Real Time Data Analytics to Increase Customer Retention

No company can exist without customers! Attracting customers and even more importantly, retaining those customers is necessary for a company. Real Time Data can certainly help with that! It allows a company to observe customer trends and then market their products specifically keeping their customers in mind. More data that a company has about its customer base, the more accurately they can observe customer trends and patterns which will ensure that the company can deliver exactly what its customers want. This is the best way to increase customer retention. After all, happy customers mean loyal customers!

An example of a company that uses Real Time Data to Increase Customer Retention is Amazon. Amazon collects all the data about its customers such as their names, addresses, search history, payments, etc. so that it can provide a truly personalized experience. This means that Amazon knows who you are as soon as you log in! It also provides you product recommendations based on your history so you are more likely to buy things. And if you buy lots of things on Amazon, you are less likely to leave Amazon!

 

 

Real Time Data Analytics to Create Efficient Marketing Campaigns

How can a company reach new customers? Marketing campaigns! However, if a great marketing campaign can get customers for a company, a poor marketing campaign can make a company lose even its existing customers. Real Time Data is necessary to analyze the customer base and understand what people want so that the marketing campaign is successful in converting more people. This can be done by monitoring the current online trends, understanding customer behavior in the market and then cashing on that to create a successful marketing campaign.

An example of a company that uses Real Time Data to create Marketing Campaigns is Netflix. Have you noticed that as soon as you open Netflix, they have movies and series marketed specifically for you? They do this by collecting data on your watching habits and search history and then providing targeted adverts. So, if you have been watching mystery movies recently, that’s what you will be recommended in the future as well!

 

 

Real Time Data Analytics for Supply Chain Handling 

The supply chain begins with the creation of raw materials and ends at the finished products in the hands of the customers. And for large companies, it is very difficult to handle this supply chain. After all, it can contain thousands of people and products that are moving from the point of manufacture to the point of consumption! So, companies can use Real Time Data to analyze their raw materials, products in their warehouse inventories and their retailer details to understand their production and shipment needs. This will make Supply Chain Handling much easier which will lead to fewer errors and consequently fewer losses for the company.

An example of a company that uses Real Time Data for Supply Chain Handling is PepsiCo. While the most popular thing sold by PepsiCo is Pepsi of course, did you know they sell many other things like Mountain Dew, Lays, 7Up, Doritos, etc. all over the world! And it is very difficult to manage the Supply Chain Handling of so many things without using Real Time Data. So, PepsiCo uses data to calculate the amount and type of products that retailers want without any wastage occurring.

 

Keep tuned to my next post release, I would cover the topic related to Real Time Data Analytics : Metrics we can track using Real Time Data. Come back and review this information on 2.14.2022.

 

Reference

John Kopanakis (Feb 2022). 5 Real-World Examples of How Brands are Using Big Data Analytics. https://betterprogramming.pub/7-real-time-data-streaming-tools-68907be5ac4b