Not much.
That’s why big brands are using MRP-based data analytics coming from brand tracking.
They are using the precise and reliable data that advanced data science can bring them in order to make sure the decisions they make are indeed based on fact.
Data Analytics for Risk Management Following on from the last point of big brands needing precise data to make informed decisions, they also need such data for risk management.
Being able to grow as a brand is not just about knowing who their customers are, their intention to buy their product, etc.
, it is also about being able to foresee any potential risks and knocking them out of the park before they can cause any damage.
Take for instance UOB bank in Singapore, who have devised a risk management system based on big data.
Data Analytics to Predict Consumer Behavior As much as big brands need to look into the future, they also need to look to the past.
Historical data can do wonders for future growth.
Data analytics can be used to pinpoint patterns in consumer behaviour.
Using the data, they can potentially predict when a certain market may take a nosedive, as well as markets on an upward trend that are worth investing money into right now.
Data Analytics for Better Marketing A combination of data analytics looking at the past, present, and future of a big brand can make for better marketing, and in turn, more profit.
By using data analytics to identify consumer needs and purchasing patterns, big brands can target with more personalized marketing, refine the overall consumer experience, and develop better products.
Pay attention in your everyday life and you can already see examples of such data being used to market a product at you.
A product you Googled once now appearing in your Facebook feed?.Retargeting.
Emails sounding like they are speaking directly to your needs?.That’s because they are, since there are more than a few email marketing approaches.
Data analytics was used to figure out exactly what you need.
There is one important trend occurring across the different ways that big brands are using data analytics to bring results.
They all aim to understand consumers, in particular, the brands’ target audience.
Whether that be what consumers think of their brand now, how they reacted toward them in the past, and how brands think consumers will act in the future because of detected patterns.
So, how are big brands using data analytics that will bring results?.They are using them in a way that will help them better understand the consumer.
What analytics do you use to enhance your business model?.Let us know in the comments below.
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