Big Data: Understand Your Consumer to Leverage Your Business

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In recent years, the advancement of technology has changed the way in which a user relates to a brand.. The easiness to access to information has also altered the consumer buying journey. Nowadays, the search for a product or service begins on the web and may or may not end in a physical store. Throughout this path that leads up to the purchase, the customer contacts the brand several times in the virtual environment, be it on its website, social media pages, chat, e-mail and even on channels with videos explaining how to use the product/service. In this context, Big Data provides important data about customer behavior.

 

Big Data refers to data that grows unstructured and exponentially in the world and is driven by three factors: volume, variety and data rate. Analyzing this information is essential for making more assertive business decisions. In order to extract a competitive advantage from the data, you need to know what you want from them. This is what Jorge Mendes, the strategic director for Business Intelligence at MJV, says. According to the expert, it is essential to decide which problems need to be solved. Questions such as “how can we change our client’s advertising strategy to increase sales?” guide the management and implementation of Big Data.

 

Big Data: Data analysis is what really matters

The available data is not only useful for outlining a consumer profile on the internet. In the movie In the movie Moneyball, for example, a coach facing the challenge of running a low-budget baseball team decides to employ data analysis to improve the performance of his players.

By crossing different types of information about the user, such as sharing information on different platforms, geolocation data, among others, it is possible to follow the user’s behavior, understand his motivations, expectations and tailor your business to better serve them.

The challenges of applying Big Data as a tool to leverage businesses include improving the power of collecting, structuring and interpreting information that is already available. By doing this, you can generate insights for a business, innovate upon better data interpretation, in-depth process coordination, policies, people and technologies to manage information assets and make more efficient decisions that deliver positive results for your business.

 

Companies need to be aware of changes in consumer behavior

The huge stream of data available nowadays was created due to the appearance of the internet and the era of smartphones. In a survey conducted by Provokers – with 1011 smartphone users, aged 14-55, across classes A, B and C in Brazil – it was observed that the purchase process begins well before the trip to the physical store. This year’s survey found that 79% of smartphone users expect immediate information when they look for something.

We live in the age of immediacy, in which individuals search for information on their smartphones, instead of using their computers, while performing several other tasks – such as exchanging messages, watching videos, sharing something on social networks, and so on. According to the survey, in addition to not tolerating bad experiences on websites, 50% of consumers leave a mobile site that takes more than 3 seconds to load, which reveals a search for more and better experiences during their purchase journey.

E-commerce from different industries, for example, can compile huge volumes of data to create consumer histories, from the number of clicks or interactions, instead of just keeping a sales record. By using historical information and data volume, you can make additional purchase recommendations and obtain a competitive advantage. The key factor here is the speed with which feedback is obtained, from the input data to the decision-making process.

 

Big Data on user purchase journey

Click on the video to learn how to use Big Data on consumer purchase journey.

 

The analysis of the available data about the purchase journey of your consumer can answer important questions, providing a basis for new actions to generate more business, such as:

1. What is the profile of your most valuable consumers?

2. What campaigns motivate this consumer to buy?

3. What patterns of behavior do they present?

4. How and when should you approach this consumer?

5. What campaigns perform best on multiple channels?

6. Which campaign combinations generate more sales? By how much more?

Once these questions are answered and understood, the decisions you make are increasingly positive, tangible, measurable and consistent with your business objectives.

Design Thinking - Business Innovation

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