Businesses are becoming increasingly metrics-focused, relying on big data to inform business decisions, redesign marketing strategies, and fuel the success of companies. With big data management software, businesses can take full advantage of their big data, eliminate data silos, and use that data to create a thriving business model with less financial risk.
Some major businesses have already implemented big data management to fuel their marketing campaign and better serve their clientele. Here are some real-world examples of companies that have leveraged big data management to improve the success and revenue potential of their business.
1. Arby’s: Arby’s leverages big data to help them determine the best targets for their advertisements. With big data, they can see which advertisements are most effective, while seeing the channels that are most receptive to each ad pitch. This allows them to ensure every advertisement utilizes the appropriate channel to increase the number of leads from their marketing.
2. Starbucks: As the leading coffeehouse company in the world, Starbucks manages to open new stores in very close proximity to their other stores, while still guaranteeing a high success rate. Normally, when expanding a company, it’s needlessly risky to open a new location just a block from another location. Yet, Starbucks uses big data to determine the potential success of every new location prior to expanding their operations. With location-based data, traffic data, demographic data, and customer data, they’re able to estimate the general success rate of each new store, so they can choose locations based on the propensity toward revenue growth, thus decreasing the financial risk of each new store.
3. Capital One: Capital One utilizes big data management to help them ensure the success of all customer offerings. By analyzing the demographic data and spending habits of customers, they’re able to determine the most optimal times to present various offers to clients, thus increasing the conversion rates of their offers and gaining more leads from their marketing budget.
4. T-Mobile: T-Mobile is using big data to help reduce their customer turnover rate. By analyzing big data, they can determine the core causes for turnover, allowing them to implement effective solutions that will keep more clients on board. As a telecom company, they accrue boundless quantities of data every year, and without big data management, the ability to analyze the data would be greatly inhibited.
5. The Heathman Lodge: The Heathman Lodge, located in Vancouver, Washington, is a hotel that was experiencing some major difficulties in establishing optimal rates for hotel rooms. They lacked the data that was critical to informing rate charges for clients, resulting in the hotel charging less than each room was worth. With big data management, they are able to see the ways that holidays, weekends, local events, and seasonal changes impact the demand for their rooms. This enables them to adjust room rates based on the fluctuating demands of customers, thus significantly enhancing their revenue potential.
Businesses both large and small rely on big data to make smart business decisions, increase the impact of marketing, encourage client retention, and build a stronger company. To make the best use of that data, businesses depend on customer data software to help them analyze the data effectively, integrate the data from all departments, and access the insights needed to strengthen the performance of their company.
To learn more about how to make your data work for your business objectives, download the Ultimate Guide to Driving Revenue with a B2B Customer Data Platform.