Big data has been the bust word in recent years. You probably wonder how powerful it is to deploy data analysis for marketing and making business decisions. In this article, we have observed the following five key facts:
1. 230% sales increase from potential customers
According to a global research conducted by McKinsey, not only deploying data marketing had generated 23 folds of sales from the existing customers, but it also raise revenue by 19 folds. In short, deploying data enables corporations make wise decisions, improve customer experience and satisfaction.
2. 8% increase in profit deploying data marketing strategies
BARC has conducted an extensive study on companies that have adopted data marketing and found that cost was reduced by 10% and the revenue was up 8%. The interviewees have listed many benefits brought by data marketing. 69% admitted that they have developed more effective customized sales strategies. 54% have improved their sales operation. 52% agreed that data marketing help them understand their customers better.
3. 62% Retailers agreed that data marketing strengthens their competitiveness
62% of the retailers (and 63% cross industry interviewees) expressed that data marketing has increased their competitiveness. For example, eShops can learn from key word search and interaction with the customers to identify trending products.
4. One third of companies believe that proper use of data help business growth
The key benefits of understanding customers
One third of the companies believed that collecting and analysing data correctly is the key to understanding target customers. They understand the merits of data marketing and choosing the right tool is key. 63% invest more on data analysis in order to work out more efficient sales activities to target segment.
5. Companies who adopt data marketing grow 30% annually. In 2021, these companies gained an average of US$18,000 share of wallet from their competitors.
The fifth finding is the summary of the above. In conclusion, corporations deployed data marketing to track and analyse customer behavior, improve customer satisfaction, thereby inducing higher sales and customer loyalty.
These findings all proofed that data marketing has helped companies of all sizes to grow their businesses. Just like the fourth finding, the right tool is important. Autobizight is an online data analysis platform developed for small and medium enterprises and eShops, enabling companies of all sizes to benefit from data analysis cost effectively.
