then acts as a human salesperson, guiding them through various questions and buying experiences based, and then providing them with personalized suggestions. The answers you deliver in the first phase and how you respond help shape the system’s future communication with the user.
Is big data only for big companies?
Although the above examples show the activities of prominent companies, big data can be successfully used by businesses regardless of size or number of employees. Information gleaned through BD can help you improve your business strategies in marketing and advertising, building partnerships, and making future decisions.
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