Just a few years ago, most organizations were unsure about how to implement big data analytics into their business models. This is because the cost of analysis was huge and it was a lengthy process. But today, everything has become digitized and data is flooding in from every possible direction.
Organizations can obtain terabytes and petabytes of data from various sources, like their operations and transactional systems, customer service points, landing pages, mobile and web media platforms etc.
But instead of using all this data to their advantage, companies are overwhelmed by the concept of big data. According to a survey held by big data solutions provider, Talend, only 10% of the respondents implemented big data analysis on a large scale, despite seeing nearly 40% growth in interest in big data within their organization.
But, if you want your business to survive in today's fast-paced technological environment, you need to stay on top of the game. Big data is the key to get valuable insights from customer behavior patterns that will enable you to make timely decisions and help your business grow.
You cannot expect your brand to develop further without knowing customer demands and market trends. This is when big data tools come to your rescue.
Big data analytics can help you examine gigantic amounts of data and uncover the important aspects that will help your business step forward in the right direction. In fact, it is an indispensable source that will help to design new products or services according to the needs of your clientele.
Here are 7 of our best-kept secrets that can improve sales, increase profits and guarantee customer satisfaction in your business. Just base your business model on the following words of Edward Demming, and watch the magic unfold- "In God we trust, everyone else bring data".
1. Increased efficiency
In the last few years, especially after the arrival of the internet, enhanced connectivity has connected almost every individual to a social media platform. The footprint of e-commerce organizations has grown tremendously and now successful companies are using data analysis tools and data management systems to plan their next marketing initiative.
Big data analytics provide you an instant update on how well your organization is performing. Valuable customer insights help you point the strengths and weaknesses of your product and workforce. By implementing this analysis, you can increase your efficiency immediately and motivate your team to perform even better than before.
2- Improved pricing techniques
Pricing your products can be tricky. Price them too low and you will be facing a loss. Price them higher than average, and you will be pushing your customer away. This is why, you should be aware of the ongoing pricing trends in the market.
By using effective D3 data visualization in data analysis tools, you can check out the competitors' prices and also set your minimum. Big data makes it easy for you to understand market sentiments related to your brand as well as other competing brands in your area.
3- Minimize the risk factor
Entrepreneurs are scared of a loss, while planning to expand their business. One wrong decision can make an undesirable impact on the whole company. Big data can help mitigate the risk involved in expanding. With the reliable prediction tools big data has to offer, CFOs and auditors can monitor risk in advance and stay away from common project failure points.
4- Innovative approach
Big data analysis helps organizations identify the needs of their customers and understanding them in a much better way. Equipped with valuable customer insight, you can design a product or a service that is much more efficient and up to the mark.
You can choose to be as innovative as you want and pertain to the customer's point of view while brainstorming. This will help you to grow in the right direction.
5- Satisfied customers
Everyone knows that nothing can help a business grow more than its loyal customer following can. With the help of big data pattern analysis and opportunities, you can make sure that none of your customers return unsatisfied. Identify brand improvement opportunities through customer reviews, discover the pain points within your product, offer personalized shopping - the possibilities for improving customer service through big data analytics are endless.
6- Monitor your brand's reputation
Before planning to grow, it is essential to understand your organization's current standing. Big data analysis can help you by actively monitoring your social media presence. Big data has created a social scale and your company will be scored on excellent customer service, online reputation, corporate social responsibility etc. All these factors help in building a positive online reputation which is extremely important if you plan to expand within the next few years.
7- Effective advertising
Through big data analytics, you can test all your advertising materials for their effectiveness. All landing pages, pop-ups and images should be assessed and tweaked regularly to see if they are making the desired impact on your customers. This approach helps you identify the best sources of advertisement so that you can drive maximum engagement and sales towards your website.
Advertising is expensive and by using big data analysis, you can know which advertising technique resonates best with your customers and get immediate return on your investment.
Without any doubt, the future of business growth depends on how intelligently you are applying the business analysis potential offered by big data. If you provide your enterprise with the understanding, techniques and tools to leverage big data insights effectively then nothing can stop you from succeeding.
So, take out the time to get into the nitty gritty of big data and apply it to all areas of your business operations. You will be surprised to see the instant improvements after using a good data analytic tool.
Which areas of your business are you analyzing through big data? Share your best-kept secrets related to big data analytics that can help other entrepreneurs grow their business.
ABOUT Alycia Gordan
Alycia Gordan is a freelance writer who loves to read and write articles on healthcare technology, fitness and lifestyle. She is a tech junkie and divides her time between travel and writing. You can find her on Twitter: @meetalycia