The rising phenomenon of Big Data, meaning the collection and analysis of vast amounts of data, is something that has been around for a long time. What has changed over the last years, is the way we process that data and how we utilize it in relation to business and society. Thanks to the growth of IoT and the persistent use of social media, we have reached an impressive 2.5 quintillion bytes of data that gets created everyday.
That valuable information that has been collected can become hugely beneficial for companies, who can use it to increase sales, improve customer satisfaction and overall find ways to become more efficient. The analysis required consists in examining amounts of data together, to then gain insights and predict future activities. That way, businesses can make decisions more accurately than ever, setting up marketing campaigns targeted to the right customers, revealing a necessity that can be fulfilled with a new product and more.
Uses of Customer Satisfaction Data
The Big Data analysis can be done with an application of business intelligence, utilizing advanced methods such as data mining, which involves analysts elaborating huge amounts of data to individualize patterns and tendencies. As further researches show how the volume of big data is growing 40% a year into the next decade, companies can learn from those who already adopted analytics as a way of improving customer satisfaction to enter this beneficial digital revolution:
Finding Out Who The Customer Really Is
Data plays an important part in getting to know your customers, as their behaviors in consuming products and/or services reveal what they want and what they most value. Discovering the answers to those two questions can help a company find that special something that can differentiate it from competitors. Knowing your customers means understanding how to best provide a unique experience to future and current buyers. According to an IBM study, 62% of retailers report that the use of big data and analytics creates a competitive advantage for their companies.
Personalizing Your Relationship With Customers
Analytics provide the opportunity of bringing back that feeling of personalized customer service even for large companies, by gaining access to information about every single person who buys your products or utilizes your services. According to research on online personalization, 94% of marketers and 90% of agencies agree that “personalization of the web experience is critical to current and future success”. As it can lead to more sales and a better customer experience for everyone involved.
Providing Top Quality Customer Service
Thanks to how easy data can be accessed nowadays, companies in any industry can benefit from what their customers have been sharing online. The increasing popularity of social media means that more people are encouraged to share opinions, preferences and personal information over various platforms, allowing businesses to better tailor each customer experience. It’s exactly this change in the way we communicate with others that has helped companies to provide more suitable customer support. Individuals are not discouraged anymore by helplines that turn out to be anything but helpful, but instead can receive improved help by someone friendly and professional. Bringing customer service to a whole new level of reliability and personalization.
Building Long Term Loyalty
Beyond being able to attract a regular flow of new customers, companies benefit hugely from returning ones who trust the business and consequently recommend it to others. Accurate data insights can help by delivering a positive customer experience where individuals receive recommendations that suit their needs and preferences. The proof of success in this method comes from e-commerce giants such as Amazon, where 35% of sales are generated by the recommendation engine alone. Demonstrating how encouraging further sales in a targeted and appropriate way beats casually advertising products to anyone at anytime.
More and more companies are adopting these methods of marketing, following others who have already seen an improvement in the way they make sales and gain new customers. This is leading to a future where businesses can better focus their advertising and resources on those who might actually generate a sale, rather than spend sums on trying to attract those who might never be interested.
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This article, “Take Advantage Of Big Data To Boost Customer Satisfaction, Read These 4 Tips” was first published on Small Business Trends