Running a successful business generally involves working to keep up with all of the latest technology. Although this can be a solid business model, it doesn’t always make for the most financially stable one, leading many business owners to skip out on the tech that isn’t directly relevant to their day to day business operations. The method certainly saves some money overall, but can lead many small businesses to miss out on a variety of opportunities that could change the face of their company.
Business owners that are considering making an upgrade to include new technology should take the time to consider big data analytical software. Upwards of 54 percent of professionals say their business needs to be more analytics driven. That is because taking account of analytics allows company owners to better understand their customer base, create more targeted marketing strategies, and predict changes in the market more accurately.
Understanding The Customer Base
Perhaps the most significant way in which big data can help change the game for companies using it is its ability to help users more fully understand their audience. Big data can help to answer questions about who exactly the audience is, how they perceive the company, and if there are things the business can do better to improve its status among customers. All of this knowledge can save a great deal of money, and place businesses ahead of the competition.
For instance, determining if there are certain products or tools that customers are consistently not satisfied with can help make decisions regarding the product’s continuation. Perhaps it is something that sells best at certain times of the year or to certain demographics of people. Big data can help decipher this information with ease so marketing decisions can be made more efficiently.
Targeted Marketing Strategies
Using the information garnered through research on who the customer base is can greatly inform marketing decisions and strategies as well. After incorporating big data business analytics, users might discover that the majority of conversions come from internet marketing rather than billboard advertising. Altering advertising funding to reflect upon conversion rates will likely increase the number of company successes while limiting unnecessary expenditures.
When it comes to internet marketing, big data tools have certainly changed everything. Previously, ads were bought and placed onto random sites and company owners hoped they attracted the right people. Now, however, user habits and profiles can be scraped, allowing marketers to identify and target specific audiences that are more likely to purchase. Some research suggests this method is over 250% more efficient.
Predicting Industry Changes
Certain big data tools have also made it possible to not only understand the customer base, but to predict what is likely to happen to it, and the market in general, in the future. These tools can be used to identify potential problems and help to prepare in advance. For example, the University of Cincinnati’s Health Informatics program has identified geographic information systems (GIS) as a big data tool that should be more fully incorporated into the healthcare industry’s technological repertoire.
Their study indicates that GIS can be used to understand where prescription medicine use decreases due to geographical limitations. Identifying these previously unknown gaps allows professionals to suggest ways to fix them. Doing so can fill a marketing hole as well as provide greater care for a resource starved population. Of course, using big data in this way is relatively limited and needs much more study, but it could potentially change the way in which healthcare needs are met by providers.
Choosing to use big data tools can make a profound difference in the quality of your business. Not only will it allow company owners to better understand customers, but it can identify trends and help predict when changes will occur. Furthermore, successful use of the tool can save a significant amount of company resources and might make a positive difference in how individuals are living.