How to use big data to target customers

The big data analytics market is expected to reach $103 billion by 2023, according to Tech Jury’s April 2022 report. The term big data refers to the constant influx of customer data information flowing in from across the internet. It appears every time we open our phones, scroll on our computers and as we shop inside stores.

Tech Jury also found that poor data quality, or online content that doesn’t convert, costs businesses $3.1 trillion a year. However, big data can target shoppers directly and convert them into customers with the right strategy. Let’s explore how to target your ideal customer, why analytics are vital to a great campaign and what this could mean for your business when you use big data to your advantage.

What is big data analytics?

Growth Market Genie characterizes big data into three parts:

• Volume: The amount of data information that is coming through and being processed.
• Velocity: The speed at which customer information and marketing numbers are coming in.
• Variety: The many types of data a business has the opportunity to work with on a given day.

What makes the concept of big data different from other databases is the speed at which information comes through. The database was developed to support the increase of social media, the Internet of Things (IoT), mobile devices, smart cities, websites, etc. In 2022, the internet is more than just opening up your web browser; it’s a way to easily access necessary information in real-time from anywhere.

Creating value through meaningful interaction

The most important part of collecting that information is learning how to use it. Big data analytics is how businesses can utilize the available data to better understand and target their customers.

Businesses can use incoming data to improve customer experiences. With enough data, customer analytics tools can predict the next shopper transaction based on trends and buying patterns.

The key is to collect customer information that matters, such as media preferences, shopping habits, demographic, desires, interests and aspirations. Telesystem’s WiFi Engagement & Analytics solution can help companies do just that. By putting together this level of detailed information, companies gain a better understanding of customers’ preferences and can build on actionable insights to create high-value experiences.

This culmination of personalized preferences can develop into curated on-site experiences for customers. Personalization creates a lasting impression on customers who like online shopping but want the human-like interaction they’d get while shopping in-store. Using modern data analytics tools, you can create a curated shopping experience while they shop at your store.

Using data analytics

Many industries, from hospitals to shopping malls, are using big data analytics to predict and evaluate visitor behavior. As customers are becoming more accustomed to personalized experiences as a result of data collection, Merkle’s 2022 customer engagement report found that 90% of customers are more willing to share additional information (outside of basic demographic information) if they have a positive experience with the company first.

To build a lasting impression and cultivate more loyal customers as a marketer, you need to ask yourself not only what will make a customer choose your business over a competitor’s, but what will prevent a customer from choosing a competitor even if you have a better price.

The answer to this strategic question, according to the Harvard Business Review, is to shift the perspective from how big data can serve marketing departments to how it can serve customers. That means changing the goal from targeting customers to creating value for them.

There are several ways in which you can use big data to generate value for customers, including:

• Using WiFi to assist in wayfinding
• Optimizing safety (both online and in-store).
• Developing custom experiences.
• Answering customer feedback and implementing helpful customer service tactics as a result.
• Placing targeted ads based on items the customer already showed interest in.
• Implementing a safe network connection.

A customer-focused marketing strategy can not only help improve ROI but simultaneously improve the customer’s experience. Personalized shopping lets them feel seen and heard. And because the store layout is set up in a way that makes sense, they’re seeing more products they like right away. Even after they leave the store, their online experience is curated based on their visit.

Big data holds incredible potential for expanding a business’ customer base through strategic, customer-focused data analytics use. However, simply gathering the data is not enough. You need to diversify where you get information from and analyze patterns and trends that your teams can use for actionable next steps.

Diversify your data input

Before social media, smartphones and IoT, businesses measured the success of their campaign by how many products they sold and how many customers visited their store. Now, companies can collect data from all over the internet. Each time a shopper logs into your WiFi network, browses an item on your e-commerce website or clicks on a social media pay-per-click ad, it generates data points that you can use to better serve buyers.

Diversifying your consumer data input can provide your organization with a broader view of how your customers are shopping before they decide on your product. Collecting data from multiple sources can offer your teams valuable insight and different perspectives on what is or isn’t working in your marketing campaigns, your website setup and even your retail space.

Some ways to diversify your data collection include:

• Social media.
• Monetized WiFi.
• SD-WAN to support IoT solutions.
• E-store traffic.
• In-store traffic.

To truly diversify your data input, you must focus on all interactions with your business — including those with your physical store. Monetizing your WiFi can improve the interactions you have with shoppers and curate their experience for better customer service. WiFi engagement can track how a customer travels through your store or stadium or what apps they open. Once they leave, you can set up targeted ads that can keep your business top of mind.

The results that can come out of utilizing every channel available to you can improve not only your marketing efforts and advertising campaigns but how your customers view and experience your business.

The result of big data analytics

With advanced software systems and innovative technology, marketing teams can make quicker decisions that increase revenue, reduce costs and streamline growth. The competitive advantage to companies that adopt IoT as part of their marketing scheme can see the tangible benefits it can create.

Here are some of the ways you can benefit from using big data to target customers:

• Focused and targeted campaigns.
• Customer retention and acquisition.
• Customer loyalty.
• Better content.
• Higher ROI.

Using information collected from incoming data, you can curate every step of your marketing strategy and touchpoint your customers encounter, from content to store layout.

In a highly competitive world where every business has access to data analytics, you need to find elements of your organization that are unique and create value. If you’re ready to expand your data input and drive real results from the information available to you, reach out to a Telesystem professional to learn more about our IoT and WiFi solutions. Request a quote today.