Using the vast amounts of data from social networks, combined with other data sources, it becomes possible to significantly increase your sales. Of course, data can be found in many locations but there are three areas that are of utmost importance, which I like to call the Data Triangle. When you combine customer data, mobile data and social data you create a powerful profile of your customers that will help you to increase your sales.
Customer data is the starting point when you want to apply Big Data to improve your sales. It is vital that this data is correct and complete. Complete data means that all relevant data for a customer is linked and entered in the database. Of course this starts with basic information such as name and email address, but the objective of your organisation should be to collect as many different data records as possible. Who bought what and how many for how much. All your transactional sales data gives you already a lot of information about your customers, but more information is probably available about that customer within your organisation.
When you combine customer data with data from mobile devices, you can improve the customer profiles drastically. What about the GPS location and offering coupons based on the profile of customers. Or what about smartphone that connect to your WIFI, this provides you with the opportunity, after approval by the customer, to send personalized offerings based on the location of the customer in your store. Hyper local targeting gets a whole new meaning with Mobile Data and Analytics and combined with sales data and customer behaviour data, it can significantly impact your sales.
But of course the most information can be derived from social networks. When you start listening to what customers have to say on these social media networks, you will obtain valuable information to improve your profiles even more. Using the available data in social media networks, it becomes possible to start hyper-targeting customers. Instead of just targeting (potential) customers within a certain age, location or gender, companies can target customers based on actual or latent needs as well as the sentiment of (potential) customers. All based on what they mention on the social network, what the like or retweet and in which context.
Crimson Marketing has developed an infographic that shows five insights to increase revenue based on social data, combined with customer data. Using these insights gives sales & marketing departments the information, interests and attitudes of buyers required to make relevant and personal offers to increase your conversion.
