Customer is King is the fundamental apostle of marketing and sales function in any given business organization. Marketing & sales are always based on some basic principles: understanding customers, designing products and services according to the customer needs, delivering the quality product and building trust. From the very early stages the basic concept of marketing remained the same I. . All activities should be customer centric and result oriented. As a marketer we have to satisfy the customers by bridging the gap between the available products and services and their current needs. From the past decade the only thing that has changed quite dramatically is the way in which marketers have to approach achieving these goals. Organizations today need overwhelming amounts of data. The complexity in the data analysis is increasing with rapidly changing consumer behavior.
This could mainly be attributed to the revolution in the various field like rapid changes in the consumption tatters, availability of alternatives, stringent quality standards, etc which could only get tracked by applying the latest tools provided by the technological advancement. Advent of tablets and smart phones has digitally empowered the consumer. They can engage with the various service and product providers and consume content through an ever widening range of devices and platforms. Similarly the marketer on the other hand could also become privy to all this data getting generated.
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The only challenge is o streamline the data in such a way so that it adds value to the various consumer wants and needs. Here comes the role of big data. There were always ways and opportunities for a marketer to deliver to the targeted consumer base. What they often missed is the full view of the scenario. The holistic view of the situation was lacking in the analysis. Big data shall provide to fill this gap through application of various tools onto it. We have been highlighting data all this while, but what is this big data?
In the words of Garnet, big data can be defined as – “Big Data is high- volume, high-velocity, and/or high-variety information assets that require new forms of processing to enable enhanced decision making, insight discovery and process optimization” Today’s data crunching world offers every business the opportunity to translate Big Data into big sales. The term “big data” doesn’t Just refer to the data itself but it also refers to the I d efferent competencies, challenges and capabilities associated with storing, managing and analyzing such huge data sets.
Big data allows and enables marketing professionals have closer look at the customer and consumer. We can thus enlist how big data will impact the future of sales and marketing: 1. Improved Business Models, Products and Services: Manufacturers now use data captured when consumers use their products to improve upon their existing offerings, thereby creating new and improved models that benefit the consumer and push them to buy. 2. Customer engagement: It can help the marketers not only in knowing who your customers are ,but also where theses customers are , what they ant , how they want to be connected and when . . Customer retention and loyalty: It can help the marketers to analysis what attracts them and what keeps them coming again and again. 4. Marketing optimization: With big data, Marketers can determine optimization of their marketing strategy along different channels and can continuously optimize marketing strategies through analysis and testing. Hence it could be concluded that, “Big data is a big deal in Marketing & Sales” and we really can’t ignore it.