Are you losing customers? Are all your marketing strategies failing? Do you struggle to understand the needs of your customers? Do you need strategy for Customer Data Management for Retention?
If you answered yes to any of these questions, it’s time to start exploring and utilizing the potential of Big Data. Retailers are now dealing with savvy shoppers, who can even research competitors while they’re standing in store aisles.
As a result, retailers must now focus on customer loyalty and increasing customer traffic. It is essential to convert first-time customers into repeat customers and repeat customers to brand advocates.
Target and Walmart are two of the largest retailers in America. They consider loyalty a key goal. To achieve a competitive advantage, they use resources to gather, analyze and use vast databases of customer information. Big Data Analytics.
5 Strategies for Customer Data Management
Customer Data Management with Big Data, involves the collection, analysis and extraction of meaningful insights from data. This allows retailers to address issues such as quality, cost, and customer loyalty. Let’s simplify.
#1. Customer Intelligence Insight
Customer Intelligence (CI) is a process of gathering and analyzing data about customer behavior. These insights allow enterprises to understand customers’ preferences.
You can then make better decisions by analyzing the media, products and services that your customers use. A search engine can, for example, analyze the multimedia that users are using and make suggestions based on their preferences.
Ness, an iPhone app that uses your social network and preferences to create a customized restaurant search engine. Because the customers get exactly what they want, customer retention is higher.
#2. Handle The Paradox Of Choice
Online portals (eCommerce platforms) provide thousands of products for customers to choose from. This effort to increase their market potential often backfires as customers get confused by too many options.
Companies can immediately direct customers to customized displays by collecting data and combining it with Customer Intelligence. Customers will be able to see precisely what they want.
Netflix, for example, takes customer viewing habits and movie ratings and uses a sophisticated algorithm to create a 5-star recommendation system that is specific to each subscriber.
#3. Customized Schemes And Discounts
Big Data Analytics allows companies to track the usage of their customers’ products and services. You can also use customer metadata information such as their location and friends’ preferences.
To offer them discounts, promotions and deals specific to their location. The New York Times reported that a well-known retailer used predictive analytics and customer data to determine if a customer was pregnant and, even more remarkable, in what trimester.
Then, based on this information, they emailed her promotional materials.
#4. Reduce Spam
All of us have opened an email to discover it was full of irrelevant ads at one time or another. Customers can become annoyed by the repeated sending of irrelevant advertisements to them.
The Big Data management system gathers information about customers, such as age, gender, location, occupation, social habits, and web-browsing habits. This allows enterprises to provide valuable insights to help them send customers relevant and desired content (Emails/Newsletters).
#5. Solution Before Complaint
Big Data Analytics allows enterprises to predict potential problems that customers may have with their products and services.
This allows companies to be more prepared and offer faster solutions to customers, for example, who might have tempted customers to switch products if the company was not proactive.
Retailers will soon realize the importance of Big Data Analytics. The biggest problem is a lack of a process, high-quality data collection, great information management tools and prominent data analysts to implement this in their business strategy.
You need to choose the best analytics solution for your company. These companies can be consulted by prominent data management consultants like BluEnt, which helps enterprises capitalize on these emerging trends. Don’t delay.
Get in touch with your customers now to play the loyalty game.
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