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Four Ways Big Data Is Still Changing the Way We Do Business

Marketing research took a major turn in the 1970’s, when the practice turned its attention towards the influence that social behavior has on the consumer marketplace. Having continually developed ever since, integrating new technologies to strengthen our understanding of the social side of business, today’s businesses rely heavily on consumer data in order to successfully attract customers and increase growth.

From the creation of more personalized campaigns, to harnessing the power of social media, here are four of the major reasons that big data is changing the way we do business as we know it:

1. Data makes companies more social

It may sound counter intuitive, but consumer data analysis has resulted in businesses becoming much more social. Marketers can accurately identify consumer needs thanks to comprehensive data analysis, which has made room for more personalized customer services to emerge. Some of the key elements of data analysis that have contributed to more socially-oriented marketing techniques, include:

  • Exploratory data analysis helps businesses recognize new and existing target markets, allowing them create content based on the needs of these specific demographics
  • Analysis of public data allows businesses to identify which platforms their consumers most often visit, allowing them to engage with their customers directly
  • Data insights allow companies to segment their target markets, thus creating more meaningful curated content based on their needs

Mobilizing big data is a chance for companies to gain better understanding of today’s on-the go consumers expectations, and subsequently adapt to more social and communicative professional landscapes.

 2. Data allows businesses to be more prepared

Predictive data analytics can help businesses today be better prepared for unexpected changes unlike ever before. While it’s impossible to know exactly what the future holds, big data provides important insight regarding commonplace trends and fluctuations in today’s market. Big data has granted business the welcome opportunity to avoid potential setbacks by anticipating the following points:

  • Data helps business understand fluctuations in the market and when they most commonly occur, such as a rise in sales around the holiday period. Understanding these changes, allows companies to modify business model in order to accommodate these changes
  • Big data highlights potential opportunities within specific industries that may previously gone unnoticed, giving businesses the chance to make more lucrative and judicious investments
  • Regular data analysis gives companies the chance to act faster, facing potentially difficult situations in a more tactical way

Investing in an expert research analyst is a wise move for businesses that are looking for the opportunity to revitalize or expand their business model.

 4. Data makes room for improvement

Data analysis allows companies to better meet consumer needs, while also greatly contributing to more updated, contemporary business models. Understanding what you are doing wrong is the first step to improvement, so rather than wasting resources on experimenting with marketing and advertising schemes hoping that they will work, utilizing data sets can help you identify what you are missing, while also potentially presenting new opportunities. Some of the most customary issues any business today face are:

  • Many business that are failing to generate new leads and increase revenue more often than not haven’t truly identified their customer, and data analysis provides detailed information about your target demographic, so you know exactly who you are talking to
  • Today’s active and connected consumer base is always changing, thus your business model has to be flexible. Data helps you track your target market and understand not just their current needs, but what they expect
  • Different market require different strategies. Is your market younger, more social, or are they more professional and demand a more serious tone? Data allows marketers to segment their target market based on these expectations, allowing them to curate content and improve consumer engagement

Predictive as well as prescriptive data analysis can help you identify issues within your business model, while simultaneously providing potential solutions to the problem.

4. Data creates an experience

While data gives businesses the chance to strengthen their business models, increasing sales and conversion rates, data has also improved the consumer experience as well. In-depth knowledge about your consumer allows you to relieve them of stagnant content and advertising and creative more dynamic communication channels and experiences. Some of the ways that data has creative a more interactive customer experience are:

  • Data can significantly improve customer relationship management as it gives insight into how customers respond to specific campaigns, offerings and updates in your business plan
  • Utilizing automated customer service tools, such as chat bots, can help you access real-time data while giving consumers a more personalized experience
  • Diagnostic data analysis helps your business identify why consumers respond they way they do, allowing you to adapt quickly to either improve or change the way your communicate

With the majority of business utilizing data to cultivate more accurate target markets, big data has influenced overall business development in the context of the digital age.

Contributed by: Anthony Coggine is a HR professional turned business analyst. He has spent more than 5 years as a recruitment consultant in a variety of industries, primarily focused on consumer technology and research. 

 

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Comments

  1. We often say that data is used to increase our competency of doing some well. That data is not a value add, but a force multiplier.

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