Can you count the grains of sand covering the face of this earth? This seems impossible. You cannot calculate the exact numbers, right.
Well, to your amazement, Google did the Job. It has given a rough estimate of sand grains covering all the beaches and desserts on the planet. The number is seven quintillions, five hundred quadrillion grains of sand.
But even more interesting is the amount of Data we have. Statistics reveal that by 2020, the data is expected to increase 4 times more than the grains of sand on the earth.
In the last couple of years, the number of internet users worldwide has increased massively. Stats reveal that 90% of the world’s data has been created in the past 2 years. We can see the growing popularity of social media platforms across the globe. Every minute 2.5 million pieces of content are posted on facebook. We are living in a highly interconnected world where data is exponentially captured via smartphones, blogs, social media posts, and many diverse digital sources.
This digital revolution is bringing abundant opportunities to enhance the overall customer experience. With this, Big data analytics has become a powerful tool that enables businesses to engage their customers more effectively and drive success with better products and services. Any business can deliver personalized solutions with meaningful insights to create happier customers.
What is Big Data Analytics?
It is a process of collecting, organizing and analyzing huge data sets to get deep insights to discover purchasing patterns, market trends, and customer preferences that help companies make informed business decisions.
Data consulting services enable marketers to gain better understanding of customer needs and requirements. This way companies can deliver personalized solutions that create happier customers and retain them for long-term.
Why It’s the Right Time to Embrace Big Data Analytics?
The term big data is tossed around in the business world more frequently than ever before. The enormity of big data is not only restricted to its huge volume and velocity but also to its variety, variability, and complexity of data.
Unlike traditional data, ‘Big Data’ is unstructured and scattered, and too complex for traditional SQL databases to deal with. The most challenging part is understanding this large set of unorganized data. And this is where many organizations struggle!
If you look at how some of the leading organizations are leveraging big data and analytics and getting the right answers immediately, you will know its power.
Hence, to remain competitive and bring more value to business, enterprises must consider the potential of big data analytics.
No matter what industry you’re in, big data analytics solutions can transform any business model towards new heights. If used effectively, it can optimize operations that result in improving customer relationships and give thriving results.
Impact of Big Data Analytics on Customer Services
1. Helps Deliver Valuable Feedback
Better understanding of customer behavior enables companies to resolve queries, issues and grievances in an effective manner.
With Big data analytics, product owners can easily track those channels that their customers are frequently using. This offers brands an additional opportunity to optimize their strategy for better customer engagement. Today, customers are connected to their favourite brands on various channels; hence to provide effective customer service, an enterprise must use the right tools to collect, analyze, and evaluate all data shared by a customer.
For example, if you integrate big data analytics into CRM systems, it becomes easy to define a more clear picture of customer-facing operations.
2. Personalized Shopping Experiences
As Customer experience is the new marketing battlefront, it becomes very challenging for any business to survive and succeed in such a competitive environment. Hence, entrepreneurs must break down the silos across various channels, departments, and teams to get a unified view of the customer preferences. With consolidated data on customers buying patterns, marketers can give personalized shopping experience with the better understanding of customer needs and requirements.
3. Improves Response Time
How fast do you respond to your customers? Quick response time is the most important attribute of good customer service.
As per researchers, prompt feedback to the customer issues and complaints can increase customer advocacy by 25%.
With data analytics on your side, it becomes easy to measure the response time of your customer agents across multiple channels. And thus you can improve it by accurate detection of strong and weak spots.
Grab this opportunity to stand out in the marketplace just by responding to your customers well in time.
4. Resolves Issues in No Time
Big data methodology helps your customer service agents to detect and analyze all kinds of user queries with their relevant solutions. This increases problem solving efficiency of agents.
5. Reduces Customer Churn Rate
“It takes months to find a customer and only seconds to lose one.”
Using big data analytics enables brands to improve its customer acquisition and retention rate. This has become a very popular tactic to retain customers for long-term. These insights can identify which customers to target and when to target them. For instance, a customer shops every month from a brand and for some reason haven’t purchased anything from it in the past 6 months. In such a case, using data insights enables marketers to reach out and prompt such customers with a simple message to resume their purchase cycle.
The Bottom Line
Regardless of industry, big data analytics make all the difference in enhancing the relationship between customers and businesses.
And, serves as an effective tool for increasing consumer satisfaction and retention rate. It enables companies to draw meaningful conclusions out of vast unstructured information, to serve their customers better. In this blog, we have discovered 5 different ways big data analytics improve customer engagement with your brand. Each of these ways signify the importance to entrepreneurs to make data-based decisions.
Today several big and small businesses have successfully utilized data science to deliver an exceptional experience across digital spaces that delights the customer and builds long-term brand loyalty in their niche.
If you also want to improve your customer service then get in touch with leading big data consultants.