Use Big Data To Create Long-Term Value For Customers.

Any marketing campaign mainly revolves around the idea of targeting customers' next move. To do so, big data plays a tremendous role in acknowledging and collecting customers' information, from their preferences to how they act when hunting for a service or product. It creates competition among the companies to grab new opportunities and customers and figure out their next purchase.?

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It leads to what we call an equalization of competitors, which means, that all the leading companies who are using big data to detect the next move of customers will inevitably get to attain short-term benefits, and even though they achieve some value from being ahead, it will be a bit above average not an outstanding result.?

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Outstanding results come from planning and strategizing medium to long-term goals; those enterprises that focus on retaining customers and creating value for them will ultimately win in all the races. And this is what leading companies do that sets them apart from the rest; they target to create lasting value for their customers, which retain them from going to any competitor enterprise.?

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Big data will result in a fruitful undertaking only when the input strategies get also designed to gain long-term benefits. Now, let's have a look at how these big corporations or leading businesses are able to create lasting value for their customers by using big data;?

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• Seek that information that will help customers to reduce costs or risks; it all comes down to reducing cost or risk factors for customers; when buyers are looking for a specific product or service, they look up to the ratings that other people have given in order to inform the current buyer of the quality of service that is available. Big companies like Amazon, Uber, and Netflix are taking customers' feedback to create reliability among future buyers.???

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• Using widely scattered data to gain valuable insights by aggregating it; many companies have had tremendous success by using scattered information or data and collecting valuable insights from it. An example of this includes a company in Africa, InVenture, that started to use incidental data or data taken from smartphones' contact lists which get used as credit ratings to provide loans to customers. The larger popular of Africa do not have any credit ratings to determine their reliability; therefore, using scattered data or incidental data turns out to be very helpful in seeking valuable insights of customers.?

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• Can an individual customer benefit from using a diverse array of customer data??Let's understand this by example: a company that sells seeds, fertilizers, and pesticides to farmers has collected information or data based on climate conditions and its naturally fertile land to determine what will best suit an individual farmer's needs. Even though the farmer could have experience in knowing his soil, the data from across the diverse array of customers will give a clear idea of his requirements.?

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Conclusion?

So, we have learned that targeting customers' next purchase would give a competitive edge to enterprises, but only for the short term. If all companies who have invested in big data seek the same competitive advantage to see ahead of what is yet to come, their focus will not give them a long-lasting impact in their respective industry.?

What matters in the long term is not to target the next customer but to focus on creating long-lasting customer value. The life-long value of a customer is more than seeking the next move of a particular customer.?