21 March 2019

Forecasting Consumer Behaviour with Big Data

Because of the enormous volume of information available in your organization, the process of collecting data about your customers and analyzing their behavior and buying habits can be a lengthy process, and if not done correctly, we may be centering in limited information, which can lead us to make wrong decisions, thus interfering in the profitability of the company.

Today, knowing your customers is an essential factor in developing and implementing an effective and assertive marketing and sales strategy. And this is where technology has a huge impact. The companies turn to Big Data for the data have significance and intelligence. Technological solutions empower organizations and enable decision-makers to create and develop more segmented campaigns according to their clients, make the best decisions, anticipate scenarios and discover new opportunities. There is an enormous wealth of information in this analysis, from the perception of the brand, product or level of customer satisfaction, for example.

Big Data becomes a crucial and competitive tool for any organization that wants to stay in the market with a competitive performance. Contributing to creating a more detailed customer profile, regardless of being B2B or B2C.

Do you know who your customers are and how they connect with your brand?

With the right technology, brands have access to a 360-degree vision and insights that enable them to get to know their customers and prospects, being able to develop and target marketing campaigns according to their standards, purchasing history, preferences, and behaviour.

According to IDC, the worldwide revenues for Big Data and Business Analytics solutions are expected to reach $ 260 billion in 2022 with an annual growth rate of 11.9 percent over the 2017-2022 forecast period. In the White Paper “Data 2025”, published in 2017, IDC predicts that the volume of data generated worldwide will increase tenfold over a period of eight years (2017-2025), totaling 163 zettabytes (ZB).

Big Data allows to collect, store and analyse a large number of structured data (generated from more traditional sources) and unstructured data (from IoT or social networks), obtaining reliable information about the market, the business and the consumers. Through Big Data, you can, for example, combine data from social networks, blogs, websites, online surveys, as well as cross-link that information with what you already have, to get a broader view that will translate into powerful insights.

With Big Data, it is possible to know the profile of the consumer from the way he/she interacts on the internet with his/her buying patterns, allowing him/her to trace a unique and personalized strategy, which increases the ROI of the marketing and sales campaigns.

Increasingly, consumers seek to make the services and/or products more personalized and emotion-driven by delivering the benefits and distinctions that customers seek at a competitive price. With the efficient use of Big Data, you can offer a unique and attractive service and/or product, according to their expectations, interests and needs, which opens the path to many opportunities and allows bringing more intelligence to your business.

What do you get with Big Data?

  • Collection and analysis of data that consumers leave every day in their digital footprint. (see the infographic about what happens by the minute online)
  • Segmentation of campaigns according to the profiles and characteristics of customers and prospects
  • Real-time analysis of consumer behaviour, providing personalized and effective content at the right time
  • Effective and targeted service, satisfying a client who is increasingly more informed and demanding
  • Identification of behaviour and buying patterns, promoting the development of more effective products and services
  • Learn about the competition, which allows the development of more assertive strategies
  • Predictive analytics, doing an early work to provide a better end experience and take advantage of new business opportunities
  • Through historical company and market data, identifying growth opportunities or more profitable niche markets