Big Data is a buzzword that’s been around for a few years now. Big companies like Amazon and Facebook using Big Data and predictive analytics to help drive sales and growth. For example, Amazon uses Big Data to predict the types of products for upsells. This helps to drive add on sales and upsells. In the past, companies could guess at the types of products they might want to upsell or cross-sell. Newer analytics, like Big Data, allows them to predict the exact products. In 2019, this isn’t groundbreaking anymore. However, many businesses are still neglecting to put their data to use to help them drive sales. Today, we’re going to talk about three uses for big data to help your business drive growth.
Lead Tracking with Big Data
Do you know where your best leads are coming from? You may be getting leads from online email contact forms, social media or mailers, but where’s your best ROI? Also, which channel has more potential to grow and expand if you put more resources into it? These are the types of questions that Big Data can help you answer. It can help you to deploy your resources and expand your business more efficiently. Take a look at how a pool company in Australia used Big Data to increase their marketing ROI to 1:54. How? Using Big Data, to figure out that sales were much higher during certain periods. When temperatures reached high levels for at least two days straight, sales increased. That meant that sales typically happened on the fourth day of high temperatures for this pool installer.
Your landing page or other marketing material leads your customers to do research on your website. You should take a good look at metrics like how long they are on the site, what they’re looking at, and where they are going from there. You can use this information to make custom offers, dialed down to the exact behavior you’re trying to elicit. Increasing your incremental marketing by analyzing the actual behavior of your potential leads is one of the biggest use cases for Big Data in sales.
Predictive selling allows companies to predict the buying pattern of their customers. They use the result of their behavior or their past purchases to do this. Add on sales and upsells can be sold more effectively if offered at the right time, in the right way, and to the right person based on their past behavior. Fortunately, if you are operating an e-commerce business, and your customer’s history shows that they frequently buy the least expensive products, then that’s the type of product you need to be offering to them as a cross-sell or upsell. This means that they’re seeing more relevant products,rather than the most popular upsell that most of your customers would buy. This type of predictive and individual selling is possible with Big Data. Your company is likely losing on easy sales if you haven’t implemented it. Using Big Data doesn’t have to be the hot, trendy fad for big businesses. You can use these data points now, even on a small scale, to help you improve your business. Contact us today if you’re interested in hearing more about the growth techniques you could use to improve your business.