Big data has made a name for itself in the media recently as an exciting new tool that companies can use to boost their profits and build their brand name. The vast amounts of data generated through mobile devices, social media pages, geolocators and more all give companies invaluable information that can be used to boost their bottom line, but there are also less obvious benefits to collecting and analyzing big data.
Armed with the right information, companies are helped to create successful customer loyalty programs. As most business owners know, it’s much cheaper to retain an existing customer than to attract a new one. Big data gives companies the information that they need to track a customer’s moves, predict their future behavior, and act accordingly to keep the customer satisfied. Here are some tips on how your company can use big data to improve customer loyalty.
Get Instant Feedback
When using data from online transactions, social media accounts, and more, companies are able to get feedback from their customers in real time. They can track where a customer goes, what they buy, and what they thought about their experience to get ideas about how to improve a product or service.
Big data makes it easier to predict if a customer is experiencing any difficulties with their purchase. If a customer is dissatisfied, it can help if the company’s customer service department to reach out and address the issue. Not only does this make it faster to reach an acceptable solution, but it also prevents the customer from getting upset or irate. They’ll be less inclined to leave negative online reviews and more likely to return as a client.
Take a Personalized Approach
Big data allows companies to get to know important details about a person, such as their age, location, gender, and personal preferences. Communications and special offers can be targeted towards the customers who are most likely to accept. This saves companies both time and money, and customers are less likely to be annoyed by promotional emails and letters. Businesses can send out coupons based on a customer’s proximity to a store, for example, or they can create offers on products a client has mentioned on social media. This is a powerful tool that can be used to increase sales both in-store and online.
Improve the Customer Experience
A satisfied customer is a loyal customer, and big data is helping companies to ensure that people leave their establishment satisfied. Businesses can track mentions of their goods and services through social media channels, filtering words to see if there is an overall positive or negative reaction. Personalized services also help the customer to feel valued, and their needs acknowledged.
Companies that collect big data can incorporate what they learn into customer service training programs to help representatives better assist customers. It’s important that they remain aware of both overall trends and the individual needs of customers who deal with the company.
In order to improve customer retention, companies can collect and analyze big data. Big data not only helps companies boost their profits, but also to retain loyal customers. By carefully analyzing information that’s collected, businesses can work to improve their goods and services and continue impressing their customers year after year.
– Sally Keys