Big data is considered by some to be a bit of a buzzword but the reality is, when harnessed correctly, it can prove to be very beneficial for companies – regardless of the industry or sector they may operate in. In this article, we aim to look at how big data can help businesses and what’s required to achieve success.
What big data can do
In order for your company to be as successful as possible, it’s important you have an in-depth understanding of your target audience. Typically, this requires segmentation and building customer personas and, in order to do this, you need to make sense of all the data at your disposal. This allows you to work out what similarities your customers may have – this could include location, age, job title, etc.
You can also use your data to understand any buying habits or trends, both from the segments you’ve created and for individuals. And as well as discovering current trends, you can also use your data to predict future trends. You might find that there are certain products that peak in popularity around the same time every year, or that one product has steadily grown in popularity in recent years.
In essence, big data helps you analyse what’s working and what’s not. You can then use this information to shape your future plans and projects.
What big data means for business
If you use your big data to create customer segments and personas, you’re enabling your marketing department to improve their targeting. This means that instead of going for the “spray and pray” method, they’re able to pinpoint specific groups of people which should lead to increased conversions. As a result, you should see an increase on return on investment (ROI).
With better targeting, you should also see better customer satisfaction. If you’re able to look at the spending habits of individuals, you can then send targeted emails to them when you know they might typical repurchase something. Or you can send emails suggesting recommended products, based on what other people also purchased.
The combination of all of this should lead to an improved reputation and general business growth, as you’ll be able to attract, engage, convert, and retain customers.
The big data skills most in demand
Most companies will have a wealth of data at their disposal but they don’t always know what to do with it. And, with GDPR coming into play this year, it’s important to make sure you’re handling your data in the right ways – otherwise you risk a significant fine.
So, in order to make sure you’re getting the most from your big data and remaining compliant, it’s worth putting together a data team. Typically, this might consist of:
Big data engineers,
With more and more companies looking to get the most out of the data they already have access to, we’re seeing an increased demand for data professionals. And although it’s potentially the marketing department that will see the biggest impact of a data cleanse or data analytics, in the long run the business as a whole benefits.
Here at Computer Futures, we have access to data specialists across the world, helping to ensure companies are able to get the most from their big data and use it to their advantage. If you’re looking to grow your business or simply want a better understanding of your database, we can help. Contact us today to find out how we can help you.