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
This comment has been removed by the author.
ReplyDelete