Monday, 16 September 2013

The Big Data - Changing Customer Experience in Your Style

Big Data is certainly the biggest trend and a key technology that comes with a big promise for small, big and mid-sized businesses. Big Data Week, which commenced on 22 April 2013, said about industries using their big data to take conform decisions about their organizations and improve their business functions mainly sales and marketing.

According to the Big Data experts who met in the Big Data week, Big Data is an asset to sales organization if they can understand their use clearly. You will definitely have some tangible result.

We have terabytes customer history and their behavioral pattern that tries to extrapolate the customer experience sensibly. Rather you work on hard data and evidence, to improve the customer experience.

Customer service is an area that is untouched by developing technology. You have numerous channels to use, but customer experience has not gelled well with anyone in the same way as big data.

Major Big Data Approaches Used by Top Performers

Talking of Big Data you will come across the three best approaches, which the top performers prefer to use.

Interactive Exploration - For discovering real-time patterns in big data, in a synchronized way as they emerge

Direct Batch Reporting- To summarize the data collected

Batch ETL - To analyze historical trends or link the disparate data

Survey report of MIT Sloan Management Review  says that top performers prefer to use the three trends five times to the lower performers to deliver superior customer services.

It is quite tricky to figure out how to translate the information into increased website traffic and fuller shopping carts and that also in real-time. Well, for the marketers there is some good news. Now you can find different tools to dig mines of data to refine your online marketing approach.

While talking to industry experts in Big Data week, we learned 8 big factors, which helped the experts to tame their data and improve the customer experience.

Let us read on:

1. Continuous Progress and Not Instantaneous

Do you know from today, Big Data will bring vast changes in the way you do business. Well, do not jump into action at once. To have productive result try the test-and-learn method. Move at a slow pace with your website designing or personalization, rather than innovating them in one sweep.
Difference in market exposure:

Successful marketers- try to refine them all the time

Experts - take baby steps and improve their company every day to retain the customer loyalty for a longer period

2. Support Big Data Goal with Individual Goals

For achieving different business goals, you must have separate strategies like acquiring new customers, boosting new conversion rates, improving customer loyalty or increasing customer value. This helps to use data in a better way.

3. Omni-Channel Service

Customers are turning mobile, and they prefer to use social networks like Facebook and Twitter to interact with various industries. Research shows that 93% of consumers regularly use multiple channels to interact with leading brands. All the consumers expect to receive the same levels of customer service, and for that, Omni-channel service is the talk of the town. It helps to improve the customer interactions and starts a multi-channel communication through mobile, speech, chat, store etc.

Most of the industries have all the relevant data to deliver this modern and intuitive service and make the customers life easy.

4. Internal Sell of the Concept

Well, in the Big Data Week we have seen some organizations, prefers to provide evidence-based marketing to get everyone on-board. They encourage continuous sharing and learning. Presents the data in an easy way and does not hide the results to help the customers in decision framing.

5. One Team

You need to include different marketing strategies, various creative web developers and analytic experts who at times feel threatened to work with hard evidence. To improve the customer’s experiences find a dedicated way to drive the processes for future improvements.

6. The Data You Have Collected Is the ‘BEST’

CRM and website of your organization keeps on collecting real-time data that are far more valuable than you might have obtained from the outside vendor. It is about your prospective customer and collection of those data, which your competitor does not have.

Some typical examples on which you can capitalize your big data strategy are -

Conversion rates
Form inputs
Frequency of website visits
Interaction pattern
Purchase source
Social traits
Transaction pattern

7. Customer By Customer Real-Time Optimization

Most of the marketers set their goal in a way that embarks on - what customers should see, what offers company will give them and what companies will say to them. Designing a desirable customer experience is important to make them buy more.

8. Providing a Predictive Experience

Big data helps to predict issues before they occur. You can achieve this by analyzing the data and developing smarter models to adapt the customer needs. These big data processes helps to pay dividends in brand loyalty and thus business will require fewer sources to manage customer enquiries and complaints. At times, the big data benefits extend to support cross-sell and up-sell. Just to understand customer requirements and suggest relevant complementary replacements.

Big data helps companies to anticipate the wants and the needs of the customers, simplifies the customer interaction channels, and tries to learn from those interactions for future improvements.

Try to do all of this and you will see that your customers are smiling, irate ones will turn back, and prospective ones will retain loyalty for a longer time.

Dig out large profits with Big Data and improve your customer service!

Author Bio : Moumita Dasgupta, a financial blogger and the owner of bizandfiz, shares her knowledge and expertise of various financial topics. A clear view on market, business, Forex, funds, personal finances etc. are the subjects she perfectly underlines through her articles.  Find Moumita on Google+


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