Friday, August 30, 2013

How Big Data Analytics Will Determine Future of Marketing and Sales: A McKinsey Report



In this era of Big Data where competition is fueled by your ability to harness the power of data in order to make it work for your business growth, the need of the hour for every brand and business organization is Analytics. In fact, a McKinsey report in the Forbes says that Big Data Analytics will determine how sales and marketing are conducted in the future.



One of the most important facets that the report highlighted was that gathering customer insights and converting that into critical business intelligence is inevitable for modern businesses. The report says, “The explosion in data and digital technologies has opened up an unprecedented array of insights into customer needs and behaviors”.

Thus, while businesses understand the importance of Big Data and Analytics, they are also making the smart move towards adopting Social Media Analytics tools for helping them make sense of their Big Data. According to the report, “Those (businesses) that use Big Data and analytics effectively show productivity rates and profitability that are 5-6 percent higher than those of their peers.” 

In other words, the report by McKinsey defines the success of organizations using Big Data to their wisdom to use analytics effectively. It says that such organizations are successful because they use analytics for the following:
  
a)      Identifying and pinpointing specifically the immense business building opportunities existing in the micromarkets.
b)      Understanding consumer decision journey and finding out what factors lead the consumer from starting with merely showing interest in ending up buying the product. Analytics are also used to spot reasons for and solve customer attrition. 
c)       Using analytics to create detailed customer profiles that include their specific likes, needs, wants and affiliations and use it to aim customers with perfectly targeted and often personalized marketing campaigns plays a crucial role in business success (increase sales by 10% and marketing ROI by 5-10 times). 

With regard to how competent must modern analytic tools be to successfully tackle the challenges of expanding data streams, McKinsey noted that that natural language processing, predictive and sentiment analytics (to decipher customer behavior) and “algorithmic marketing” will be the key components to look for in advanced analytics solutions.

We at Shout Analytics, take pride in the fact that our social media analytics solution fits the McKinsey description totally

To know more about our analytics capabilities or to find out Shout Analytics can help you in your Big Data analysis needs, write to us at info@shoutanalytics.com



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