What comes to your mind when you come across the term big data?
You are most likely to think of the huge volume of data, right?
Well, this huge pile of structured or unstructured data is generated by IoT devices, transactions, online activities, or business applications that create ever more detailed data. But those are just a few examples.
Data can be daunting, maybe even more complicated in some cases. But it cannot be ruled out the benefits to be achieved by analyzing big data.
We will walk through some of these advantages given below, but first, let’s understand what big data actually is–and it is more than just the amount of data.
What is Big Data?
Big data is large, more complicated data sets, especially from new data sources.
These big datasets are generally analyzed to reveal patterns, trends, and interactions–especially in connection with interactions and human behavior.
Businesses can use these massive sets of data to understand customers and the market as well. After all, big data can be analyzed for insights that improve decisions and ensure confidence for making the right business moves.
WHAT ARE THE BENEFITS OF BIG DATA ANALYTICS FOR YOUR BUSINESS?
Providing Better Customer Insights:
When any business uses data to read their customers–whether individually or in categories–there are plenty of sources to choose from. Big data sources let you see the picture of the following:
- Conventional sources of customer data, such as support calls and purchases.
- External sources, such as credit reports and financial transactions.
- Social media activity
- Survey data
- Computer cookies
These all sources help you determine the consumer’s behavior. For example, you can find out how they navigate through certain web pages and menus to find products and services.
You can also see which products are added to their carts but perhaps removed or later removed without purchasing. This ensures key clues as to what customers are likely to buy, even if they don’t proceed to buy.
Improving Market Intelligence:
Just as big data analytics help understand the complex shopping behavior of customers in detail, it can also widen and deepen your understanding of market dynamics.
For instance, social media can be used for market intelligence for product categories ranging from clothes, travel packages to stock investment. The point is here that people share their experiences, recommendations, and preferences over social media. And such shared opinions can be a goldmine for marketers.
Apart from competitive analysis, big data can play an important role in product development: by giving priority to various customer preferences, for instance.
Big Data helps improve operational efficiency significantly. By interacting with your clients and customers and collecting valuable feedback, Big Data tools can gain a huge amount of actionable customer data.
This data can then be accessed and interpreted to extract important insights related to customer taste, pain points, and buying behavior which helps you create personalized products or services.
Big Data Analytics can also analyze the latest market trends, letting you keep track of the competitors in the market. Moreover, it can automate mundane tasks and processes, freeing up the valuable time to be invested in the core line of business.
Creating Competitive Pricing:
Big Data Analytics supports real-time monitoring of the market and your key competitors as well. This way, you not only keep a tab on the actions of your rivals but also keep track of the strategies used by them.
Big Data Analytics delivers real-time insights that let you–
- Calculate and measure the impact of changes in prices.
- Incorporate the right positioning for increasing company profits.
- Assess finances to determine the financial position of your company.
- Incorporating pricing strategies based on local customer demand, competitive market patterns, and customer purchasing behavior.
- Automating the pricing process of your company to maintain price consistency and remove manual errors.
Increasing Sales and Customer Loyalty As Well:
We all know that the primary aim of Big Data is to collect and analyze a huge set of customer data.
The digital trails left behind by the customers tell a lot about their buying habits, purchases, mindset, and preferences.
With the help of such insights, you can personalize products and services to address the certain needs of your customers. The higher the customization, the more it will be appealing to the customers. This way, it will increase sales. Personalization and the quality of the service/product also help retain customer loyalty.
For instance, the products offered at competitive prices along with personalized features/discounts encourage customers
to come back to you time and again.
LEARN HOW TO ANALYZE BIG DATA FOR YOUR BUSINESS
By this point, you must have understood how big data can help your business. But it is important to understand how to analyze it.
To analyze big data, make sure to first identify your key concerns. Then, figure out how big data can help you solve it. Your big data solutions should be user-friendly, budget-friendly, and scalable enough to meet your business needs in the present and the future.
There are many Big Data tools to choose from. But choose the one that can address your issues. For example, if you want to create result-driven promotions and marketing campaigns, use the tool that can predict customer behavior and sales trends. Good thing is that many tools are free to use such as Google Analytics and Google BigQuery (some resources are free). You can also use tools like SurveyMonkey and Doodle to conduct a survey.
If you are looking for some serious big data analytics, tap into our expertise and experience in big data. We can streamline any structured, semi-structured and unstructured datasets, creating a complete view of your data.
Get in touch now!