Ever since the dawn of business, owners have looked for new competitive advantages to elevate their brand to the top. The biggest direction in today’s business market, is the path towards utilization of something called “Big Data”.
Big data analytics is the examination of large sets of data to expose usually hidden business information like consumer preferences, buying trends, market fluctuations, statistical correlations, etc. The objective of using these findings is to help businesses make informed decisions and predictions that will provide favorable outcomes. An analyst can look at certain market arrangements and make educated guesses on where they see potential business leads.
With such great opportunity, how can companies reap the benefits?
The Right Way Towards Adopting This Practice
Figuring out a way to incorporate large information sets into future growth predictions is tough. For example, let’s say your boss sends you an Excel file listing out multiple product sales, social media content reaches, web page clicks, etc. You’d be lost, unless you knew exactly what these numbers meant. Having an understanding of what questions you are trying to answer is the number one goal in doing big data analysis. Some questions to guide your analysis:
Don’t just let the data come to you. Know exactly what you’re searching for and the correlations between data points will reveal themselves. A business interaction by a consumer is more than just a sale. The research a customer does before making adecision, the navigation through the website, the past purchases of the customers, etc. These are all ways a customer inadvertently gives your business vital information for potential growth.
Image Source: pexels.com
Benefits in Business Growth
Big data analysis gives companies an opportunity to use this giant pool of consumer statistics to their advantage. With cloud services constantly being updated and database software improving, we are seeing a greater trend towards preservation and utilization of information. This beckons the question:
How is this helping companies gain extra traction in potential development?
Every second we create new data. With this in mind, Google also processes over 40,000 search queries every second on average. With 90% of all the data in the world being generated over the last two years, processing this information into relevant predictions and correlations can accelerate growth for any business. The most prominent advantage that big data analysis has, is that companies can tap into new market segments they wouldn’t normally consider viable options.
As opposed to previous methods of gaining information like surveying potential/existing customers, direct market research, or even already existing market sentiments – using quantities of consumer statistics inherited through multi-channel platforms is cost efficient. This helps promote expansion tremendously, because the money saved can now be used for other segments of a company that need improvement.
Image Source: pixabay.com
According to contentfac.com, a professional social media marketer can cost upwards of $20,000 per month. Utilizing the amount of information that these huge databases of statistics possess, your company can substantially reduce these costs and produce results for a higher ROI. Investing in a company’s own brand and research can allow the building process to grow naturally, as businesses learn more about themselves and how they are being seen by their target demographic.
Data utilization is every business’s key to success. With such a vast collection of information and a continuing growth towards preservation and accessibility of it, it grows increasingly important for businesses to leverage this knowledge for a more targeted approach to achieving business results.