3. Next best action
Big Data can be used in marketing to predict what a customer might buy next. Oliver Rees, founder of Torque Data, says creating scores for each customer and marketing to them specifically has driven up response rates for financial service products by up to 900 per cent. Information on current customers can also be used to target the acquisition of new profitable customers. “This has the double impact of reducing media or advertising cost whilst increasing the overall net present value of the customer base,” Rees says.