by Stephanie Rabinowotz | Dec 2, 2015 | Creating Competitive Advantage, Customer Satisfaction
The majority of adults indulge in the occasional glass of wine or beer, some more than others, but never the less liquor is a consistently successful industry. The issue is that there are so many players in the field that competition is constantly on the rise. With a continual stream of new products being released how can businesses set themselves apart to gain a competitive edge? How can businesses get more accurate and up to date feedback from their consumers?
When Big Data is used as an analytics tool it has proven to provide invaluable results. There is such a wide demographic of alcohol consumers that it becomes difficult to track consumer trends and acquire better marketing techniques. Big Data analytics can dig out the patterns in consumer trends and give the manufacturer feedback on where they need to improve to be more successful.
This insightful podcast reveals some great advice for beer and liquor vendors through using Big Data as a tool to better manage development as well as customer satisfaction!
Check out this podcast and learn how liquor vendors and manufacturers can take the lead against competition and up their annual sales!
by Stephanie Rabinowotz | Nov 30, 2015 | Data Science, Project Management
When Big Data emerged a few years ago it was first questioned and then suddenly exploded in popularity. Big Data became so well known that people now refer to it as a buzz word and convict businesses of having Data Fetish. Many companies became obsessed with Big Data’s promise of success and jumped on the gravy train.
Four years later we are now seeing that It was never about the Big Data that determined success, it was about how it was used. The companies that understood this early on and adapted their company to better manage their data are the ones who are basking in success today.
A recent study has shown that companies utilizing big data are becoming smarter about how they are using their data. Companies are realizing that it is not so much about having a larger amount of data rather than having a sufficient amount of smart data. The trick is that smart data is like gold, analysts must search through large quantities of data to mine out the smart data that contain highly valuable insights.
As companies improve their data management skills they are not only becoming more equipped with better information, but they are also saving money. Having an efficient data analytics sector can result in major profits simply by having more up to date and accurate information to make decisions with.
It is exciting to see how companies have learned to manage their data and the benefits they are reaping from it. Using Big data as a tool is a great way to learn more about your business and your customers, which is why it has become such a great company asset.
by Stephanie Rabinowotz | Nov 27, 2015 | Customer Satisfaction
Most Americans live at a very busy pace, constantly rushing from one thing to another. This sense of urgency to do everything and be every where at once doesn’t leave much time for things like groceries. The online groceries business is one that is growing rapidly in the United States. It is extremely convenient for many busy families and working moms and dads to simply pick out what they would like online and have it delivered to their home the following day.
Big Data analytics is allowing companies to learn their customer’s habits and preferences to ensure the smoothest, easiest process possible. As consumers browse groceries on the website of the store of their choice, their activity is being monitored; allowing companies to learn about their consumer’s habits. What do they normally buy? At what time do they prefer their groceries be delivered? Are they flexible on their time of delivery or do they want it on a specific time?
These are all things food providers can learn about each unique customer and accommodate to individual needs. The more convenient an action is, the more likely people will use it, build up a preferred company and continue to use them for years to come. Big Data helps companies become a trusted resource for people, ensuring customer retention.
by Stephanie Rabinowotz | Nov 25, 2015 | Big Data
The traveling industry is welcoming Big Data with open arms for they can use it to track traveling trends and determine when they will be the busiest. This type of information allows companies such as Southwest to determine the optimal time to raise prices or offer deals. Depending on the demand for flights during a certain time period, the airline companies can raise prices and be confident that people will still buy purchase them. This is why we are always told to book our flights with plenty of time in advance; the airlines know that those who wait until the last minute to buy a flight are desperate and will pay whatever is necessary.
Airlines look at the big data to determine which days throughout the year tend to be most heavily traveled and which days people prefer not to travel on. The cheapest days to fly are Tuesdays, Wednesdays, and Saturdays. These days are less expensive than the others because these are the days people don’t necessarily like to travel on. They are inconvenient and therefore less desirable. More sought after days will cost more money, especially around the holidays. Data has shown that there is the most widespread travel between Thanksgiving and New Years. The holidays are when people take extra time to visit family and loved ones they don’t otherwise get to see. Airlines know this and increase their prices knowing that people won’t put a price on seeing their family for the holidays.
Not only the airline industry can use big data to rake in some extra cash. Consumers can look up the data on when airlines raise and drop flights to save themselves some dough on booking their next travel accommodations. As we are right around the corner from this holiday season, hopefully everyone has been proactive, looked at the data and have scored great prices on their tickets home!
by Stephanie Rabinowotz | Nov 23, 2015 | Customer Satisfaction, Predictive Analytics
How will big data effect the black Friday sales this year? Well, big data has allowed the retail industry to know more about each individual customer than ever before. This means that stores will be able to market to us in unique ways that will prompt us to buys more. When we are thinking about buying something we want, all it takes is to see that item pop up on a screen or an email that says it has a slight discount and we are all over it. If that add popped up with some other item that we didn’t want, we wouldn’t think twice about it, but because the stores know what to advertise to us, we fall right into their trap.
So how many people will be lured in this black Friday? According to the National Retail Federation the average American spends $749 on holiday shopping. Black Friday is the biggest shopping day of the year and is where stores make the majority of their yearly sales. With Big Data heavily influencing the retail market it will be interesting to see if there are more online sales than in the stores this year compared to black Friday’s in the past.
Hopefully people will make use of big data and buy the items they want online rather than spending hours parked out in front of a retail department. Maybe this Big Data leap will move our generation to buy online with ease and actually spend black Friday, outside, enjoying their day off with loved ones. To learn more about how Big Data can predict spending habits, Check Out this great Article!
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