There's a glut of big data in the market. Companies know how to collect the data they produce, but knowing how to leverage this resource is a different matter entirely. As noted by Tech Radar, in fact, just 11% of UK based public sector and multinational firms say they're leveraging big data to effectively inform corporate strategy - meaning this big investment isn't paying well when it comes to profit.
However, it's not all doom and gloom: Here are three tips to help your big data deployment drive commensurate sales.
Pinpoint the Person
While 'structured' data — information which comes already categorised and organised, such as spreadsheets or process metrics — is the most familiar form for many companies, it's unstructured data that's driving the new market. This data covers the host of information generated by human beings that doesn't fit into a neatly defined category, and as such may not appear immediately actionable. By investing in the right data solution, however, it's possible to mine this unstructured source for specific data about consumers and individuals, effectively letting you pinpoint the person instead of the profit, and the tendency instead of the transaction. The result? You get the inside track on delivering exactly the type of sales and marketing pitches specific users are looking for when they search your brand or website, in turn driving superior sales numbers.
Want better sales? Then use big data to track and predict emerging market trends. Consider NFL football. As noted by Forbes, examination of big data after the Super Bowl XLIX last year revealed a critical trend: Online discussion of the contest surged after the game as viewers took to their computers and mobile devices to voice opinions about favorite plays, bad calls and the ultimate winner. What does this mean for your company? That the obvious choice isn't always the ideal spend.
Think of it like this: You could have shelled out $5 million-plus for a 30-second TV spot in Super Bowl 50, using the common knowledge that a huge number of viewers tune into the game. Using big data, however, suggests a better way — set up shop in the right spot online and catch the hordes of football fans looking to engage with everything football. You pay less, get better exposure and ultimately boost sales.
It's also possible to leverage big data as a fraud detection device. This is especially relevant for online advertising where 'fake' clicks and spam-clicking bots abound, making it entirely possible that you've spentmoney on a campaign that hasn't reached a single human user. Leveraging advanced data monitoring tools, it's possible to create a kind of baseline for actual user interaction and then apply this standard to marketing efforts and detect both click-based fraud along with attempted fraudulent logins to e-commerce and other sites. As noted by Memeburn, this result demands a solution capable of processing data at the point of collection both early and locally, if possible. In other words — work quickly, simply and thoroughly.
Big data can drive big sales when effectively applied. Get personal, track trends and fight fraud to boost your bottom line.
By Dheeraj Juneja, Founder & CEO of Loginworks Softwares. Loginworks Softwares specialises in Data AS A Services for big data needs and some services include data mining, web scraping, and e-commerce data. Prior to Loginworks, Dheeraj was involved in core projects for distinguished IT companies like Dell Services (earlier Perot Systems), eMobilo and Value Research Online.