Understanding your customers is very difficult, especially if you are unsure of what you are looking it. Are you using the right tools or obtaining the right analytics to create your strategy? In a recent Entrepreneur article, Andrew Medal shares his on big data analytics and how it can help you improve your strategy.
Why Big Data?
Consumers are becoming smarter and smarter as new tools and software comes out to help assist with their needs. So how can big data help solve those problems? This is where knowing and understanding the analytics can play a huge part. As big data collects information and learns user behavior, it gives businesses the advantage to tailor their strategies. For example, if a consumer was shopping for shoes online but does not complete a transaction they will be able to create personalized campaigns to retarget them.
How Can You Use it?
The more information you gather about your customers, the better your strategy can be tailored. Understanding their behavior patterns can help your marketplace be a step ahead and really “wow” your customers. It is almost as if you know what they want before they even know what they want. This is revolutionary for a marketplace as it can cater to each individual and push the right ads in front of users.
If you ever ran digital advertisements, you understand how costly they can quickly become. Often times your ad is being paid by impression which is difficult because simply scrolling through will count. So how can you benefit from big data analytics? It’s simple, by measuring impressions and learning behaviors, it can calculate demands and weed out the bots. This will help decrease your ad spend and get them in front of real people who care for your products.
Predict What’s Next
What will your customers do next? This can be huge to help guide customers down the sales funnel to making their final decisions. WIth the ability to predict what the next move with their customers and potential customers. This gives companies the power to bring forth the best and most targeted deals tailored specifically to each individual. This is every marketer's dream. Having higher chances of conversion, targeting relevant customers, and more importantly at the right time.
This new era of big data has changed the way we collaborate and create campaigns. Pitching ideas off your colleagues are no longer the brainstorming sessions they once were. With big data analytics, creativity is at an all time high. Creating original campaigns specifically for its users rather than hiring an outside company to create campaigns you are not sure will even work. Analytics can help put your marketplace in the driver seat to create an experience better than ever at a much more rapid pace.
Ever wondered how Youtube knows what to suggest what to watch next? The answer is comes from big data. Understanding what you have previously watched, commented, searched, etc. to tailor videos just for you. It can range from the channel, type of videos, and any other categories that can go into youtube. All this raw data is taken to customize the user experience for its users. It’s truly amazing.
So what is really so great about it? Staying ahead of the game is what your marketplace should be looking to do. Identifying trends and real-time live ad options are helping reach the right audiences at the right time. Predictions that are based on the behavior of their own doing, makes it hard to go wrong. The analytics obtained by simply understanding its customers and potential customers is hard to put a price on.
Technology continues to advance and it’s truly amazing where we are headed. As we look ahead, one of the best things your marketplace can do is to capture data and never stop. This will help improve your customer service more than you can imagine.
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