How Can You Use Big Data for Your Business Development Needs?
According to a recent survey, 99.5% of collected data never gets analyzed. That’s a lot of untapped potential that you can use to take your business to greater heights. This is where analyzing big data can help.
The following are some crucial roles big data is playing in business development today.
1. Recruit the Right Personnel
Hiring the right people can be a rather difficult task. But with big data, information about a candidate can be gathered using social media and corporate profiles. This allows HR to quickly identify and hire those applicants who are the most suitable for the organization.
2. Satisfy Customers
Every customer is unique, so you cannot create random products or services and expect them to be satisfied – or make money. Big data is an easy way for businesses to observe and understand consumer needs and preferences through their online behavior. With the help of personalization and segmentation, you can now offer whatever it is your customers need.
3. Drive Brand Loyalty
Marketers that use big data can gather greater insights into customer behavior through data mining and data analytics. Take, for example, how Netflix utilized big data to save $1 billion per year on customer retention. You can also use big data as a tool to improve your business offerings and overall performance. As you continue to please customers, you’ll gain a competitive edge.
4. Improve Sales Processes
With the help of customer analytics, big data allows entrepreneurs to target the right audience at the right time. It can help marketers better prompt customer responsiveness in order to drive more sales. According to McKinsey, businesses investing in big data can increase their operating margins by up to 60%.
Moreover, big data can also offer accurate insights about the market’s approximate size, changes in current trends, and further opportunities for growth. For instance, with the help of segmentation, marketers can develop a demographics-based sales strategy.
Furthermore, when sales and marketing are based on big data insights, sales representatives can suggest items that align with customers’ tendencies and order histories. The combined results not only enhance revenue streams but also allow companies to improve existing products and services.
5. Refine Marketing Techniques
There’s a vast amount of information that marketers can derive from various digital marketing channels. But poor Data Quality can cause them to make the wrong decisions, creating ineffective business strategies. According to IBM, this costs the U.S. economy up to $3.1 trillion yearly.
Big data can make a substantial difference in marketing campaigns, whether it’s SEO, SEM, SMM, PPC, email marketing, influencer marketing, etc. By refining your marketing approach, you can outperform your competitors.
6. Increase Workforce Productivity
Big data can help in all areas of development, from boosting employee morale to more efficient planning and management. For instance, deep learning and predictive analytics can enhance an employee’s analytical abilities, allowing them to conduct better risk assessments as well as optimize processes.
Conversely, without big data, employees may end up making wrong decisions. Consistently making mistakes can lower productivity and revenue. More importantly, it can create mistrust between you and your customers, damaging your online reputation.
7. Price Optimization
Big data can provide valuable insight, allowing your business to build models that will help predict how much a customer will pay if circumstances change. According to a report by McKinsey, a mere 1% increase in price can boost profit by nearly 8%. So you can see just how vital the right pricing strategy can be.
8. Reassess Current Business Strategies
Monitoring the effectiveness of your strategies will allow you to stay competitive and maintain optimal efficiency. Moreover, it can help identify low-risk opportunities that can enhance profitability.
With big data organizational insights, there is more awareness about all the relevant factors influencing the business. With the right analytical techniques, managers can validate their decisions as well as test variable factors to check for flexibility, scalability, and viability.