This article was written by Louis Columbus. Louis is currently serving as Director, Global Cloud Product Management at Ingram Cloud.
- Customer Analytics (48%), Operational Analytics (21%), Fraud and Compliance (12%) New Product & Service Innovation (10%) & Enterprise Data Warehouse Optimization (10%) are among the most popular big data use cases in sales and marketing.
- Customer Value Analytics (CVA) based on Big Data is making it possible for leading marketers to deliver consistent omnichannel customer experiences across all channels.
Of the hundreds of areas big data and analytics will revolutionize marketing and sales, the following is an overview of those that are delivering results today. How prices are defined, managed, propagated through selling networks and optimized is an area seeing rapid gains. Attaining price optimization for a given product or service is becoming more possible thanks to advances in big data algorithms and advanced analytics techniques. Streamlining routine pricing decisions in commodity-driven industries where products are inelastic is also happening today.
An Overview Of Big Data’s Many Contributions To Marketing And Sales
Increasing the quality of sales leads, improving the quality of sales lead data, improving prospecting list accuracy, territory planning, win rates and decision maker engagement strategies are all areas where big data is making a contribution to sales today.
In marketing, big data is providing insights into which content is the most effective at each stage of a sales cycle, how Investments in Customer Relationship Management (CRM) systems can be improved, in addition to strategies for increasing conversion rates, prospect engagement, conversion rates, revenue and customer lifetime value. For cloud-based enterprise software companies, big data provides insights into how to lower the Customer Acquisition Cost (CAC), Customer Lifetime Value (CLTV), and manage many other customer-driven metrics essential to running a cloud-based business.
The following are the ten ways Big Data is revolutionizing marketing and sales:
- Differentiating pricing strategies at the customer-product level and optimizing pricing using big data are becoming more achievable.
- Big data is revolutionizing how companies attain greater customer responsiveness and gain greater customer insights.
- Customer Analytics (48%), Operational Analytics (21%), Fraud and Compliance (12%) New Product & Service Innovation (10%) and Enterprise Data Warehouse Optimization (10%) are among the most popular big data use cases in sales and marketing.
- Supported by Big Data and its affiliated technologies, it’s now possible to embed intelligence into contextual marketing.
- Forrester found that big data analytics increases marketers’ ability to get beyond campaign execution and focus on how to make customer relationships more successful.
To read more explanations and find out the 5 other ways, click here.
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