You must have heard about Big Data and the possibilities it brings. We all know great marketing applications of the Big Data but we all also know that nobody really uses it! So I examined our clients in search of the Big Data case studies that actually work. You can treat this list of four as an inspiration.
Alerts about important events in the near future
Imagine you knew beforehand which clients would leave you. Knowing that, you could give them a better offer or just ask them how to help.
Thanks to Big Data you can analyze your customers’ behaviors in real-time and predict who will pull out. Then you can create win-back campaigns or just send signals to CRM about the customers that need to be taken care of. You can also detect the most promising customers and upgrade them, giving them a personal concierge service.
Predefined messages and scenarios
CEOs and Sales Directors complain that their managers do nothing but sit and receive orders. What they need is a pro-active approach.
Imagine the situation: your sales manager logs onto your CRM only to see that system has already generated e-mails for your clients. These emails can base on the alerts I’ve described in the first example. Then sales manager just modifies some of the emails (knowing more about the clients’ needs) and sends them. This way, you can pro-actively target the groups of the clients who need your attention everyday. This is an effective method to inspire your sales force.
Broadly speaking, a lot of clients buy using specific patterns. For example, they order maintenance materials every first Monday of the month. Knowing that, you can create alerts and send them to the clients automatically. As a result, you can use these alerts for cross- or up-selling. You can also add the client’s consultant in CC of your message, just to inspire both sides to grab a coffee and talk about cooperation. These reorder alerts will help you keep your clients loyal.
Customer Value in Time
How much does a new customer cost you? Should it be this much? I bet you lose some percentage of your marketing budget to attract the customers who will never bring positive ROI. Whereas what you should do is use behavioral data and customer profiles, which will let you estimate customer lifetime value. Your systems can decide automatically how much to invest in attracting this specific customer. They can suggest, for example, how big a discount to offer on the first purchase. On top of that, they can estimate how likely your potential customers are to become loyal. This will skyrocket your ROI!