Big Data has created a lot of hype in tech market. What creates Big Data? Big Data is actually a large pool of structured, semi-structured and unstructured information available via social media, CRM solutions, websites, news feeds etc.
By using cutting-edge tools to make right sense of Big Data, chief managers can give a significant boost to their business. Big Data equips managers with understanding of customer behavior and ability to take informed business decisions.
Once it is known that a particular person has searched for a product that your company offers, the person becomes a prospective customer for your business. The prospective customer can be easily approached using retargeting and remarketing strategies, which increases conversion chances by many folds.
Many big firms have begun to invest in Big Data Solutions to take their businesses to new heights. So far, IBM and Cloudera have dominated the market as top Big Data Solution providers.
A big lot of leads is of no use until there is clarity over which customers are interested and likely to buy your products. Lack of Big Data often creates a situation wherein managers target a lot of customers with products that many do not want to buy, a big factor in low conversion rates. With Big Data, it’s easy to separate prospective customers from long list of leads. After genuine prospects are reached via phone, mails, social channels etc., chances become high for them to make a purchase a product they previously failed to complete.
Please check out the infographics below for some cool Big Data Impacts on Sales.