4 Ways Big Data Is Warming Up Cold Leads
Leads are like soup. Make it right, and you can eat like a king. Make it big enough, and you can eat for days. Most importantly, no one likes cold soup. The comfort it offers comes from its warmth and diversity of ingredients.
Unfortunately, the law of thermodynamics makes cold soup impossible to avoid. But with time, humans have developed a burner that’s so strong it can reinvigorate the flavor of even the coldest of soups. In this analogy, the figurative burner was built on a foundation of data, specifically big data. In this article, take a look at what big data can do for your leads that have seemingly gone cold.
But what is big data?
Big data is a difficult concept to define. It’s something that grows with every moment of digital activity and continues to learn, develop, and understand the digital spaces in which have captivated humans. It takes from one’s browser history and social media pages. Leading tech voices praise big data for the way it’s revolutionizing competitive advantage. (1)
Drawing from larger and more complex data sets gives you an advantage over more traditional data analysis mechanisms. The volume of recorded data that you can store, process, and analyze is so great and so insightful, you can now solve a number of business problems and warm up cold leads. Pairing this strategy with the use of call monitoring software can significantly improve your sales.
What can big data do to reheat cold leads?
1. Take advantage of more targeted marketing
Perhaps the prospect of an entirely digital marketing campaign instills you with fear and anxiety. That’s understandable, but take a moment and soak in some facts. The reality is—a sweeping, indiscriminate onslaught of paper flyers in letterboxes or expensive advertising space on a platform whose only merit is their use by your competition—should be far scarier (and makes less sense).
Targeted marketing that’s individually tailored to your customer base is far more effective. The days of ‘one-size-fits-all’ marketing are gone, and taking its place are communications that understand individual consumer habits. While this will take longer, data analysis has found that tailored marketing is about three times more effective than generic marketing.
2. Product development
As a company, you are always trying to innovate and stimulate excitement in your prospective customer base. Have you ever wondered how Netflix can recommend something so in tune with your interests or how Facebook can send such specifically targeted advertising to you? This is thanks to big data, which monitors individual consumer sentiment and targets accordingly.
Imagine knowing what consumers want before they are aware of it? This is the kind of advantage big data gives you. Having previous habits and trends on hand means that you can innovate according to consumer needs. This kind of insight is gold when trying to reignite the flame between your company and a disinterested customer.
3. Build shortlists using algorithms
Sir Frances Bacon, a 16th-century English philosopher, once said, ‘knowledge itself is power.’ This has been interpreted in all manner of ways in the hundreds of years since, but scholars and critical thinkers tend to agree that he intended to convey a message that both having and sharing knowledge is a cornerstone of reputation and influence. (2)
With the proliferation of big data, that knowledge is now shared with you. The algorithm can inform the shortlists that you make, then are constructed out of powerful demographic or consumer behavior data. These lists are considerably warmer than what was previously available and can reheat those who had been led astray.
4. Improve your UX
Everybody is racing to acquire new customers and is trying to do so through any means possible. The data collected from websites, social media, emails, call logs, and other places have formulated a great deal of research into what factors are being deemed conducive to customer engagement and execution.
Things like increasing the quality of your user experience (UX) and making your processes more intuitive can give your customers that little bit of an extra push in the right direction. In fact, big data is beginning to discover how it can actually diminish independent practices in potential customers, leading to better sales figures and customer retention.
To wrap up
Big data is a fascinating space. The power of big data is only just beginning to be realized, and from the perspective of cold leads, this can have a great impact on reheating leads that have since turned cold. Using big data, you can more specifically target your marketing campaigns, produce products that consumers want before they know they want them, organize consumers into shortlists, and help inform UX improvements you make. Using big data for these processes will prevent your company from ever going hungry.