Big data allows marketing and production strategists to see where their efforts are succeeding and where they need some work. With big data analytics, every move you make for your...
Category: Data Science Teams
The term “Big Data” is highly reminiscent of terms like “Big Pharma”, and it has a tendency to make consumers and professionals alike a bit nervous. However, whereas Big Pharma refers to large pharmaceuticals companies with market sway and seemingly countless political lobbyists, big data simply refers to the exponentially rapid growth of large data sets and the ability to analyse them.
The cost of keeping an existing customer is in general around 10% of the cost of acquiring a new one. Reducing churn to increase client retention therefore is a major reason to optimise the customer journey. And to do so, you need a proper cross-channel view of your customer journeys.
The company in this case operates in a very competitive market, where retention is a key success factor. Therefore, they wanted to optimise the cross-channel customer journeys to make sure their customers get the experience and the service they are looking for. A special cross-channel team was in charge of establishing and maintaining this process.
Whether you run a small business with just a few employees or you are in charge of a multinational corporation, you can benefit from an effective big data strategy. Thanks to website analytics, geo-location services, data mining, and the constant stream of data flowing to and from us through everyday devices and products, there is more market data available today than at any other time in history.
Not only that, but the amount of data we’re producing is growing at an incredibly rapid rate. In less than five years from today, experts predict that our annual data creation will reach nearly 45 trillion gigabytes. With mind-boggling amounts of data like that available to individuals, corporations, and governments, there is no question that your business needs a big data strategy.