10 Reasons Why Data Analysis is Important for B2C Marketing
Innovations in marketing are changing the way marketers use data in both B2B and B2C marketing. Not too long ago, data analytics were available only to large companies that could afford to spend a lot.
However, today, large as well as small companies can utilize data to learn about their customers purchasing behavior and target consumers.
Data analysis for B2C marketing plays a critical role in improving your business strategy – it's now an essential part of the process. While investing in new tech and methods always appears daunting in the beginning, there are a lot of insights to be gleaned from data analysis.
Experts agree that 95% of companies have to properly structure an immense amount of ‘difficult to interpret data’ if they want to grow.
This is such a dire need that the big data industry itself will be worth an impressive $77 billion in 2023.
Why is everyone interested in big data suddenly? Why do those that do it right see a 10% spike in profits and a massive drop in business-wide costs? We're here to help you find out.
We can streamline data analysis for B2C, thanks to big data and Artificial Intelligence. The powerful algorithms can give meaning and help discover trends in big chunks of data in a matter of seconds.
To help you understand the importance of data analysis for B2C and the requirement for data processing outsourcing, we have compiled a list of 10 compelling reasons.
1.Get to Know Customers on a Deeper Level
The data your company generates hides a lot of secrets regarding your current and potential customers. Big data and AI can take a deep dive into your data and make sense of it. Making sense goes way beyond mapping demographics. Data analysis for B2C can help you uncover consumer intent.
In the “Know Me” program by British Airways, the existing loyalty data is combined with the information gathered from consumers based on their online purchasing behavior. When both these sources of data were blended, British Airways was able to make targeted offers so that flyers could have a positive experience flying with them.
Similarly, Delta was also able to benefit enormously, thanks to Data Analysis. Delta had a vast bag tracking data as they check more than 100 million bags each year. This much data enabled them to become the first big airline to allow people to track their bags using their mobile. This app has to date been downloaded more than 11 million times.
Tips: With that many insights and actionable information, both your sales and marketing teams will be able to accomplish their goals. You will both know who your customers are and, with tools for audience analytics, you will understand what motivates them to behave the way they do.
2. Increase Efficiency with Intelligent Automation
Every business must struggle with repetitive, time-consuming tasks. These tasks are embedded in the core business process, and they increase the number of errors as people grow tired exponentially while taking care of them.
Thanks to AI, companies can now benefit from intelligent process automation, increase efficiency, and reduce the number of errors.
Tips: Remember that AI-powered machine learning tools can prove a valuable ally once the business starts to expand, and processes become overly complicated.
3. Personalize Your Marketing
B2C companies have the privilege of working with shorter buyers journeys than those in B2B. But this creates magnificent opportunities for them. For instance, the entire experience can be personalized to fit that one buyer. This, in turn, complements modern trends.
Marketing personalization is a long and daunting task when done manually. The automation mentioned above changes the perspective. AI-powered platforms can analyze B2C data, create custom-tailored personalized offers, thus profoundly impacting the purchasing decision.
In fact, according to Gartner, AI will handle 85% of customer relations in most companies.
Tip: Modern customers value businesses that deliver personalization. So, make sure that you personalize your marketing strategies.
4. Promote Predictive Account Management and Sales
Knowing when your account management and sales departments are going to be under a lot of pressure is half work done.
Once you put a "machine" in charge of this, you can identify patterns and see when and on which customers you should focus on. Predictive account management and sales tools like Halo will make the planning of your prospecting efforts and lead scoring easier for you.
Tip: Knowing how to delegate resources in B2C is extremely important because customers' intent and behavior are not constant.
5. Improve Lead Generation
Wasting hours upon hours of workforce to work on a plan that doesn't promise any results can cost you and your company dearly. AI-powered machine learning enables data analysis for B2C to bring lead generation to the next level.
6. Make Decisions Based on Customer Behavior
Actively monitoring customer analytics is a daunting task. Only your website alone generates copious amounts of data. What about the data generated by your marketing campaign, including social media and email?
Data analysis for B2C will help you streamline your customer behavior tracking efforts. You’ll be able to spot trends in time so that you can react accordingly.
Tip: Customers will respect your brand more once you start giving them what they need and when they need it. That's why a brand that tracks and make decisions based on customer behavior experience 85% more growth and sales compared to those that don't.
7. Enable Your Workforce to Focus on Core Business
We have talked about automation several times in this article so far. One of its roles is to take over redundant and repetitive tasks from the workforce.
By taking a significant weight from a workload, big data and AI help the workforce achieve better results. According to McKinsey an astonishing 45% of current jobs centered on low-skill repetitive tasks can be automated.
First, the workforce will have more time and energy to focus on core business tasks. They will be able to provide a better experience to customers and thus ensure repeat business. This is one of the most important reasons for companies to decide to go with big data and AI.
Tip: AI, together with big data helps reduce time to resolution. Moreover, customer satisfaction improves when problems are entirely and quickly addressed.
8. Promote Transparency
Big data and AI can go through huge chunks of data and make sense of it. This applies to data across all departments. The deliverables of data analysis for B2C are meaningful reports and charts that are very easy to read.
Created reports and charts are stored in a centralized location, where employees with the right permissions can access it. Thanks to this, everyone can access the information when they need it, including the customers interested in learning about all the services your company provides and their cost.
This is so important that around 87% of employees questioned by Atlassian said that they preferred working for companies offering full transparency.
Tip: Transparency helps build trust, and gives employees the feeling of working with a firm with high ethical standards. Transparency in a firm assures more engagement on the part of the employees to the vision of the company.
9. Show That You Are Fit for Purpose
With so many data privacy laws and regulations, a company has to do everything in its power to ensure that business and clients' data remains safe. Modern data practices will help you stay compliant with new rules and regulations. On top of that, you'll be using data intelligently to identify and meet your customers' needs.
Tip: Once you know if your brand portfolio is fit for purpose, you can take the right steps – either going for a brand audit or making small tweaks to bring your offer closer to your target audience.
10. Deliver Better Continuity of Care
Sharing information safely and efficiently solves just one part of the problem. This effort has to be turned into a long term one if you want to experience all the benefits. Data analysis for B2C ensures that every department has access to the central database.
This is extremely important when customers and leads are moving down and up the funnel. Around 44% of customers say that personalized shopping experience is what pushed them to become loyal repeat shoppers.
Tip: With the same level of care, every step sends a strong message and helps you increase conversion rates and capture more leads.
Among many decisions that a business has to make, transforming unstructured data into intelligence is perhaps the most profitable one. Data analysis for B2C can help you:
- Get to Know Customers on a Deeper Level
- Increase Efficiency with Intelligent Automation
- Personalize Your Marketing
- Improve Lead Generation
- Promote Predictive Account Management and Sales
- Make Decisions Based on Customer Behavior
- Enable Your Workforce to Focus on Core Business
- Promote Transparency
- Show That You Are Fit for Purpose
- Deliver Better Continuity of Care
The synergy of big data and AI is so powerful that there are more and more businesses every day looking for high-quality data processing outsourcing services. If you want to experience all these benefits and launch your business to success, you can do it by partnering up with a reliable data processing outsourcing firm.
About the Author
Carla Miranda is the Business Development Manager of Data Entry Outsourced and has a great experience of 10 Years and Provides the best outsourcing service to the clients across the world. She is confident in her work and assures the safety of data and grantee to keep it confidential, by utilizing proper protocols with the use of updated technology. The main goal is to provide Client Satisfaction and helps to evolve through the improvement of Data Entry Management