Using Big Data to Understand Your Business Better

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Using Big Data to Understand Your Business Better

Whatever kind of business that you run, analyzing big data is going to be a huge part of your marketing operations. But what is big data exactly, and how can businesses analyze it better? Big data is extremely large sets of data that can reveal patterns and trends. In the business sector, big data is used to predict the behaviour of your customers. Who’s going to want to buy your baby products? Mothers, of course. Should your marketing strategy focus on fathers? Maybe you shouldn’t invest too much in that.

With Illumisoft data management or any type of data management system, your business is empowered to gather data, break it down, and use it to understand your market better. In short, marketing business becomes easier when big data is involved in the marketing efforts. The challenge is how to whittle down the data into clearly understandable information.

Collecting and Analyzing Data

Where can you retrieve the big data to understand your customers better? Usually, it’s from web metrics, customer contact centre, sales, social media, and mobile data. This is hard-to-decipher data that does not make sense at first. They are usually a chunk of information that has no real value when you first look at it.

There are many methods and platforms that you can use to collect data. Small and big businesses will benefit from collecting data that can be used to get insights into the psyche of the market. Experts believe that small and big data has a huge impact on every component of the business whether you’re a local diner or one of the Fortune 500 companies.

Creating Buyer Personas

If you haven’t created buyer personas for your customers, know that you’re losing a lot of big opportunities. The reason for analyzing big data is such an integral part of any business operations is buyer personas. These are characteristics that represent the various groups of your target market. Segmenting your customers will allow you to develop marketing strategies that target each segment.

The segments should contain, among others, demographics, motivators, sources of influence, and average income. Demographics include age, gender, race, marital status, employment status, and income. Other factors to consider in creating buyer personas are location, interests, lifestyle, personal goals, and past behaviour.

Making Better Decisions

How do you make your decision to purchase more inventory? Do you depend on past sales? But what happens if the market you’re targeting in your new branch has a different taste than the market in your other branch? Sure, you can order new inventory based on what you think will sell best. But ordering based on what you know is already in short supply after an inventory check is the wiser choice.

But more than making better decisions, big data also gives you the best choices to solve problems. With data, you can pinpoint the exact reason a marketing strategy has not worked. If you watch sports, you know how important data and statistics are to athletes and coaches. They collect data specifically to make their plays and strategies better. That’s how data is going to help you sell more products and serve your customers better.

Judith Arevalo

I am a good Mom, have two active children. I am working in a beauty and spa company but now I also decided to make its own profession. So I am here to learning and teaching.

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