The most promising thing about big data is the ability to make data-based decisions. By integrating large volumes of data into CRM, a business can predict customer behavior, improve customer service, and calculate return on investment more accurately.
The phrase big data is used to describe large volumes of fast-moving data. Sometimes, this term also refers to technology for processing large amounts of data.
The data in question can be transactional in nature such as social media or analytical, for example the number of clicks on a particular site. In addition, this data can also be present in a structured form or not, including text, audio, video, and images.
How can businesses take advantage of big data ?
Despite the many possibilities available by leveraging big data, there are also obstacles that may have to be faced. Call it incomplete data, data complexity, not forgetting the privacy issue which is currently the gap between big data potential and its realization.
Nonetheless, these large datasets are still useful for businesses. By utilizing data, a business can collect accurate and detailed information, ranging from inventory to consumer perceptions of brands .
Consumer perception of the brand or consumer sentiment can be obtained from social media. After understanding it, you can improve business performance so that consumer perceptions get better.
Some of the leading companies are also leveraging data collection and analysis to make better management decisions. In fact, this data is often used as a basis for forecasting and adjusting decisions in real time .
Data also allows you to narrow down market segmentation. As a result, you can customize your product or service to be more specific to certain consumer segments. To obtain specific segmentation, businesses usually use and analyze clickstream web data .
Last, but not least, this data set can also be used as a reference to improve product and service development in the future.
How is big data relevant to CRM?
Big data has the opportunity to change the way businesses manage relationships with consumers through tools that can identify sales and analyze consumer responses to products by combining internal data with comments on social media.
The combination of data with Customer Relationship Management or CRM is able to find patterns and identify trends that enable a customer experience business in such a way.
To clarify the advantages of using these two tools , here are some reasons for integrating large volumes of data with CRM.
1. Improve consumer analysis
Customer relationship management and large databases allow for analysis at all customer touchpoints. For example, social media, e-mail, traces of searches on the internet, to calls made by consumers.
Not only that, all of these touchpoints can be grouped based on the actions taken by consumers. So, you can understand consumer trends from this database so you can predict consumer needs, develop products that consumers are interested in, and create promotional strategies that are right on target.
2. Make better decisions and predictions
Keep in mind that in customer relationship management, you can find points where business service is considered lacking. These deficiency points will be more accurate because they are taken from a large volume of data.
Once these deficiencies are identified, businesses can make corrections and make better decisions.
More than that, you are also able to predict consumer responses thanks to demographic data and behavioral history. Thus, the strategy and results of the business become more measurable.
3. Comparator or benchmarking
One of the advantages of big data is its ability to provide comprehensive comparisons over time. This gives businesses an opportunity to consider important indicators, such as consumer sentiment , customer retention, costs, compared to revenue.
If the things that need to be improved are the focus, the business already has the tools needed to raise the bar.
Conclusion
There have been many companies that prioritize CRM investing in big data . The reason is, over time, the possibilities depicted in the database are slowly becoming a business reality.
It is undeniable, through the analysis of fast-moving large volumes of data, there is potential for a business to increase its revenue. Large database integration with customer management is able to make businesses improve customer service which leads to improved customer experience .
Speaking of improving customer experience , you are certainly familiar with the fact that this leads to increased customer retention. So, it’s only natural that the combination of data and Customer Relationship Management is said to be able to drive an increase in business income.
The question is, have you invested in both of these things? If not, you may need to start considering it.
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