8 Reasons for Businesses to Embrace Big Data
All companies, both small and large, need to be able to make smart business decisions each day in order to compete with more established competitors. Yet, many are making the huge mistake of ignoring big data, which could help them to make more informed choices, increase their revenue and dominate their market.
It doesn’t matter if you are at the helm of a small, medium or large organisation, you should utilise data analysis to grow your profitability and brand. Here are eight reasons for businesses to embrace big data.
1. To Make Better Business Decisions
The more you know about your business, the easier it will be to make key decisions that can determine your company’s profitability, reputation and longevity. Big data does, however, depend on the accumulation of high-quality information related to your organisation.
You can then use this valuable data to make alterations to your internal processes and predict future industry trends, which could help your brand to gain an advantage over its rivals. If you fail to invest time and money into big data, it will be difficult to understand your demographic, and their online behaviours and thought processes.
2. To Understand the Bigger Picture for Your Brand
A business analyst will be worth their weight in gold to any size of organisation. No longer will a company’s owner need to solely rely on their intuition, as a business analyst will be responsible for identifying the organisation’s big picture and simplifying large sets of data.
While their job isn’t to resolve data issues, a business analyst will endeavour to improve a company’s internal processes by creating data modelling techniques, ensuring important projects are on track and recommending solutions to transform their operations. For instance, they might suggest introducing efficient technical systems and collating stakeholder opinions. Learn more about how a business analyst could greatly improve your large or small organisation.
3. To Enhance the Customer Experience
If you are eager to improve your products, to gain a greater understanding of your customers’ preferences and to capture a new market, you need to utilise the power of big data.
An accumulation of a large set of data could provide an insight into your customers’ actions and thought processes. What’s more, you could potentially identify the target market that you need to aim for in the future.
4. To Master Social Media Marketing
Almost every modern company will have some form of presence on one or more social media channels, such as Facebook, Twitter or Instagram. By analysing your data, you will be able to identify brand mentions across the networks, learn more about users’ experiences with your company and analyse your posts’ statistics to make smarter business and marketing decisions. Gaining a greater understanding of social media users and their online behaviour will help you to improve the customer service experience, boost your brand awareness and increase annual sales.
5. To Develop Stronger Marketing Campaigns
In addition to supporting your social media campaigns, big data can also help you to make better marketing decisions for your brand. For instance, monitoring performance data could improve your content marketing strategy, which could lead to a stronger presence in the search engines, a larger readership and an increased customer base.
As previously mentioned, big data can also provide an insight into your demographic, so you can tweak your campaigns to reflect their age, income bracket, location and purchasing decisions. Your marketing strategy could be the difference between them choosing your brand and turning to a competitor, so big data could help your business to become an industry leader.
6. To Gather Opinions With Sentiment Analysis
Sentiment analysis, often referred to as opinion mining, is becoming a popular big data technique as it provides a business with an insight into how their customers feel about a brand, as well as their products and services.
It heavily uses both natural language processing and text analytics to learn more about consumers’ feelings and opinions, which could help your business to discover their strengths and weaknesses, tweak marketing campaigns based on consumer opinion, enhance the customer experience and discover new opportunities. The technique could help you to build a powerful brand and provide a greater customer service.
7. To Directly Target Your Customers
Personalisation, which is powered by big data, can help a company to deliver messages that a customer would want to read. For personalisation to work, you will need to collate their:
- Browsing history
- Buying history
- Online behaviour
The data will allow you to engage with your customers at the right moment, as you could send personalised, segmented emails, which could increase the likelihood of a subscriber clicking on an email, visiting your website and making a purchase.
It is not only emails that can make an impact, as you could use big data to create targeted advertisements. For example, an internet user could view an ad based on their online behaviour. As they will already be in the buying cycle, the ad could convince them to return to a site and complete a purchase.
8. To Forecast Product Demand
An inability or failure to meet market demand can result in a loss of sales, and can provide a competitor with a larger customer base, so all businesses will try to avoid these outcomes. Predictive and prescriptive analytics can monitor the market and predict demand. As a result, a company could make an informed choice on the products that they need to produce and in what quantity, when to produce them and the best destination to distribute them to in the future.
Any small or large organisation would be wise to embrace big data in the near future. After all, it can help brands to gain a greater understanding of their target market, deliver more effective marketing campaigns, forecast product demand and make more informed business decisions.
It is, therefore, vital to hire business analysts, utilise personalisation and identify various gaps in a company’s technology requirements. As a result, you could enjoy a larger customer base, a greater annual profit margin and longevity in your chosen industry.