Whether you are a part of an SMB, a large corporation, run your own company or even want to entertain the thought of going out and taking a dive into the exciting world of start ups, big data should be part of a majority of organisations growth strategy, and for good reasoning. With such an interconnected world in today’s day and age, not only have the barriers to communication drastically decreased even from one side of the world to another, but with this comes the ability to cluster larger groups of people in a more accurate fashion when it comes to consumer behaviour.
Big Data = A term that describes a large quantity of data that can either be organized or unorganized which impacts a business and all aspects of it day to day.
Whether you recognize it or not, you are likely already utilizing big data most days in your job, however, you may use it in different mediums such as; Google analytics, purchasing trends, stock levels, human resource management, expenses and KPI’s just to name a few. The point is though, that if it can be measured and qualitative, chances are it can be classified as big data. Where most businesses get stuck however is how they utilize the big data…being able to structure, cluster and organize this crucial information can be the difference between hitting revenue targets, managing employees effectively or even pinpoint exactly where demand lies among consumers you never knew existed.
Below are 3 main ways in which you can immediately begin to utilize big data within your company:
1- Understand Your Social Media:
There’s a theory going around right now that it’s not whether or not you want to use social media, but more of a case of how effectively you do use it. If you are already utilizing Facebook, Twitter, Linked In or any other platform, the good news is that you are already halfway to understanding your target market. Through various integrated communications campaigns as well as content marketing schedules, you will be able to actively assess where the most engagement comes from as well as the more popular products/services that are promoted through these channels. Now while sales is an integral part of your campaign, it should only comprise of %20 of all posts, the other 80% is your chance to further specify the thought leadership aspect that you and your company are attempting to convey.
2- Understand Your Transaction Methods
Whether or not you accept it, us humans are all naturally lazy to a degree. As a result, there is a direct correlation between this and how we go about paying for and purchasing the products and services we do. As well as being proficient at marketing to your target market, understanding the most effective and pain free way to handle transactions can be the difference in revenue and establishing strong customer relationships. Big data remains at the heart of this information as information at the point of sale is crucial to long term success. It may be PayPal, credit card, cold hard cash or even direct bank transfer…whatever the simplest and most efficient way to reach your market is, start to utilize the positive feedback.
3- Understand Your Predictive Analytics
As simple as it sounds, using the data you have internally to identify not only how past transactions were paid for, but exactly what they paid for is the most simplistic yet overlooked form of utilization of big data people face today. Guaranteed, a handful of your competitors are already looking into using these predictive analytics as a form of lead sourcing based on previous successes, however, you can go one step further. Really recognize what types of innovations and which verticals your products or services have been most successful and thus, use predictive analytics for the entire sales process. From analyzing lead sources, to the number and types of communications you have with your potential clients and ultimately how it all integrates into your CRM data, you may even be able to shorten the sales pipeline and thus really focus on the more successful techniques that bring you brand awareness and resonance.