Big data to understand their customers and improve advertising and marketing investments. It’s a great place to start in big data. But in the course of learning who their customers are, how they behave, and what they like, companies inevitably also discover that a few tweaks to their own internal processes can successfully entice customers and increase profits too!
For example, rather than offer loss leader deals and deep discounts to anyone who might buy those products – tactics that prove costly in the end – companies offer those only to their better customers as “a reward. Conversely, companies can offer deep discounts and special deals to new customers and prospects instead. Or, companies can offer a combination of deals and enticements to different layers of customers: best customers that you dearly want to keep; average customers that you want to buy more often; new customers and prospects that you want to draw in and keep; and, customers who somehow dropped off and you want them to return and buy again.
Big data quickly shows you which individuals belong in each of those categories as well as what they are most likely to buy now and in the future.