How the Top Brands Use Big Data to Get an Edge on the Competition

How the Top Brands Use Big Data to Get an Edge on the Competition

Irrespective of industry or nature, all businesses want to be number one. Building a good brand is just the first step in making this happen.

Thanks to modern technology, it has become even easier for companies to gain a competitive edge in the market. Big data is proving to be an effective tool in putting a business on top.

Real-Time Consumer Opinions

Successful advertising plays a huge role in building a profitable brand. Big data makes it possible for companies to have access to consumer opinion reports right away –this information could make or break your campaign.

You need to know how consumers react not just to your advertising campaigns, but also to that of your competitors. Understanding the negative opinions is also crucial to avoid public backlash and damage to your brand.

Enhanced Customer Experience

These days, many customers shop online. This also makes it necessary for businesses to keep up with the current trend.

Through big data, a company can track a customer’s behavior and preferences. The real-time information allows the business to offer suggestions based on the customer’s shopping habits. These suggestions translate to greater profits.

Personalized Suggestions

Providing impressive service while your customer is browsing through your store is not your only goal. Continued consumer engagement is the key to winning loyal shoppers.

Based on a customer’s data, you can send personalized invites, promo codes, and shopping suggestions that will appeal to a particular shopper. Online shops are known for sending out personalized emails to inform a former customer of products which might interest them.

Social Media Management

These days, social media plays an essential role in building a brand. A viral post can make or break a business, which is why businesses plan to increase their social media spending.

Brand reach, advocacy, and customer service are just three things businesses can improve through social media. Big data can assist a company’s social media strategy to align with customer expectations and improving engagement.

Cost Reduction

When big data is involved, cost cutting becomes a less burdensome task. By combing through all the data, it’s easier to find avenues where your business can save money without compromising business operations. Unlike the traditional method, this is a more efficient and objective procedure.

More Revenue Streams

With the data you have about customers and trends, continued innovation and the quest to improve customer experience can lead to the development of new products which can help you establish a better brand while earning greater profits.

 

Andy Cox