Biz Tips: 4 Ways to Use Big Data to Grow Your Business in 2020

Biz Tips: 4 Ways to Use Big Data to Grow Your Business in 2020

Biz Tip:

4 Ways to Use Big Data to Grow Your Business in 2020

Big data is one of the most diverse tools marketers can use when growing their business. Essentially, big data is the act of analyzing large quantities of data to make informed business decisions.

Before machine programming allowed us to track everything from sales to user engagement, we had to put together the numbers one at a time in a spreadsheet. Instead of waiting days or even weeks to compile this information, reports are generated in seconds.

We are going to take a look at how businesses are using big data to improve sales, retain customers, improve user security, and much more.

Let’s dive in!

Create Personalized Product Suggestions

The first way you can use big data to grow your business is by creating personalized product suggestions. Companies like Amazon have found immense success by putting together figures based on customer behavior and using that data to market to their new customers and long-time subscribers.

For example, if you have a pet hamster and purchased treats in the past, you might find something like this on your on the product page:

Notice the text at the top that points out to consumers that these are other popular items often sold alongside hamster treats. This type of marketing helps encourage personalization, which is a major selling point for consumers. People want to feel like they are shopping with brands that generate content and products that are relevant to their history on a website. Research backs up this theory. A staggering 63 percent of consumers claim that they expect businesses to provide personalized product recommendations and content.

Identify Hidden Pain Points

Another excellent benefit of putting together data on your consumers if you’ll have access to hidden pain points. Marketers use consumer data to look for patterns that occur in sales, website traffic, and customer service requests. It’s possible to see where your audience struggles and use that information to improve your blog content and email marketing strategy.

For instance, here is a survey where a business flat out asks consumers about their pain points:

If you’re a marketer, you realize that the most pressing issues your customers face are learning how to use data/capacity for growth, storage performance, and meeting compliance deadlines. You can take this information and create content or new products that address these pain points. This tactic will help you build a connection with your audience. The ability to track and solve pain points is the foundation of business success.

Split Test Marketing Campaigns

Split testing, also known as A/B testing, is a tactic where marketers create multiple variations of the same promotion with one change. The change can vary and includes colors, font, placement, and text. Color psychology and placement can make a massive difference in how people respond to your content.

Email marketing campaigns are perfect for split testing. You can look at data like open, click-through, and conversion rates for ideas on how to improve your campaign, as well as to analyze your results. This big data can give you some valuable insights into your content flow and effectiveness. When you consider that email marketing offers an impressive 4,400 percent return on investment, it’s no surprise that marketers want to make the most of this strategy.

Split testing email subject lines, use of emojis, and content can double your open rate. The reason for this sharp increase in engagement can vary depending on what you change. But overall, split testing gives you more room to segment your lead list and experiment with different campaigns for exponential growth.

Fine-Tune Customer Support

Customer support plays a significant role in how your business evolves. If you have an excellent product but lackluster customer support, you could see your sales fall drastically over time. Many companies use big data to program their on-site chatbots that can help consumers 24 hours a day.

For example, if you notice that 60 percent of the customers that come to your website need help to reset their password, you can train an AI program to assist those consumers so they can quickly get back to browsing your site.

Not only will you streamline the support process for consumers with everyday problems, but you’ll also improve the effectiveness of your live support team. The less time they spend on solving straightforward questions, the more time they have to help customers with complex issues.

Big data makes gathering support information fast and easy. Instead of looking through chatlogs, listening to phone calls, and spending countless hours in a spreadsheet program, you can quickly see what kind of issues prompt your audience to contact support.

Conclusion

There’s no doubt room for limitless growth if you use big data as a part of your marketing strategy. As marketing companies continue creating innovative technology to improve and streamline our processes, we expect to see more value from big data than ever before in 2020.

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