[ad_1]
A new world is emerging, where an accelerated rate of change and disruption is the new norm. Businesses that adopt a data-first strategy will be the ones that thrive in today’s turbulent times, and surpass competitors. This makes it essential for businesses and data leaders alike to stay current on data trends, and implement a data strategy to make strategic decisions across their organisations.
In fact, 97.2% of companies are now investing in big data and AI, and the market for data analytics is estimated to reach $103 billion by 2023. Today, the non-negotiable tool for business leaders is adopting a consumer behaviour data platform, which can mine robust data streams to leverage precise and up-to-date insights using AI-driven processes. Insights from data can help businesses convert up-to-date intelligence into real-time action.
Currently, the world generates 2.5 quintillion bytes of data on a daily basis, and according to research from 2016, each individual generates 1.7 MB of data per second. As technology advances, the pace and magnitude of data generation will continue to increase.
Enormous amounts of data constantly become stale due to churn and changing consumer behaviour. Therefore, business strategies based on data rather than definite rules need to be nimble and change in order to adapt. This is what makes data on global consumer behaviour crucial for enterprises.
How does consumer behaviour data enhance business outcomes?
The success of any business depends on its ability to draw in and retain customers in today’s fiercely competitive market, making consumer behaviour data crucial for marketing and operational leaders. Operational leaders are able to utilise consumer behaviour data for activities like site selection, trade area analysis, competitive intelligence, market research, customer insights, store and shopping centre design merchandising, airline network planning, visitor/traveller insights, and more. Marketing leaders can utilise consumer behaviour data for strategies like identity resolution and enrichment, audience curation, location-based ad serving, measurement and attribution, and more.
Having actionable insights at one’s fingertips enhances business outcomes in the following ways:
Improved Sales Performance
Companies can monitor the three crucial elements of drivers, barriers, and hooks by monitoring consumer behaviour data at every touchpoint. Based on this knowledge, business leaders can make informed decisions that boost sales performance. Marketers can successfully target the right audiences by using insights from consumer behaviour data by examining the trends and triggers that lead to conversions.
Increased Consumer Engagement
In the contemporary business environment, consumer behaviour data forms the basis for understanding how effectively businesses interact with their clientele. It helps in making the right offer to consumers and targets audiences while retaining them. Likewise, cross-channel data helps retailers to provide effective customer service. Successful organisations use consumer behaviour data to understand their customers for the utmost success.
Superior Ads and Campaigns
Consumer behaviour data can give insights into the campaigns that are performing well and, conversely, those that are underperforming. Personalised advertising campaigns that are pertinent to the interests of consumers and improve conversion rates can be created using consumer behaviour data.
By understanding these data patterns, businesses can forecast user behaviour and know when and where to place a targeted offer. The data insights help marketers to alter receptive creatives and campaigns in time, take on contextual targeting, boost campaign effectiveness and capitalise on emerging trends.
Return on Investment
Businesses can select the channels that each customer finds most useful, maximising the return on ad spend and lowering overall campaign execution costs. Companies can also use data to prevent fraud. For example, e-commerce behemoth Amazon filters through more than 2,000 historical and real-time data points for each order to identify fraudulent transactions, saving millions of dollars annually.
Informed Decisions
Consumer behaviour data allows businesses to comprehend visitor patterns at millions of locations that are important to them on a global scale. It provides a thorough understanding of consumer behaviour with both offline and online behaviour so the data user has a more comprehensive view of customer, competitor, and market-level trends.
Adaptive and predictive analytics can be generated using AI to collect and classify data from various touchpoints. It provides information on impending changes in consumer behaviour and creates real-time anticipatory strategies for businesses to win in the future. By helping businesses comprehend their consumers on a whole new level, the user has access to crucial insights that minimise risk and boost success rates as well.
In order to win, business leaders must always keep up with ever-evolving market dynamics. As industry leaders adopt the use of consumer behaviour data insights, and technology sets the stage for the contemporary business landscape, relying on static, batch-processed, or months-old datasets will put business leaders at a disadvantage. Even though all businesses will have to catch up with this trend sooner or later, first movers will benefit the most and log an early win.
Disclaimer
Views expressed above are the author’s own.
END OF ARTICLE
[ad_2]
Source link