In 2019, over 50 per cent of companies had adopted Big Data, with a further 38 per cent citing that they would be investing in it in the future. As it stands, we can assume that now, at least three-quarters of businesses will have invested in Big Data capabilities. By 2022, the annual revenue from the global big data and business analytics market is expected to reach $274.3 billion.
The lucrative nature of this industry stems from a recognition by many companies that it’s no longer good enough to guess what customers might want or need from your product or service, but to have hard evidence to back up your choices. Not only does this make for much happier, more satisfied customers, but it undoubtedly improves the bottom line.
Here are three examples which showcase how Data can positively impact the customer experience:
1. CREATE A MORE INTUITIVE WEBSITE JOURNEY
From heatmapping the areas of interest (or disinterest) on your website through eye movement or mouse tracking to traffic analysis through tools such as Google Analytics, Data can give you both real-time and overall information about the success of your website.
You can analyse areas of the website where consumers ‘linger’ or click through, such as content pieces, links or assets, which proves to give added value or entice them to learn more about your business. You can also see areas where little to no activity happens, allowing you to create a new, perhaps more engaging, strategy.
The use of data for website ensures your get the design and content right in less time. The cost of redesigning a website can be a hefty cost for any business. The fewer times a website needs chopping and changing, the more cost-effective it will be, not forgetting to mention a much smoother and more efficient process for customers.
2. BUILDING LOYALTY THROUGH PERSONALISATION
In a report featured in Forbes by The Harris Poll, 76 per cent of Americans are more likely to complete a purchase if the customer journey has been personalised to them, their needs and wants. The story is similar in the UK, 80 per cent of companies report seeing an uplift after employing personalisation tactics.
However, personalisation must go one step further than just addressing a person by name in an email nowadays. It means targeting consumers with specific and relevant ads that actually take their interest instead of bombarding them with a scattergun approach, as well as looking at areas such as location-specific targeting and device optimised outreach.
This can be made possible by combining marketing data, such as brand interactions, combined with sales data, previous purchases, and customer service data, the feedback given. These aspects allow you to create an in-depth and meaningful customer journey map, help you understand what turns specific consumers on, or off, and ensures your marketing messages and outreach are pertinent.
3. BE PREPARED FOR PROBLEMS BEFORE THEY OCCUR
Data can give incredible insight into what’s working currently for a business but, arguably, its strengths lie in giving accurate understanding into the potential risks or problems that are likely to occur in the future.
According to Clarion Tech, there are seven areas in which Data can play a crucial role in minimising risk, errors or issues for a vast range of businesses. From making sense of unused business data to making companies proactive instead of reactive, minimising misleading forecasts to diminishing customer service challenges, data can be the solution to a wealth of problems.
Not only do these kinds of errors leave a bitter taste in the mouths of customers who may struggle to revisit your business after a bad experience, but they can negatively affect your bottom line too. Nipping them in the bud before they happen is an incredible card to have to hand, and one that could be the saviour of your business.
To learn more about how working with a Data & Analytics specialist could help bolster the success of your business, contact our team or, if you're looking for your next opportunity, check out our data and analytics jobs.