Big Data is set to transform the way we do business by collecting vast quantities of information, analyzing it, and presenting a clearer picture of what clients seek – or what businesses could be offering to increase revenue.
Any B2B firm can now know what keywords make their clients salivate, understand the demographics of their customers, their buying habits, their mobile usage patterns, and what they do on social media.
This is particularly relevant to small- and medium-sized businesses, who, rather than invest their precious time and money advertising product A, now know their customers truly want product B. As Datameer points out, “Companies can create more customer-focused, targeted promotions.”
How can Big Data help companies? “Using this new information will prove to make interactions with customers more efficient – and intuitive,” explained Toronto-based executive business coach Rob Schaumer.
In the B2B sphere, imagine a marketing company now knowing what their client most needs to emphasize through the media, online images and products.
Avis car rental for example, uses data analysis to identify their frequent renters, to improve customer loyalty – and to determine businesses who might have an interest in becoming a loyal customer. Facebook already analyses users’ activity to determine what their “likes” and dislikes are, for their advertising.
In fact, with online retailers, “their customers might be invisible, but businesses ‘know’ who they are by their Big Data profile,” added Schaumer.
Netflix and Amazon have a “you may also enjoy” section placed prominently on the site, all based on the consumer’s previous selections.
Big Data, as they say, is going to be big for business.