You’ve almost certainly heard the phrase “big data” being tossed around the healthcare industry for the last few years. Before you begin tuning it out as just another useless buzzword, consider our article from last week where we detailed the important functional foundations from whence many buzzwords have sprung. Among them was “data-driven,” a driving force in marketing focused on using large collections of data to speed up processes and remove the clouds of human bias and indecision. Data-driven processes can be hugely helpful to businesses hoping to free up time for important tasks and functions. These processes utilize sets of data so large they require computer assistance to be understood, hence the phrase big data. Big data is changing the healthcare landscape, from the way electronic health records are kept to the marketing approaches employed by medical technology companies.
An extensive survey conducted by McKinsey & Company revealed 4 main areas of data analytics’ impact:
1. Improved generation of leads
Big data allows enormous sets of potential customers to be analyzed in the blink of an eye. It does so with a degree of specificity that would take a human weeks or months of work to match. The data provides a 360° view of potential customers and examines a multitude of factors that can reveal the degree of quality they possess as leads. This can remove a large portion of the guesswork from lead generation.
2. Improved pairing of deals and customers
Not only can big data analyze how likely a potential customer is to purchase a product, it can apply its skills to examining the behavior of past customers. Analyzing buyer behavior can reveal a treasure trove of analytics that can help businesses see the big picture. What’s more, one firm was able to study data related to the behavior of their own salespeople and use it to improve training procedures.
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3. Increased customer lifetime value
In addition to converting prospects into sales, big data can also help drive existing customers to make new purchases. Relying entirely on human sales can lead to missed opportunities to close sales on related items since they don’t have expansive customer data on hand the way big data systems do. Big data can devise and execute “microcampaigns,” or small sales pitches targeted towards specific customers based on their individual behavior and habits. Not only that, big data can increase customer retention because it can recognize patterns and behaviors indicating they may be unhappy and reach out to them much more proactively than a human could.
4. Efficient transactions
This ties into programmatic advertising, which utilizes big data to make effective sales and purchases of ad space. These capabilities can expand to other realms of B2B sales, helping sellers quickly determine how others are pricing similar goods while allowing buyers to compare prices in the blink of an eye.
Big data is becoming less of a trend and more of a staple with each passing day. Stay tuned to our blog for more industry tips and insights.