There are dozens of articles all over the internet talking about the virtues of data and the benefits that it brings companies. But how do the big brands use your information? And how does it help them beat out their smaller rivals? Let’s take a look.
Coca-Cola Uses Data For Customer Retention
Companies are always looking for ways to keep their customers and stop them from choosing rival products. Coca-Cola, more than practically any brand in the world, wants to know the answer to this question, since its product is very similar to that of its main rival, Pepsi.
The company, therefore, is looking for clues for how to get people to stick with it in the data it collects from online and in-store. Big data forms an integral part of the firm’s product development strategy, telling it the direction it should take next. Consumers, for instance, want products that are low in sugar but just as delicious as the original. Here Coca-Cola has listened, providing a host of stevia-sweetened alternatives for those looking to drop their calorie consumption.
Netflix Uses Data To Gain Better Marketing Insights
Netflix is probably the most popular streaming service in the world. Its success is built on its ability to not only develop quality programming but also to collect a vast amount of data on its marketing efforts. Netflix wants to understand which marketing methods are the best for attracting new customers and getting new subscribers.
The company also uses the data it collects and feeds it into its recommendations engine – one of the most successful in all of history. Using information from millions of users, it constructs a picture of the type of programming that people might want to watch and then offers it to them in the app. The system is so powerful that some analysts believe that it is the single biggest reason why Netflix has enjoyed such stunning growth, and why other services haven’t.
UOB Bank Uses Big Data For Risk Management
As Real IT Solutions, Inc. points out, companies face substantial risks, not only to their data but in the wider business environment. For this reason, UOB Bank in Singapore is now investigating how to use big data to minimize risks. Part of the solution is, of course, backing up the data. But the company is also using it to assess how events from around the world could impact its business model. It is then feeding these data into its systems to perform a kind of internal stress test, which it hopes will make it more robust in the future. The hope is that by the end of the decade, the bank will be able to conduct real-time risk analysis when offering customers products, instead of doing it retrospectively.
Whole Foods Uses Big Data For Product Development
Whole Foods is using big data to get a better understanding of how consumer order groceries online. It wants to provide more fresh food deliveries and is using data to try to tap into that market. The more Amazon can understand the analytics, the better the service it can offer.