You’ve probably heard that “data is the new oil”.
In fact, the use of structured information has changed the rules of the game in different sectors, such as politics and economics. And in the corporate world too!
The use of Big Data in companies can bring very impressive results, especially when we talk about Sales and Marketing.
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In this new business scenario, in which data is now worth more than opinions, it is necessary to take advantage of the benefits of Big Data in an agile and strategic way, in order to anticipate trends and outperform the competition.
But how do you actually use this huge amount of information in Marketing and Sales? And what are the real advantages of investing in Big Data? Let’s talk about these topics in this article!
What is Big Data?
Before talking about the use of Big Data, it is worth exploring more deeply the definition of this concept, which is one of the great current trends.
Big Data is a large and varied volume of information that can be gathered, processed and interpreted from different sources. In companies, this data can come from internal processes, interactions with customers and even from the external market.
Therefore, there are different types of data that can be part of Big Data:
- Internal data and external data: Internal data is data generated from customer relationships and company processes. External data are obtained from surveys or other market sources.
- Structured data and unstructured data: Structured data is data that can be organized in the same way that has something in common such as a tag or classification. Automatically interpreted by the technology.
To make use of all this information, it is necessary to resort to technological systems capable of transforming this mass of structured data into analysis in an agile and simplified manner.
Because many of these systems are quite robust and involve high technological development, however, there is a myth in the market that Big Data in companies is part of reality only in large organizations.
Fortunately, this is really nothing but a myth. Nowadays, many tools and systems that are more accessible to mid-sized companies already use Big Data to improve their functionalities!
Use of Big Data in Sales and Marketing
And how has Big Data been applied in the corporate world?
There are good success stories, especially in sectors such as retail, capable of generating a significant volume of information based on consumer purchases and their interests.
In Brazil, for example, we see supermarket chains that rely on registration via CPF to document each consumer’s purchases and, based on that, recommend personalized offers via the app. These recommendations even consider similar purchasing behaviors among the customer base.
But it’s not just in Retail that Big Data has been the best bet to drive results. Companies from different segments are starting to apply data analysis in their strategy for decision making, especially in Marketing and Sales.
It’s not by chance. If we think about information available internally to start working with Big Data, most of it concerns customers and their interactions with the company.
Furthermore, as we will see below, its advantages directly impact Marketing and Sales results!
Big Data: advantages of using
We mentioned that Big Data is one of the most relevant trends in the current corporate scenario. But what makes him so important? How do you help organizations achieve better results?
Find out below:
1. Easier decision making
If until recently a good part of business decisions were made based on subjective factors or undocumented experiences of managers, now the data are the starting point.
Companies can no longer afford to decide strategic issues without first analyzing data, both looking at history and even doing predictive analytics.
Made possible by Big Data, a predictive analysis is one that considers the interpretation of historical and current data to predict future or unprecedented events using statistical techniques and using Artificial Intelligence.
In other words, you can understand a lot about the past, present and future using Big Data to support company decisions!
2. Real understanding of your audience
Another benefit of Big Data is a broad knowledge of the audience, both on demographics and behavioral issues.
We cite the example of supermarkets that are applying data intelligence to recommend personalized offers. This is only possible because, through data analysis, they can observe that a consumer who usually buys “product X” is also usually interested in “product Y”.
This type of analysis also works in B2B. You can better understand the behavior of your buyer personas, taking into account negotiation time, deciding factors for closing, among other information.
3. Efficiency in Marketing Strategies
With in-depth knowledge of the audience, it is also easier to make campaigns that speak directly to their wishes and desires. Based on the use of data, marketing actions, especially those in the digital environment or those involving customer relationships, are more effective.
And the best part: more accurate campaigns also usually represent smaller investments!
4. Development or adaptation of products and services
Although we talk about Marketing and Sales, there is another area that has been using Big Data strategically.
The Product or Research & Development areas are committed to using data and understanding consumer trends and behavior to develop new products and services.
Historically, we know the cost that bringing a new product to market represents for companies. However, with Big Data, the risk of making mistakes is significantly reduced, as are investments with no return.
To get an idea of how we already live in the data age, even songs are already created based on Big Data! If it works with something as subjective as art, why wouldn’t it work in product development?
5. Directing the sales team
The dream of any sales manager is to direct their team’s energy towards opportunities that will really become a business. But this is often a long shot.
The reality, however, is already changing a lot with Big Data.
Technological systems that interpret your sales history and market trends can already signal which potential customer is most likely to make a sale. And this can happen as soon as the lead is generated and the data about it is stored in your CRM system!
6. Identification of trends
Finally, without a doubt, one of the biggest advantages of Big Data is the ability to observe market trends based on people’s behavior.
In the fashion world, for example, interactions on social networks help to predict what will be successful in clothing stores next season.
To this end, consultants specializing in trends already use Big Data solutions as an essential factor in their methodologies.
Get to know the benefits of Big Data and learn how to use them in sales before investing
Although we recognize so many advantages in using Big Data in companies, it is clear that its adoption requires financial and human investment to be effective. This process includes organized and reliable data, technology and specialized knowledge. And it’s important for your company to understand if it’s ready for a step this big.
To better understand how to adopt Big Data, it is worth seeking the best solutions available on the market, professionals who have already had experience in previous projects, and even investigating which resources you already use at home and can be improved with Big Data in a way simplified.