In our article “Mastering the data jungle with data-driven marketing” we show you how to collect data effectively and use it as the basis for promising pricing and marketing strategies. What sounds simple in theory, still confronts retailers in practice with immense challenges. The many opportunities that big data offers are overwhelming to many companies: According to a survey by Reutlingen University, some 70 percent of the surveyed marketing players consider big data as future-oriented. However, only 30 percent of these marketing decision-makers have so far dealt with big data. So why might that be?
Big Data Insider explains this by an unease in companies with the handling of large volumes of data. Even if big data contains all the necessary information for successful marketing strategies, this remains hidden when the decision-maker does not even discover it.
Tools for data visualisation offer a simple and effective solution here for the user.
Smartly handling large data volumes: Graphics speak a distinct language
Data visualisation tools provide a fast way of converting mountains of data into useful graphics. Marketing decision-makers formulate specific questions and the tool responds with depictions that reveal to the user previously unrecognised connections.
In this way, findings can be made into product sales, traffic, or insights relevant to target groups.
The Business Intelligence software QlikView from QLIK has emerged as an easy-to-use and innovative big data visualisation tool. For the seventh year in a row, QlikView has gained a place in the Leader Quadrant of the Gartner Magic Quadrant within the Business Intelligence segment. With these Magic Quadrants, the market research analyst Gartner determines the most important IT companies and recognises trends in the industry at an early stage.
QlikView relies on simplicity, mobility and loads all data into memory using fast in-memory technology. The user thus has immediate access to their business data. “Imagine a sales situation in which relevant real-time data and graphics are presented to the customer or a data visualisation is developed live to suit their questions“, summarised the regional vice president of Qlik, Wolfgang Kobek. “This can be decisive to both profit and competition.”
blackbee also uses QlikView to create graphic evaluations.
Data visualisation: Using graphical depictions to record what your competitors are doing
In addition to price optimisation and price monitoring on the Internet, blackbee offers retailers further advantages in dealing with big data. To know which price strategies other competitors are pursuing, help from the blackbee Business Intelligence software is indispensable. The large amounts of data sets are clearly portrayed in the software. This gives users an overview of the top 5 suppliers of a particular product. In addition, our price optimisation tool illustrates which optimisations online retailers should perform to increase their profits. In this way, blackbee shows retailers which prices they can raise, up to a certain level, for their own margins to increase.
blackbee’s user-friendly interface ensures that price trends arriving in graphic form can be captured quickly. Online retailers can thus develop short-term and long-term pricing strategies for increasing margins. The clear presentation of highly valid data enables retailers to react quickly and dynamically to market developments and also to increase their profits. Already after the first month the margin of a company will increase by three per cent. Please also read our Five-step-guide to successful price management.
Optimise your prices with clear graphics – test blackbee now!