Why is Big Data Analytics the Key to Stay Ahead of Competition?
No matter what type your business is, data analysis always plays a vital role in providing you a competitive edge and bring innovation in the way you do your business. Collating data to discover new business opportunities and meet customer expectations is not something very new, dating back to the decade of 70s. However, what has significantly changed since then is the amount of data growing everyday, its diversity and analytics techniques to make sense out of it.
The term Big Data was coined considering the abundance of data that exists today in structured, semi-structured and unstructured form. According to a new report from IBM Marketing Cloud, 90% of data that exists today was created in the last two years alone. The report further adds that nearly 2.5 quintillion bytes of data is created every day from numerous sources, like social media sites, business apps, public web, sensors connected to Internet of Things, etc.
In contrast to previous times when rudimentary data analytics was used to make future decisions, advanced big data analytics of today allows business managers to have real-time information and make immediate decisions. There is no denying the fact that big data analytics has become the need of the hour to understand hidden patterns and correlations, identify target audience, uncover new revenue opportunities, boost marketing efforts, offer better customer service, and improve productivity. Let’s understand in detail how information derived from big data analytics can help you get competitive advantage over your rivals.
How Big Data Analytics enables You to Beat Competition
#1 Allows to offer Personalized Experiences
Acquiring customers is not enough to compete with your rivals. You also need to understand the needs of your customers and optimize their buying experience. Since customers interact a lot on the internet and look for products they want to buy in near future, big data analytics allows you to identify them and offer them what they want, not something they are not interested in. Doing so increases the chances of a customer to buy a product of their choice from you by many folds.
Having a good insight into a customer’s personality, attitude, buying behavior, etc. helps you make them feel personally valued, which increases their trust in your brand. Having valuable information of customers readily available paves the way for business managers to devise effective strategies and improve conversion rates. If you have a website for your business, you can use big data analytics to personalize the content in real time to meet diverse requirements of consumers based on their sex, nationality, etc.
Click here to read more: Why is Big Data Analytics the Key to Stay Ahead of Competition?