Have you ever heard of the term big data? In case you do not have a clue what big data is all about, then in simple terms, it is a buzzword coined to describe the ever-ballooning amount of data in the realm of modern human life. The term refers to the fact that virtually any human action today can be quantified and placed in a big bank that is growing at a very rapid rate. A good example of big data is a scenario – how people these days can move things around by merely using smartphones or perhaps a scenario where casinos can monitor gamblers by employing sophisticated sensor technologies.
Don’t get it wrong as these are just examples of how big data is generated. In fact, there are a number of fields that fall under the umbrella of big data – Black Box Data, Social Media Data, Stock Exchange Data, Power Grid Data, Transport Data, Search Engine Data among others. The trend is bound to get big, but how can this trend be used to grow businesses?
Marketing is one of the core parts of a business and what is the better way to sharpen current marketing than getting the new marketing plan. There are a number of ways one can use big data into to achieve this:
- Using Google Trends
A Google trend has to be the easiest way of getting an analytic view of global and local data variables. With Google trends, one can easily get a picture of the potential clients by simply having a peek at search trends pertaining a given trend or topic.
- Developing a Real-Time Personalization to Clients/Buyers
In marketing, sending the right messages at the right moment is the basis of any successful marketing campaign hence a consumer engagement with a brand. Bid data can help in giving insights on the digital behavior of those interested in a given product or service. This way, a business can easily tie up the behavioral characteristics to CRM and automated marketing software systems that will get brands marketed in the desired way.
- Defining a clear ICP
Traditional ways of getting Ideal Customer Profiles (ICP) mainly revolved around making educated guesses, but modern marketers can use big data intelligently. Aspects like Age, work profile, demographics of a given target client/buyer can be fine tuned to an extent that one can get trends like the websites visited, buttons clicked on the website and so forth.
- Fine Tuning for Content that Drive Sales
Most companies have been using social media and content in a bid to drive sales and generate revenue. The challenge is to know if the content is actually working or not. Big data has a solution for this. Tools like content Scoring can give a marketer the right overview of which content was successful in getting a deal closed/won and those that failed. This way, it is easier for one to deliver tailor made content aimed at getting the best results.
- Merging Predictive Analytics to Lead Scoring Strategies
A company can create a model whereby CRM data and third party Internet data can be blended to predict future lead behavior. Such model uses historical data that has proven successful. In essence, those warranting are given priority that has scored higher.
2. Improving Security
Businesses can boost their security given that even IT professionals can also get benefit from big data. In fact cloud data and big data analytics can be used to develop custom made security decisions that suits a given business. A good example is to know the right tools to beef up cyber security for a given company.
3. Optimizing Operations
By accessing and using these data, employees can easily increase their productivity, they can also generate more revenue for the business. Take an example of truck business that uses smart tools to predict traffic in a given route. Employees in charge of analytics in the company can easily anticipate traffic congestion and develop efficient ways of solving the problem. This indicates that a business can also develop real time intelligence coupled by efficient data mining schemes in a bid to improve business functions. A good working example is the insurance industry in Australia that has adopted big data to get the probability of individual risks.
4. Improving Customer Service
The digital age has escalated the expectations of customers to brands and they want fast and better service. Big data analytics usually involve examining data from structured sources such as purchase history, CRM, intelligence from partners and combine them with those from unstructured sources such as social media sources and give an idea to businesses of smart customer service delivery. By using big data tools, a business can improve customer support in the sense that customers can get tailored responses on inquiry. This method can help to improve customer experiences thus solidifying a brand’s status in the ever competitive market.
Creativity is the key to innovative product innovation, but things can get messy without proper product design and development. Big data can help to reduce the chances of developing flawed products in that a business can get metrics pertaining to a product before investing in the same. Big data helps in the predictive analytics, which is needed to develop products that represent the right consumer value whilst giving an overview of the risks associated with developing the product.
The five benefits of big data to business is just an illustration of how the trend seems useful with the time. However, big data will not yield results overnight. More so, it will only give the information meaning that human strategy is still needed to get the things done!