Understand your customer
Knowing what motivates your customers unlocks an abundance of valuable information: their needs, hesitations, and intentions.
Today’s consumers are interacting with businesses across numerous mediums, generating large amounts of structured and unstructured data that cannot be analysed by traditional business intelligence tools or is only measured in silos.
The value of Big Data Analytics is in combining all customer interactions data and analysing it in its entirely to get a complete understanding of your customer journey. You can accelerate customer acquisition, encourage repeat business, and improve customer loyalty by answering questions such as:
- Which product features drive adoption?
- Are these different customer segments or different buying journeys?
- What behaviour signals churn?
- Which campaign combinations accelerate conversion?
With this information, businesses can:
- Increase customer acquisition
- Reduce customer churn
- Develop more innovative products
Case Study: Reducing customer acquisition costs
Financial service providers spend ABOUT $12 BILLION on direct marketing each year. By utilizing Big Data Analytics, companies can create more customer-focused, targeted promotions.
Using Big Data Analytics, a global Credit Card Company is able to accurately analyze and understand the behaviour of its high-value customers:
- Transactional data
- Social media behaviour
- Profile data
- Mobile behaviour
Insights from their Big Data Analytics enabled more targeted digital ads resulting in:
- 25% Higher conversion
- $3.5 Million savings in yearly digital ad spend
Case Study: Driving product innovation and revenue
For many gaming companies, top goals include driving users to play longer and designing games that drive monetization.
An Online Gaming Company uses Big Data Analytics to introduce new, innovative products and enhance existing ones.
- Web logs: Retention
- User profiles: User play to identify what product features motivate a player to play
Monetization – Introduce and test game features that drive revenue
Big Data Analytics helped grow that company’s revenue from $50M to $600M.
Optimize the Journey
Big Data Analytics give you a competitive edge by helping you understand your customers’ journey. You can optimize your digital and marketing campaigns, as well as customize your product offerings for better customer retention, faster acquisition and more.
