Big Data Analytics is “the process of examining large data sets containing a variety of data types – i.e., Big Data – to uncover hidden patterns, unknown correlations, market trends, customer preferences, and other useful information.” Companies and enterprises that implement Big Data Analytics often reap several business benefits, including more effective marketing campaigns, the discovery of new revenue opportunities, improved customer service delivery, more efficient operations, and competitive advantages. Companies implement Big Data Analytics because they want to make more informed business decisions. Big Data Analytics gives analytics professionals, such as data scientists and predictive modelers, the ability to analyze Big Data from multiple and varied sources, including transactional data and other structured data.
The increasingly widespread use of Big Data Analysis solutions is a clear indication that Big Data is not just a fad: it’s a business practice that is here to stay because of the insights it delivers to enterprises that want to gain a competitive edge, improve sales and marketing team performance, increase revenue, and make proactive data-driven business decisions.
“Three V’s” of big data
Big data enables businesses to observe customer-related trends and patterns, which are essential to stimulate customer loyalty. In theory, the more data a business collects from its customers, the more patterns and trends it identifies. It implies that businesses can understand their customers easily if they have a proper big data analytics strategy. It’s difficult to ignore the fact that data plays an integral role in marketing and product development for businesses.
Example of a Company that uses Big Data for Customer Acquisition and Retention. A real example of a company that uses big data analytics to drive customer retention is Coca-Cola. In the year 2015, Coca-Cola managed to strengthen its data strategy by building a digital-led loyalty program