Make Your Data Work This Year
Are you curious about Big Data and how it might benefit your business over the next year? Maybe you’ve heard good things, but you’re just not sure how data science can or should be implemented in your specific business. To help with some ideas, here are a few ways Big Data is being used right now to the benefit of companies across multiple industries.
Data’s Pervasive Effect on Business
E-commerce is about much more than close rates. There’s a lot more data available than who bought what, when did they buy, and how much did they pay. With big data, e-commerce companies can gather a tremendous amount of additional data and use it to inform their upcoming offers, refine the current one, and predict what they should be selling next.
From a marketing standpoint, big data can help you follow the transaction for the entire life of the deal. From original offer, who gave what information at what point, through the sale, who bought and who didn’t, and then what happened after the sale, who paid and who came up short. Understanding the ups and downs and ins and outs at each stage of the deal can help companies better craft and execute their next deal.
Gain Customer Insights Through Data
Knowing what people are really saying, when and why. Social media has completely replaced and transformed the old comment box sort of feedback for products and services. Big data can help companies capture much more social media scuttlebutt while taking advantage of what’s directly useful and mining what appears to be superfluous for even more nuggets of wisdom. Learn what people are really saying about your products, your services, and your latest marketing campaigns to get in-depth predictions of what you should change and what will work better down the road.
Big Data Leads to Custom Advertising
Big data allows businesses to predict what people are doing and when to offer them products and services based on those activities. This is context-based marketing, and it works best when it’s connected to big data engines that can manage the data load while processing and updating information in real time.
Finally, big data allows you to capture information now and figure out how to use it or why it’s important later. Instead of simply throwing away what could be very useful intelligence, companies are using big data to capture, organize, and store data to be mined at a more optimum time.
Roman Temkin is an NYC based entrepreneur and real estate developer.