Enterprises collect an unprecedented volume of data about their consumers, sales, and products. In most scenarios, these rows of information move very fast, are too big, or they surpass the processing capacity of the existing technology applications in the organization. But with Big Data and Business Intelligence, enterprises get to enhance operations, their profit margins and also make quicker, more brilliant business decisions.
The retail market has been trading on its gut instinct for years. But now, they’re recognizing the importance of capturing data around their strategic business activities. The ability of businesses to back their decisions up with evidence of things that might work is essential.
BI and Big Data analytics have revolutionized a myriad of industries, with the retail sector being the biggest beneficiary. Big players like Walmart and Amazon leverage BI and Big data analytics to enhance their retail performance. However, these benefits aren’t limited to full-blown companies alone, medium and small businesses can also realize great value in integrating the systems into their operations.
The advantage that comes with the ability to process significant volumes of data is the main attraction of business intelligence and big data analytics.
Here’s how enterprises can turn BI and Big data into a business advantage.
In retail business – supermarkets, department stores, and e-tailers – transaction histories and sales receipts can produce incredible volumes of data depending on the business size. These rows of information present a massive opportunity for business to analyze their sales. However, valuable insights are not based on volume alone.
Integrating a successful business intelligence solution can assist retail organizations to pull out essential information from a chunk of data, by addressing the question at hand. It gives definite answers to question like how much of a product is being sold and the type of client that’s buying the product as well as the store or outlet that sold the product, and the specific time.
These are critical answers that retail businesses need to improve their decision-making process. The trends in the data showcase the strengths, weakness, and opportunities for the company. For instance, one can know when they make the most sales and the time. This way, they ensure that that particular store has enough commodities to meet the demands. The data also points out areas that perform poorly, allowing the enterprises to make drastic decisions to rectify the problem and identify potential opportunities.
That said, the real value of BI or Big Data isn’t just based on the ability to address the questions on an individual basis; it comes with the ability to converge data from multiple systems and sources so that users can gain more insight from the available information.
Like never before, Big Data and Business Intelligence are helping to merge business systems in retail stores to enhance operational efficiency while providing higher profits. BI and big data allow operations managers to have a detailed summary of the operations, so they can eliminate any bottlenecks and enhance efficiency.
The access to real-time information also enables finance managers to take care of traditionally narrow margins of profit with greater context to make sure they enjoy maximum gains from investment into inventory.
And since all these processes happen on the cloud as opposed to the traditional books and hard drives, there’s a reduction in hardware and maintenance costs. Enterprises can also integrate cloud into the current systems with less expense.
Knowing who the most profitable consumers are is a crucial concept in retail business intelligence and Big Data. The sales analysis allows businesses to increase their profits margin by understanding who their most loyal consumers are and strategizing on ways to keep them on board. The realization also lets enterprises define a unique opportunity around insight creation.
Having access to real-time consumer demand pattern information allows enterprises to match their inventory to their orders accurately, which results in customer satisfaction. Consumer analysis can also help predict seasonal spikes, trends, and depression. This way, retailers can always avail the right inventory levels to match their demands.
Besides, the cost incurred in finding and acquiring new clients is far much expensive than the cost of maintaining the existing ones. So it’s more realistic for retailers to pay attention to what the data is saying concerning these individuals.
Consumer analytics, as part of BI and Big Data, can be leveraged to create and maintain loyalty programs aimed at pleasing these customers. This plan is sure to increase the consumer retention rate and also result in more business through referral of happy and contended buyers.
5 Tips to Help You Implement a Content Marketing Strategy
“High-quality web content that’s useful, usable, and enjoyable is one of the greatest competitive advantages you can create for yourself online.” –
The age-old adage: “Content is King” is more relevant in the global digital media marketing world that it has ever been before. Statistics generated by Newscred.com show the following:
- 71% of consumers are turned away from a brand by direct sales pitches.
- 40% of consumers prefer emails that are content-rich and not promotional.
- 84% of millennials do not trust traditional advertising.
- 2017 statistics show that 615 million mobile devices have installed adblocker technology.
- 2017 statistics show that 84% of people expect brands to create content.
It should be noted at this juncture that we are talking about high-quality, informative, authoritative content. Publishing run-of-the-mill spun content is counterproductive and can harm your brand’s reputation as a leader in its field.
Finally, 2016 studies have shown that circa 75% of brand marketers are increasing their content marketing budgets to allocate a more significant slice of their overall marketing budgets to content strategy and content marketing.
Implementing a content strategy
From the figures mentioned above, we can see that designing and implementing a content marketing strategy is a vital part of a brand’s digital marketing strategy. And it should not be avoided or downgraded to a very low priority. Therefore, here are five tips to help you with your content strategy:
Work with a reputable agency
It is vital to partner with a digital marketing agency that has years of experience writing high-quality, informative content. Additionally, it’s a good idea for this agency to keep up to date with the changes to Google’s ranking search engine algorithms to ensure that their clients’ brands continue to rank up in the top three to five brands on the Search Engine Results Page (SERP).
Identify your brand’s target audience
Let us assume for this article that you own a business that designs and manufactures Merino wool jackets for the athleisure and casual outdoor market. It is vital to describe each persona-type that will be interested in purchasing this jacket. For example, someone that is interested in only wearing high fashion and is not interested in spending time outdoors hiking is probably not going to wear this jacket. Therefore, there will be very little ROI if you market your brand to this persona.
Identify the type of content that will add value to your brand
Different content types suit different brands. It depends both on the brand’s products and the target audience. Once again, if we look at our Merino wool jacket, we can see that the following content types are suitable:
- Instagram and Pinterest posts with high-quality photos showing how the jacket can be worn.
- Long-form articles that are related to the jacket and how to care for the jacket.
- Informative emails that provide links to the long-form articles as well as links to new products.
Consistency is critical
Consistency is a cornerstone of all content marketing strategies. Regular content gets ranked higher on Google (or other search engines) because of its consistency. It does not matter what the time frame of each post is. What matters is that if the content strategy states that a guest blog post will be published three times a week, the brand marketer must stick to the plan. On the other hand, brands that do not post regular content do not keep on “reminding” Google that they are essential, and they add value to their target audience’s lives.
Content builds trust
High-authority, informative content builds trust. For example, let us go back to our Merino wool jackets. It is natural to assume that the brand’s target audience will ask what temperature can the jacket be worn at, whether the jacket is waterproof or not, how to wash the jacket, and how should the jacket be stored when not in use.
The best way to answer these valid questions is, not only to add this information (in bullet point form) to the jacket’s description but to write and publish an informative article on the value of a Merino wool jacket and how to care for it. As a result, the brand’s target audience will see the brand owners as knowledgeable. Additionally, they will assume that the brand cares about its customers.
This article does not attempt to be a comprehensive guide to the mastery of content strategy. For more information, talk to Firecrab Digital Media.
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