Marketing decisions are always based on the data which has higher chance of converting than relying on the opinions. Data is nothing but the details of how your prospective customers interact with your product, app, service or website and can help you improve how it is delivered and what you should be doing to attract more customers. Data can help you to take the decisions wisely and reach your target audience and decide to commit scarce resources efficiently across different marketing platforms for optimum return on investment. Here I analysed how successful companies use data to increase revenue.
A research from Twitter tells that over 90% of the Twitter users who see TV show-related tweet based content about the show. This data help the companies in entertainment sector make the informed decisions about where to allocate the marketing resources. Some data communications tools such as Geckoboard lets the users to communicate their data instantly across their organizations. It let the companies to pull the data they need from services they use and see their data in real-time and take the informed decisions.
Go through data and growth hack from there
According to Neil Patel, founder of Hello Bar, Crazy Egg, Quick Sprout and KISSmetrics, companies should look into data and growth hack from there. He added that, “I am a big believer of big data, if you want to grow, base all decisions on the data over opinions. When you analyze the data you will eventually grow your business”.
Data Drives revenue
The possibilities for the data based customer insight are limitless. Consider eCommerce which increasing every year and with in eCommerce data analysis can inform and improve the customer journey and online buying experience and drive the growth through more targeted marketing strategy. Industry leaders such as Amazon know this and they are using the data insights to serve the customers better and recommend the products which the users most likely to purchase.
Data can lead to efficient employee performance and morale
According to the Xerox reports, big data utilization helped them to get ahead of when an employee looking to leave and reduced attrition by 20% since their initial injection of the service. The company anlayses more than 500 million data points from the employees social media activities to provide the insights which can lead to the efficient employee performance and morale.
Companies can deliver more relevant, personalized information with data
Netflix is a kind of brand which creates the personalized and innovative user experience. When the user login to their Facebook account, Netflix gets the permission to access the user’s friends list. Netflix show the list of the user’s Facebook connections’ favorite movies and shows as well give user the option to view individual friends’ recently watched items. It also makes the personal recommendations based on the users viewing history, preferences and ratings.