How Business Analytics is Changing the Way Companies Market to Consumers
Businesses used to execute their marketing activities several years ago through trial and error. However, nowadays, the increase in competition and growing demands from customers call for more targeted campaigns. Using big data and analytics, companies can make better decisions, foretell consumer behavior, and check the return of their investment in marketing.
Here are some ways in which business analytics have revolutionized how consumers carry out their marketing:
A research paper titled the Global Review of Data-Driven Marketing and Advertising indicated that 53 percent of marketers claimed that there is a massive demand for customer-centered communications. Using big data and advanced analytic tools, marketers can develop highly-targeted campaigns characterized by communications tailored to specific customers.
Marketing strategies backed by well-analyzed data can help marketers to understand their customers better thus be aware of what and when to disseminate marketing messages. With accurate and well-timed messages, the marketers can emotionally appeal to the target customers for a fruitful engagement.
Improved customer engagement
Using data analytics, marketers can produce more personalized messages that will appeal more to customers. And because customers will like the content that touches on their emotions, they will share it and engage with it more. The increased engagement with a company's marketing content brings about brand awareness and trust, and consequently, better brand perception. In the long-term, enhanced understanding leads to increased sales, loyalty, and advocacy that greatly benefits the company.
Laser-focus on the loyal customers
From data gathered and analyzed, the companies can identify their loyal customers. Given that these are already won over by the business products, they are easier to get the most benefits from through higher sales. Businesses can even create customized offers and appreciation tokens for specific customers to further enhance their relationship. This works well where the companies have loyalty programs to see the buyers' preferences and other things, thus come up with tailored offers.
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Constant improvement in customer experience
The earlier mentioned study on data-driven marketing found that 49% of the brands surveyed employ data-driven marketing to improve customer experience by carrying out satisfaction studies. This pinpoints areas that need improvement. Marketers can utilize customer value analytics to expedite the sales cycle and maintain excellent personalized service. Despite the media using face-to-face interaction, social media, or the phone to reach the customer, they get the same message to enjoy the same experience. This is due to big data being an omni-channel that helps to better the customer experience while keeping it consistent.
Business analytics has dramatically improved how companies market to customers in numerous ways. These include personalized marketing efforts, focus on loyal customers, more personalized marketing content, and improvement in customer engagement with the content and company. Companies have also benefited by getting feedback from customers to enhance their offerings to the clients and in other areas.