Women In Business

5 tips to utilize big data in business

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Big data is the fanciest buzzword around town. Every other business owner is either paranoid or excited about this new lifestyle which has been introduced to everyone who can make good use of it. Don’t feel bad if you can’t come up with the perfect definition of Big Data because it doesn’t have any. The best definition can be the one written by Josh Dreller. He describes big data as anything too big to deal with in an Excel spreadsheet. Dreller’s definition is right because we are creating 2.5 quintillion bytes of data every year! (Entrepreneur)

Wondering what to do for your business with this overflowing amount of data? We have a few tips for you:

Better tools

Big data provides immense value in reducing expenses for your company and providing faster launch of products and services. Data is helping machines and tools develop better design models. Complex structures can be built easily through the information provided by Big Data. For example, the logo is an integral part of the brand, but creating a logo which stands out is not that easy. Logo designers are trained to keep in mind specific elements when creating a logo. You need a logo which represents your brand well, yet remains unique.

Social media

You should monitor the most popular social mediums to listen to what people are saying about your brand. At the same time, you can keep a tab on your competitors and their daily performance online. Every bit of news that you gather through these listening tools will enable you to perform better. Every new trend in this thriving medium brings you an opportunity to improve, help and even turn a critic into a loyal customer of your brand.

For example, if you are a service-based brand, you can keep a tool which alerts you whenever someone mentions your brand on Twitter. If someone tweets negatively about your brand, you can immediately reach out to them and solve their issue by providing prompt customer service through real-time retail analytics. That is the power of monitoring all your social mediums; it can provide you lifelong customers in exchange for excellent service. If you are wondering about the hearing tools you can use, there are several options in Adobe Marketing Cloud, Unlock Insights or Radian6.

Generate revenue

Big Data can also help your business generate more revenue and tweak your business model to make it more functional. Facebook, the most popular social medium, is free for everyone. However, the medium itself runs on advertising. Now, the company is generating revenue based on data it has collected over the years. Some part of this data is available for free, and for some, you have to pay a fixed amount to the company.

Small businesses can also monetize by offering the data they collect to third-party companies. It can help in improving customer service, targeting the perfect demographics and solving user problems. Facebook, Twitter, and Pinterest are all using audience demographics to place ads, which is an effective selling technique for the busy marketer of today. You can create better user personas based on the information you receive from various social channels. A business can generate more revenue by following the best practices designed through the correct data gathered by hundreds of customers.

Website quantification

Many business owners own a website but have no idea who their visitors are. If you are one of those business owners, you are missing out on a lot of crucial information. Through the right tools, you can see the numbers behind every transaction on your website, which tell a new story for your business. You can optimize a better website through trial and learning by the right tools which collect website data. One of these tools is Quantcast which provides you this data for free. You can check many things like the number of visitors to your site, the number of visitors on a single page, age, income, demographics and so much more. This will help you in crafting the best user personas on your website. It is even more useful for e-commerce website owners who wish to create a high conversion earning funnel by investing in a budget.

Big Data analytics on your website will become your eyes and ears for your internet real estate. You will start understanding who your visitors are, what pages they are most interested in and how you can improve the user interface for them. You might even find out an entirely new marketing opportunity to serve these visitors in a better way.

Power of retargeting

Retargeting is a tactic which is making headlines nowadays, but how does Big Data help? For those who don’t know, retargeting is the technique of using user sessions which save cookies to show ads later on related platforms. For example, if a user who has allowed cookies on your site looks around a few pages but then leaves, can be retargeted on his or her Facebook. You can maximize the power of retargeting by turning these visitors into paying customers on one channel or the other. If a user signs in to your website about shoes and browses a section of leather boots but then bounces off the website, you can show them targeted ads about leather boot sales on their Facebook. It ensures that you are present somewhere on the radar of your potential customers. All this magic happens through the power of Big Data. Data can make marketing possible on so many connected platforms across the web. However, make sure you don’t show up as a creepy insistent stalker to your leads. Keep your marketing messages subtle and simple.

Last word

Keep in mind that Big Data is what you make of it. In order to use this power, you have to be equipped with the right tools which can filter out the noise and give you the relevant information which can improve the quality of your business. The days of struggle and predictions are gone, you can now listen to your customers through the tools mentioned above and serve them back without making assumptions.

About Alycia Gordan

Alycia Gordan is a freelance writer who loves to read and write articles on healthcare technology, fitness and lifestyle. She is a tech junkie and divides her time between travel and writing. You can find her on Twitter: @meetalycia

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