In marketing, big data is providing insights into which content is the most effective at each stage of a sales cycle, how Investments in Customer Relationship Management (CRM) systems can be improved, in addition to strategies for increasing conversion rates, prospect engagement, conversion rates, revenue and customer lifetime value.
For cloud-based enterprise software organizations, big data gives bits of knowledge into how to bring down the Customer Acquisition Cost (CAC), Customer Lifetime Value (CLTV), and oversee numerous other customer-driven measurements fundamental for maintaining a cloud-based business.
CAC is the cost associated in convincing a customer to buy a product/service. This cost is incurred by the organization to convince a potential customer. This cost is inclusive of the product cost as well as the cost involved in research, marketing, and accessibility costs. CLTV is a prediction of the net profit attributed to the entire future relationship with a customer. The prediction model can have varying levels of sophistication and accuracy, ranging from a crude heuristic to the use of complex predictive analytics techniques.
What is Big Data Marketing?
Big data marketing is Micro marketing that analyzes the consumption patterns, preferences, and information of customers and offers customized benefit to person who is likely to buy the products.
Recently, it has been increased from the tangible products to intangible products such as the finance, distribution, medicine, telecommunications, and insurance. It also analyzes the political tendencies, preferred pledges, etc. of voters.
So, how it has been applied in practice?
Coca-Cola Inc. can respond to its customers in real time as analyzing and evaluating the material information of worldwide Twitter users by using the Sysomos service.
Barack Obama, U.S. President predicted the intent and tendency of undecided voters by using Boatbuilder System that can manage various their databases in the 2008 election. Moreover, he closely analyzed the movement of voters and used the strategy for direct communication by responding to them in real time. So, he won the U.S. presidential election.