Turning Big Data’s Complexities into Opportunities for Success

Posted by Paladin on May 19, 2016

Combine your data, people and vision to make the right decisions for your business.

Big data in marketing can be overwhelming if you don’t know how to leverage it to achieve your business goals. While it holds an immense amount of value, it’s cumbersome to manage. And when your hope is to meet—and surpass—your business goals, where do you even begin?

Don’t worry; harnessing the deluge of business intelligence can be done. First, think about your business goals. Second, identify the data needed to achieve them. Third, call on your staff to leverage the data to make informed decisions. That way, you can turn big data’s complexities into an opportunity for success.

In our new white paper, “How to Use Big Data to Achieve Marketing Goals,” we break down key business goals, specific data and the marketing roles associated with each.

Big data has big profit potential.

two marketers looking at big dataEvery business has access to performance data like revenue reports, gross and net profits, and sales numbers. Most already rely on this information to anticipate sales and forecast revenue. But divvy it up and distribute this data to your executives, and it becomes the launch pad for a highly effective sales and marketing strategy.

Use big data for product development.

The potential of big data to help you develop better products is huge. After all, the more you know about how customers use your goods and services, the more prepared you’ll be to meet their needs. Start with your own customer data and pinpoint the parts that relate to product usage: preference, time of day and frequency of purchase or use, and where your customers are likely to buy and consume your goods. Comparing individual products sales figures and customer reviews can expose sales patterns and help you decide what products should stay or go.

Big data is the science that improves your process.

Coping with major business challenges, such as process management and workforce planning, is a matter of knowing what’s coming around the bend. When your goal is to avoid a talent shortage, analyze sales and production data to gauge whether you’re effectively balancing supply and demand. When you want to streamline operations, assess data on production cycles, time to delivery and staff performance.

Build the brand you always imagined.

Look no further than your marketing team to understand the importance of big data to branding. Marketing professionals increase awareness of your brand via campaigns on the foundation of first- and third-party data. Boosting awareness requires a deep understanding of your customers and how they interact with your brand. The time is right to tap into your marketing department’s existing big data expertise and supplement your team with additional knowledge as needed.

A positive customer experience is paramount.

group of marketers discussing big dataBig data can be used to determine whether your customer experience meets consumers’ high standards or is in need of improvement. Take a look at data like web usage, time spent interacting with various sections of your site, the path your visitors took to get there, the feedback they leave, customer surveys and call center complaints. This information holds the key to a more relevant and personal customer experience—and in many cases allows companies to identify problems and make necessary upgrades before damage is done.

Big data can make great brands greater.

When your goal is to build a good reputation for your company, the answer is found in online survey results, Twitter polls, replies to your Facebook posts, comments on your YouTube videos and purchase intent. Mining social media for customer comments provides a window into brand sentiment, while online reviews and sales data can point to aspects of your business in need of improvement. Before you apply your data for reputation management purposes, work with your PR and marketing teams to develop a strategy for using it right.

Big data can put you ahead of the game.

Having access to business intelligence from external sources like industry and market news reports, technological advancements and consumer behavior means your business analysts and market researchers can identify your place within the market and determine how to get—and stay—ahead of the game. Whatever your industry, look to big data to give you that coveted edge or retain your position as an established leader in your field.

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