making big data work for you
by mike smith
monday 29 october 2018
You may have heard the term Big Data a lot over the last few years. It was often thought of as just another buzzword in the world of business and marketing. However, things have changed recently and Big Data is at the forefront of more businesses now. But what is Big Data and how can you make it work for you?
Big Data is the culmination of every piece of information you collect and store on your customers, suppliers, partners, products and more. It is more than likely you have this data stored on your company network/servers or via a cloud-based service within your business. It incorporates everything you could possibly think of including your social media presence which is a great example of Big Data working in real time. Social Media data and its analytics translations are just one example that is extremely useful as it is broken down easily for better interpretation. You can see what products and services people are looking at, what they are interested in and how a customer engages with your brand.
For forward-thinking businesses, identifying the criteria worth measuring from your Big Data helps give both the customer experience and business much more added value. The additional value for the customer includes elements such as personalisation of experience, optimised pricing, better and more timely responses to engagement, etc. Providing the best possible experience that is tailored to the individual can encourage loyalty to a brand can turn them into an influencer. For the business, they begin building a brand community with a loyal fan base that can act as spokespeople and influencers for the product/ services. This creates a cycle of where the more the community is engaged, the more data can be passed back to the company. The more data that can be run through analytical processing, the better and easier it is to spot trends, patterns, successes, and more. It is all about understanding how things circle constantly and how to implement effective and optimised change on a regular and consistent basis.
Big Data and brand communities can have a massive impact in terms of how a business operates. For example, the community may want to see their favourite brand stop using plastic (a hot topic in manufacturing at the moment). The data gathered from the community would help support or oppose a company looking to making changes in line with customer beliefs and ideologies. When combined with existing data, a company would be able to see if plastic produce sales are low, whether or not resource costs are rapidly increasing etc. Utilising the data of the company and community, better decisions can be made if a change in direction is needed.
This isn’t uncommon with brands such as Coca-Cola who have promised that 100% of its packaging will be collected and recycled by 2030. Using their collection of data, they are able to understand the customer and their interactions along with socio-political factors and profitability of the business. They currently have a community 107,853,513 potential influencers who will see a positive change and continue to support/oppose the company while influencing others to be involved with the community. Either way that’s 107 million+ people talking and engaging with changes and issues.
Big Data is a massive field to try to understand and it is extremely complicated overall. However, the truth is it can be made simpler and made to work for you.
You want to be tracking everything coming into and through your business. Social media is one way to track things. For most businesses though, your digital monitoring should be complemented with call tracking to ensure full and effective collection of enquiry data and to enable you to identify your sources of engagement. In doing so, you can better understand where your audience and customers are in comparison to your resources and adjust accordingly.
You need to know which different channels, such as social media, press, brand website, search, email and more that your customers are using and how in order to maximise your strategy and budget more effectively. This is why Big Data is so important to businesses and how call tracking is one of the most effective parts of your operational processes.
By tracking all the elements of your customer contact, you can make the data and resulting analytics work for your business. It will ultimately help in building better relationships with customers by allowing them valuable input through engagement. It is more cost effective, develops efficient marketing strategies, builds brand communities further and overall reduces operational and marketing costs to maximise ROI. astutemetrics can collect, collate and highlight the aspects of Big Data that are most important to your business. Find out how we can do this by getting in touch for a chat today.