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Big Data and the Digital Revolution
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Using Big Data as an Entrepreneur
Big Data has joined the digital revolution, and the world will never be the same. Did you know that, according to Forrester, digital will account for up to 60% of ALL CUSTOMER SPENDING by 2018? That’s less than THREE YEARS from now! As the growth in the mobile sector continues, the need for data science increases on pace.
Picture this: a customer is in a store or shopping for a specific item. They are ready to buy, but they want to make an informed decision. If the product in question is one of yours, you want to know EXACTLY who that customer is and what they are looking for, so you can deliver it right then, in real time, and increase the likelihood of a buying decision.
But, consider this…what if your product or service is an alternative to the product or service currently being considered. Your need for immediate action is even more dire. You need to know enough about that customer to give them a reason to click away and consider your product before they click “buy.”
Regardless of which side of the equation your business or brand falls on, understanding your customer and offering real-time, personalized offers AT THAT MOMENT, combined with a series of recommendations, messages, custom rewards, offers and local promotions can not only increase the likelihood of a sale, but it can also increase the likelihood of an additional purchase or customer follow-up.
This sort of widespread, real-time customized marketing used to be science fiction. Now it’s just one of the many benefits delivered by Big Data Analysis. By achieving a better understanding of your customers’ preferences and expectations you can not only deliver a more enticing shopping experience, but you can also sell them more and leave them believing those purchases were entirely their idea. It’s the closest to a win-win situation a retailer can get. Increased profits with the happiest possible customer. Can’t beat that…but you can only achieve it through a carefully orchestrated and applied Big Data application.
Jonah Engler is an entrepreneur – who understands that big data drives the success of many entrepreneurs.