How Businesses Are Being Influenced by Big Data

March 11, 2014 B2B

Big data can help businesses make sense of patters or they can work in shoving tons of confusing information at them. Today, businesses are poised to have the freedom to measure and track consumer insights, but is it likely that they might get stuck somewhere along the line. Research that appears to be promising, can often lead to a dead end.

Business owners must focus on specific user actions rather than pure analysis. They need to use their data for something other than just analysis. They need to study the behaviour of their customers and stress on the trends they see succeeding. Earlier it was thought that access was the key to successfully using big data, but actually it is focus that is paramount today. The data efforts of business owners should be connected to two main areas: product development and marketing.

Businesses can use big data efficiently in the following ways:

Understanding marketing investments

Business owners may not be willing to invest in marketing programs. The productivity of social media and digital marketing is not clear and precise like other direct sales channels. The marketing performance data can be made clearer with big data. This can be done by setting up a basic Web analytics software, through which business owners will get instant insights into which marketing tactics are driving leads and sales and what are the sources of traffic to a website.

There are softwares like Google Analytics that are available for free. All it takes it a simple JavaScript to implement it. With their tracking strategy in place, business owners can use additional data sources to add layers, and to track costs, impressions, and online ad clicks. Disparate data sources should be synthesised by using a marketing data warehouse. Records that are fragmented across various systems are consolidated with the help of these systems. Business owners can also import data from marketing automation tools and Google Analytics into an on-site server or cloud-based.

Integrating data collection into processes

What plays a role in business processes today is data collection, and business owners have started to come to terms with that. Right from advanced tracking and remarketing to customer surveys, they each have their benefits. But when too much of data or too many different types are collected, it can lead to saturation and inefficiency. This leads to a mad scramble among business owners to locate the information they need.
Starting small and then increasing efforts is a competent way to overcome the tendency to collect too much too soon. When your audience is segmented and your data is broken down into smaller time frames, it will be more effective. For instance, track a certain age segment of users for the first 6 weeks of a strategy and then go on to track the next age segment for the following 6 weeks. This will allow your metrics to focus on both the time frame and the age demographics equally, by breaking it up.

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