Understanding the Buying Journey of the Customer
Today, business marketing is ruled by big data. Analyzing data is the clearest pathway for how to generate insights around the buyer’s journey and how to ensure that journey ends successfully.
The buyer’s journey is the process buyers go through to ultimately make a purchase. By better understanding the buyer’s journey through big data, marketers can intervene at the key leveraging points where they might otherwise lose a sale.
How to Generate Insights from Big Data?
When it comes to successful marketing, it all comes down to the quantity and quality of the data you collect. By understanding the preferences and behaviors of the target market, marketers can generate insights that lead to better messaging and engagement.
In fact, a Gartner study found that industry leaders cite improved data and analytics as the top goal for 2023. An even more salient detail to note is that 59% of companies polled in the study intend to devote more resources to improving the quality of the data they collect.
This is important to note because more and more companies are realizing that mass amounts of data are only valuable when they are quality and, thereby, actionable. Your company can pour all its resources into collecting data, but if that data isn’t asking the right questions, is out of date, or is unintelligible, it will all be for naught.
How Can You Extract Insights from Data to Improve the Buyer’s Journey?
According to one report, some of the biggest challenges when it comes to acting on big data insights is a lack of analytical skill, and only 37% of companies, like Amazon and Netflix, have been successful. Other stats from McKinsey put the success rate of leveraging data closer to 8%.
Companies that are the most successful at leveraging their data understand how data insights fit into the buyer’s journey. Successful data analysis and application come through leveraging intuitive/predictive AI, having specific KPIs, and supporting marketers with data literacy.
Partnering with data experts is a surefire way of ensuring the data companies generate is up-to-date, personalized, and targeted to your defined objectives. Experts can help by taking a closer look at your data management systems and integrating and enhancing databases for better real-time solutions.
Anchor Computer Software can help you to personalize communications with your customers, develop targeted marketing campaigns, and increase your return on all of your marketing activities.
