We’ve all heard the saying before – content is king.
So, what does that make data? If we’re sticking with the analogy of chess in regards to marketing efforts, where on the board does big data fall? You might be surprised to know that big data isn’t a chess piece at all, it’s the clock off to the side of the game that you’re playing against.
In the game of chess, you can lose if you focus too much on the moves your opponent makes and not enough on how much time you have left – the same is true for marketing.
Technology is changing the way we do business. We have more data at our disposal than ever before, and we’ve reached the point that not utilizing that data could eventually render your business obsolete. Passively tracking the latest data tools and tips isn’t enough anymore, you need a proactive approach to integrating big data into your customer experience plan.
How does ignoring big data affect your business?
Software is eating the world and it’s fueling itself with user data.
In just the span of a year, the number of marketing automation software products listed on G2’s website jumped from 129 to 260. That’s an increase of 201.55% and that number is expected to keep increasing. The biggest names in marketing are investing more time and resources into gathering customer data to drive customer engagement and improve the consumer experience.
That’s not all – they’re also seeing a huge return on their investment. The total revenue generated from hardware, software, and professional services associated with big data will reach $92.2 billion by 2026. And that’s a conservative estimate, some experts predict that number to spike even higher.
If you’re not already making data a priority for your marketing strategy, you may be falling behind the competition without even knowing it. While you’re watching the pieces on their chess board, the clock is ticking and you’re running out of time to switch your strategy in time.
How can you harness big data to engage your customers?
Knowing why you need data for your customer experience is just one piece on the board. The real question is do you know how to move the pieces to win the game? In order to beat your opponent, you’ll need to understand the different ways you can use data to improve your customer experience and drive conversions.
Think of these strategies as your chess openings. There are three main uses of big data in relation to the customer experience:
1. Using big data to increase customer acquisition
2. Using big data to increase customer retention
3. Using big data to drive customer expansion.
Let’s break these down one by one.
Using big data to increase customer acquisition is pretty straightforward. You can use big data to learn more about potential leads, what motivates them, what they like and dislike. Big data can provide you with information about their purchasing behavior, which of your competitors they’ve checked out, and more. All of this information can be given to your sales team to help them close deals and acquire new customers.
Once you acquire customers, you can use big data to keep them engaged. Netflix is at the forefront of the conversation when it comes to harnessing big data for a unique customer experience. They use AI and predictive analytics to pinpoint what their customers like and offer them new features and products before customers even know they want them. With the right data, your company can do the same thing.
Attracting and keeping customers isn’t all big data can do – it can help you save time and resources by knowing which leads aren’t worth pursuing. You can use CRM software to track your customer data and build consumer profiles that will help you decide the likelihood a lead will convert to a sale.
You can save your employees time, money, and frustration by using data to equip them with the tools they need to be more effective. And in the same breath, you can create a more personalized user experience to your customers. Unlike chess, this is a game where everyone can be a winner.
Don’t let the clock run out on your company
Change isn’t coming, change is already here. Thankfully, it’s not too late to make a shift and get back in the game. If you haven’t taken a hard look at how big data plays into your marketing strategy, make it a priority. You’ll be having your competition in checkmate before you know it.