“46% of marketers faced great difficulty trying to access compatible analytics and insights to give them an edge over the competition.”
What can Big Data Achieve?
The key to using big data is understanding what it can help your business achieve. While big data is frequently associated with marketing and e-commerce, it would be a mistake to believe that data is restricted to those small sectors. For e-commerce companies—such as Amazon and Wal-Mart— their strategy is to use data to their advantage. By carefully evaluating the browsing behavior of their users, these companies better understand their shoppers, their habits, and their needs. This information is then put to good use to ensure the business maximizes their profits.
What To Understand First?
“Companies that use data and business analytics to guide decision making are more productive and experience higher returns than competitors that don’t.”
Before a company begins to collect large amounts of data, it is important to formulate a long-term plan and goal. Storing data can be costly and analyzing the information can be even more so. Once you have established the purpose of your data, these six steps should help you use data to drive the needs of your business.
- Data collection: Some businesses will rely on data from social media networks such as Facebook and Twitter. Another good idea is collecting transaction information. If you sell goods and services online, collecting such information from your transactions will prove to be very helpful.
- Evaluate the Data: It is essential that you analyze the true accuracy of your information before spending an enormous amount of money to analyze the data in the first place.
- Gaining better Insights:In order to gain better insights a number of questions need to be addressed first:
How much do you know about your company’s data and collection processes?
How frequently is the information updated and where is it stored?
Is the information analyzed on a regular basis?
Are there any security or confidentiality concerns regarding the stored information?
- In House Capabilities: Great skill and experience is needed to effectively scour through the information and utilize the associated software. Many businesses have failed to add data analyst to their team, and this puts them a step behind their competitors.In order to get the most out of your data, it is pertinent to closely correlate data analytics and IT technologies.
- Data Visualization: Once you have learned how to collect accurate data, it is time to carve out insights from the information. Visualization is a key aspect of this process as it gives you the ability to represent the information in a more understandable manner. The utilization of certain tools such as Google charts or Datawrapper will make it possible to transform the data into graphs and charts.
- Turning Insights into action: Having access to big data and being able to analyze that data will not do you a bit of good if you are unable to translate those efforts into successful actions. Truly, obtaining the tools necessary to analyze the data is simply one step in the right direction. Whether the end goal is to increase security or drive profits, it is important that you figure out how to transform the gained knowledge into effective actions.
Consumer insights should be incorporated into each and every decision-making step at all levels. Whether it’s establishing a new advertising strategy or strategizing elsewhere, it is important to ensure insights are added to the equation. Apart from collecting data and analyzing it, understanding consumer insights and turning these insights into action is the most important success factor in Digital Marketing Industry.