Have you looked around you and wondered – “How much has the world changed? Or how much has technology changed us?” Technology has grown and continues to grow, even as we speak. We are forever connected through the perpetually present smartphones that we have in our lives at an individual level. The growth of technology indicates that data is also on the rise, and the technology as we know it.
On the other hand, businesses are constantly innovating. The use of the mass amounts of data that is now available can lead to more significant and more actionable insights. The concept of Big Data has been around for quite some time now. However, it’s only recently that companies and business organizations have started investing mainly in the technology involved to get better insights and understand the hidden trends and patterns on the data.
However, to no small extent, some companies are constantly questioning the need to invest in these more expensive technologies. Let’s now look at some of the insights that companies have gained in real life due to the incorporation of Big data Analytics.
Big data analytics is a branch of modern data analytics that holds power to provide analysis in real-time. There was a time when historical data was used to make business decisions. However, big data used through the right tools now can analyze the data in real-time. Big data analytics uses advanced technologies, like machine learning, pattern matching, neural networks, cluster analysis, sentiment analysis, semantic analysis, and so on. These technologies help with not only identifying patterns but also help in making predictions and generating a recommendation. They help in discovering the most profound insights hidden among the various layers.
Significant data analytics use cases
Now let us look at how big data analytics has changed how some companies looked at specific processes and strategies.
1. Analytics in boosting customer acquisition and retention – The Coca-Cola Initiative
Customer acquisition and retention are both equally crucial and essential as far as the business is concerned. Any business needs to grow its customer base continuously so that the business cannot only sustain but also so that the business profits increase continuously. On the other hand, keeping the existing customers engaged and satisfied to don’t leave is equally important. In today’s scenario, where we live in a competitive environment and new ventures are blooming every day, both of these tasks become extremely difficult.
Coca-Cola is a brand that everyone has heard of. Coca-Cola is one of the pioneers when it comes to the soft drink industry. In 2015, Coca-Cola moved to a digital platform for its loyalty program. For this, the first thing that Coca-Cola needed to do was – work on strengthening its data strategy. Strengthening of the data strategy involved implementing the use of advanced analytics.
With the analytics in place, they realized that the customers were keen to share their opinions and have themselves heard. The company received the customer’s opinions through various modes, like email, phone, and even social media networks. This feedback helped Coca-Cola realize the wide variety of audiences that existed in the market. They worked towards designing products and marketing strategies that would make them visible everywhere.
The way coca-cola puts it – They used the data to align the branded content and people’s passions.
2. Using Big Data Analytics for Marketing Insights and solving advertisers problems – The Netflix story –
Today Netflix is a very well established contender in the world of movies and series. Have you ever wondered how Netflix that a customer base of millions of subscribers, can customize the suggestions for each of them? Netflix is one of the key players when it comes to the use of Big Data analytics. The millions of subscribers’ data have continuously been collected to offer suggestions for viewing options; however, the customers’ purchasing behavior is understood using this data. Using these insights, they are then able to create more personalized and targeted campaigns. Such campaigns ensure that businesses will get more efficiency with lesser costs.
As we talk about technological advancements, big data analytics is one of the critical game-changers. Companies now need to work on embracing these technologies to be able to gain better strategies and insights. Yes! The first-time implementation of these technologies can be tedious; however, once completed, they help achieve a competitive advantage, lessened operation costs, and work towards driving customer retention. It is not the acquisition of the readily available data; it has to do with leveraging this data that plays a key role for businesses. Businesses now need to decide whether they want to embrace this change and move forward or stay back while the other takes over.