From being merely a buzzword to an integral part of any organization’s operations – Big Data has indeed come a long way.
Big Data, Data Mining, Data Analytics, and Business Intelligence tools are some terms that felt alien to most of the business stakeholders just a decade back. But today, because of such a significant influx of data, these terms have become much more relevant for day-to-day business operations.
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So much so that it has become utterly crucial for organizations to make their Big Data count by using advanced mining and analytics if they have to stay ahead of the curve. This has also caused a sudden surge in demand for skilled data scientists. There are many online Big Data certifications and courses available for students and professionals to upskill themselves and bridge the demand-supply gap.
The data present with the organizations can be thoroughly understood to find patterns and take more informed steps. However, to keep track of your business leads and provide personalized care to your customers, you need a CRM tool. The amalgamation of Big Data and CRM software has given rise to Big Data CRM tools – which aim to integrate Big Data into an organization’s CRM processes. The ultimate goal of this is to improve customer service, calculate return on investment on various initiatives, and predict clientele behavior.
These tools and procedures have evolved over the years and helped companies examine large datasets and move toward making more data-driven decisions.
Impact of these CRM Software tools on the modern market:
Enabling Optimal Pricing
Most businesses often struggle with finding the optimal price for their products. According to research conducted by McKinsey, a one percent increase in price corresponds to a rise of 8.7 percent in operating profit. These prices frequently change, thus making it difficult for large organizations to get granular and manage these frequently changing variables. The Big Data CRM software tools make it possible to observe the patterns in pricing that have unlocked value easily.
A real-life example of such are the Fairmont Raffles Hotels International. They are using what is known as “dynamic pricing” to optimize revenue. They have incorporated supplier and inventory data along with the other real-time datasets they had. Fairmont uses a business intelligence model that predicts consumer likelihood to purchase to be able to employ dynamic pricing.
The hotel chain offers standardized rates on some days and different rates on others. Their prices can be seen fluctuating highly, and dynamic pricing allows them even to increase the cost of the rooms as they start filling faster. The management also varies pricing depending on the characteristics of the consumer as per the outcome of the data analysis.
Improved Customer Service
Big Data allows organizations to have scads of data on their customers – which enables them to find the most productive ways of crafting an outreach. This has been a trick under the sleeves of salespersons since the dawn of marketing. They make observations and inquiries to gather sufficient information about you and then use that to target you better.
Advanced Big Data technologies have made it possible for salespeople to meet many challenges that were often unmet earlier, and deliver performance benefits and substantial revenue to the organization. An organization stands at a higher chance of converting any outreach into sales if it uses multi-channel marketing techniques.
McCain Foods is one of the prime examples of organizations who have transformed the responsiveness of their customers with big data and CRM. Using Teradata as the Big Data CRM software tool, McCain gathers customer insights into things like what they want, how, where, and why do they spend the maximum of their money.
These insights have redefined McCain’s business culture. Now, McCain no longer treats data as a “one-way” entity. In fact, they now try to gather as much information as possible from their customers to be able to innovate more and serve their customers better.
Connect better with your customers
Today, businesses can build their decisions on top of big data insights, thus allowing them to determine the best way to identify their audience and the best time to communicate with them.
According to a research, the best time to send emails to your prospects is 5:00 pm – with 23.63 percent chance of being read within the first one hour after delivery. However, that might not be true for all of your clients.
While Big Data can help you know the precise time you can approach specific customers (looking at their past behavior), CRM comes in play to help you understand how to connect with these prospects and clients and how to affect their opinions positively.
Enhanced Management of Leads and Customers
Different Types of CRM software allow your organization to enjoy the benefits of Big Data. An increased number of leads and customers requires a robust system to serve these individuals better. Without such a system, these leads will turn to ex-leads in no time.
Here’s where custom CRM software for bussiness come handy. Furthermore, a negative perception of your brand can cost you significantly – and without proper management of leads, the chances are that a bad word of mouth will spread. Organizations, using specialized cloud-based CRM tools, can seamlessly manage every step from lead generation to lead conversion.
CRM tools are available for a wide range of professionals ranging from real estate agents to even doctors and dentists. Organizations from any domain you can think of can use these Big Data and CRM tools to manage their leads better and ensure higher lead conversion.
Above listed are just a few examples of the impact of Big Data and CRM tools on the modern market. The future looks extremely promising for organizations who’ve switched to these tools and software to enhance their operations. We can expect many more path-breaking uses of these CRM tools in the modern market shortly.