- Customer Analytics (48%), Operational Analytics (21%), Fraud and Compliance (12%) New Product & Service Innovation (10%) & Enterprise Data Warehouse Optimization (10%) are among the most popular big data use cases in sales and marketing.
- Customer Value Analytics (CVA) based on Big Data is making it possible for leading marketers to deliver consistent omnichannel customer experiences across all channels.
An Overview Of Big Data’s Many Contributions To Marketing And Sales
Increasing the quality of sales leads, improving the quality of sales lead data, improving prospecting list accuracy, territory planning, win rates and decision maker engagement strategies are all areas where
big data is making a contribution to sales today.
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 companies, big data provides insights into how to lower the Customer Acquisition Cost (CAC), Customer Lifetime Value (CLTV), and manage many other customer-driven metrics essential to running a cloud-based business.
The following are the ten ways Big Data is revolutionizing marketing and sales:
- Differentiating pricing strategies at the customer-product level and optimizing pricing using big data are becoming more achievable. McKinsey found that 75% of a typical company’s revenue comes from its standard products and that 30% of the thousands of pricing decisions companies make every year fail to deliver the best price. With a 1% price increase translating into an 8.7% increase in operating profits, assuming there is no loss of volume, pricing has significant upside potential for improving profitability. Source: Using big data to make better pricing decisions.