Data has played a key role in changing the face of global business in every way imaginable. Business processes have been enhanced and are more efficient than ever before. One such key process is the marketing aspect of enterprises. Giants in the industry such as Netflix, Amazon and Airbnb, all have to switch to data-driven marketing strategies in order to increase customer experience and deliver high-quality customer satisfaction.
Big data proves immensely useful in tapping into consumer behaviour, studying consumption patterns and acting upon specific interests is how they have managed to stay at the top of their game. Studying their analytics also help in developing marketing campaigns and strategies in order to maintain customer loyalty and acquire new customers.
Analysing data by zeroing in on a target group of customers is a proven way to get into the psyche of your customers brain as data never lies, and you can get to know exactly what your customers are looking for, what they want you to deliver to them.
Parameters such as purchasing habits, brand affinity, location and even their reasons for dissatisfaction from a particular product or company can give you a leverage in terms of identifying opportunities for growth and problem areas as well.
The fact that the importance of marketing has significantly increased during the pandemic, as brands across the world faced a hit in sales, is further evidence to why there is an increased focus of data analytics in this field. Due to obvious reasons, the pandemic led to a boom in online shopping and e-commerce. This meant a complete digital transformation was the only way to survive for businesses world over.
With such a large number of businesses suddenly switching to the online space, a new need for individuality and creating a unique proposition. This is where real-time analytics comes into the picture. This gives birth to a dynamic marketplace where new products and services are being introduced at a rapid pace. Real-time analytics is a great way to listen to the online chatter about your company or product and proceed on the actionable insights.
Real-time analytics need constant monitoring and surveillance, which is not always possible through human resources, this where artificial intelligence plays a key role in keeping a close digital eye on what, when, where, why and how the customers behave the way they do. Every action recorded. Every query responded. AI chatbots have advanced to perfectly mimic a human interactive ability and can now provide a rich customer service experience.