What is this Big Data everyone keeps talking about these days ?
Big Data refers to the huge volumes of data being generated everyday that can be mined for information. The data can be structured or unstructured and is often characterized by the 3 Vs: volume of data, variety of data types and the velocity at which the data must be processed.
Where does this data come from ?
The data is generated from multiple sources such as social media platforms, server logs, web click streams, mobile apps, database stores, business records, etc. Interestingly, limitless data can be generated using real-time sensors embedded in devices that can be connected to the internet through a technology that is known as “Internet of Things”. But this data is insignificant without tools that can process and analyze it.
How can CRM leverage Big Data ?
The possibilities that Big Data creates are endless but you need to have the right tools to derive detailed insights from these heaps of data. Consequently, if companies want to reap the full benefits of big data, they first need to invest in Customer Relationship Management software. A CRM can keep track of the data trail that customers of a business leave on various relevant online platforms and present the data in a rational and coherent way.
Why integrate Big Data with your CRM ?
➢ Predictive Modeling
The tastes and preferences of today’s digitally empowered customers are constantly evolving. Big Data empowers businesses to predict how customers are going to respond in the future based on their past and present buying behavior and present them with recommendations accordingly. The better the recommendations, the higher the conversion rate.
➢ Market Analysis
Every brand has a story to tell and a story to sell. The need to know your customer base for targeted marketing has become more important than ever. With CRM & Big Data, customer trends can be mined and used to predict needs that can then dictate product development and promotional efforts.
➢ Superior Customer Understanding
By integrating big data with CRM, companies can now easily find out how their product or brand is perceived by customers online. They can use the data to identify their weaknesses and revise their marketing and sales strategies. This will both improve customer retentions and enrich customer experience.
➢ Drive Revenue & Growth
Big Data provides companies with accurate performance metrics, helping them to make more informed decisions. Sales teams can generate leads and close deals faster knowing their target audience. Moreover, your customer service staff will have more information at their disposal when serving customers.
According to Gartner, Big Data will be the next “disruptive technology” and will transform the Customer Relationship Management industry. This especially stands to reason given the resurgence of Artificial Intelligence. By integrating Big Data and CRM, businesses can revolutionize the way they market their products and serve their customers.