Big data from social media provides businesses with new opportunities to understand what customers want
Companies have always depended on data to gain an insight into their markets and to understand whether the products and services they are providing are what customers want. In the past, this data has come in a structured form, from business systems such as marketing databases and sales records, or customer research surveys and contact centre feedback.
Now, new digital channels, and social media in particular, are generating vast amounts of new, unstructured data about consumer behaviour, opinions, desires and needs. This big data complements, rather than replaces, data from traditional sources, and represents an exciting opportunity for businesses to develop far richer customer insight. However, many are struggling to integrate external data from multiple sources with enterprise data to create a single view of the customer.
Our big data services help you access and analyse large amounts of data from different sources to create a single view of the customer and use this to improve decision-making, optimise performance and create new business opportunities.
Turning intelligence into insight
By analysing the intelligence you have accumulated, you can get the customer insight you need to generate value, becoming better at tasks such as:
- Customer segmentation
- Identifying new consumers and opportunities, and testing new propositions
- Informing consumers, measuring affinity and sentiment, and changing behaviour
- Managing risk and responding early to adverse events
- Managing market messages, tracking competitors, and setting prices
Follow the leaders
Some of the world's biggest brands have taken a lead in using customer data to develop new propositions, boost sales and win customer loyalty.
Amazon, for example, uses the data it has on customers' previous interactions, such as contacts, purchase history and other sources to structure special offers and purchase recommendations that suit individual customers' tastes. Amazon uses “collaborative filtering” to determine what music or books to recommend.
Hertz maintains a central store of all customer and payment data for the members of its #1 Gold Club programme. This means Gold Club customers don’t have to fill out repetitive forms every time they rent cars. In this way, Hertz encourages frequent travellers to base their rental car decisions not only on price but also on the ability to save valuable time.
To find out how to integrate big data to create a single view of your customers, contact us now.