The regular upgradations and evolution in Data science, has provided increased opportunities for marketing leadership to attain new insights for customer acquisition strategies. Here are some of the top use cases of big data in sales and marketing.
Generating new leads
Marketers can gain valuable insights about consumers’ views on products and services after analyzing the large pool of data. It not only helps them to tap new markets but also offers access to a larger target audience, thereby generating new leads for the businesses. Companies need to connect with their customers to find what they want and analyze their profile. They need to focus on buyer personas to generate new leads.
Generating recurring sales
Big data provides insights into customer’s emotions throughout the purchasing process. It helps marketers analyze the thoughts behind the customers’ emails and social media posts following which they can create powerful and effective campaigns for the target audience based on these insights. Data received from social media channels can be processed in recommender systems which will help companies generate recurring sales. This will eventually help in increasing general sales.
A rise in conversion rates
As per experts, organizations can help companies reach new customers and increase conversion rates with the help of big data results. Thanks to big data, marketers can take care of price optimization and also plan and develop customer engagement plans.
The latest Adobe report found that marketers believe data-driven marketing is the most important business opportunity for 2019. Therefore, data-driven marketing strategies are becoming more effective in reaching potential customers, thereby increasing the conversion rate on the website.
Future sales forecast
Another important use of big data is to help businesses know about top-selling goods worldwide. It helps marketers determine which products have the maximum demand in a specific location.
Businesses are creating social groups and growing databases by translating massive information bytes. This database provides businesses insights about customer buying design, behaviors, and preferences, among others. These insights help marketers suggest the ideal product to each customer at the perfect time.
With the help of big data, marketers and sales executives can receive pricing optimization leads during certain times, throughout the year. Another use of big data is to help businesses discard old products faster. Marketers can refer the past data to learn about discounts and sales to determine which pricing degree generates sales.
As we move towards 2020, marketers need to learn ways to utilize big data efficiently to increase the effectiveness of your advertising and sales teams.