Original Link: http://www.entrepreneur.com/article/240095
Leverage Big Data To Boost Sales.
Big data, another buzz phrase that has popped up recently, has always been in use to drive various types of marketing and sales campaigns. Essentially, the concept was primarily used by large enterprises such as Microsoft and Amazon to gather extreme amounts of customer data to analyze trends and assess behavior at large. Thankfully, with the democratization of big data and wide adoption and innovation in technologies, startups can leverage the power of intelligence through data affordably.
Sell more at the right time and right place. Fanplayr is revolutionizing real-time marketing by harnessing the power of big data to help retailers and marketers profile and target site visitors based on their specific behavior and experiences. With a focus on improving conversions and average order values on ecommerce sites, the service assesses in real-time a visitor’s clickstream and page engagement duration and identifies key demographic data, visit frequency, visit time of day and other valuable characteristics to determine the perfect offers, deals and pricing to present to visitors.
This means that retailers using the service will be able to automatically make offers with the highest chance of conversion as they are aligned and customized for that specific visitor at that point in time. This approach has proven to increase average order values by up to 50 percent and conversions by up to 25 percent, according to the company.
Right out of the gate, businesses are able to deliver products in a smart and data-driven manner, greatly improving chances for success and sales. This technology helps startups in various markets affordably leverage big data and market intelligence to drive profits.
While there’s a growing wealth of knowledge about customer behavior available, an important thing to note as startups take advantage of big data is to ensure that customers are not viewed as mere statistics. Businesses are built on forming lasting and genuine relationships with your target audience and not solely on the basis of mining data to increase sales.
Align data acquisition and targeted offers with outreach and other loyalty-building strategies. Use data to fuel more rewarding relationships.