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Posted by on Jan 21, 2014 in Business, Finance | 0 comments

How to better use big data for your business

How to better use big data for your business

When it comes to online marketing, there are numerous strategies and approaches that companies can take, but numbers show that in 2013 big data crossed the threshold into the marketing mainstream, as more and more companies have started to invest in this type of projects. Specialists say that the 32 percent registered last year is expected to become 64 in 2014. The reason for this growth is quite simple at first glance: the marketing industry finally acknowledged the fact that the key to companies’ success has become their competence and capacity to master data management, which involves all three processes, that of collecting, synthesizing and interpreting high value data. This refers mainly to companies investing in advanced technology that helps them gather valuable information about the consumer base and about the best possible prospects. Below, you will be able to find three ways in which your business can take full advantage of the big data era.

 

First of all, the era of big data is all about consumers. This is the time when the social media outlets and the mobile devices generate the biggest amount of valuable data for companies and it is now the most accessible it has ever been. To that extent, if you want your business to fall under the category of high performing companies, then you need to make great use of this wealth of information. The social media data is important and highly valuable because it speaks to consumer behavior and trends, which can steer your business into the right direction, throughout all stages of consumer life cycle, from awareness to acquisition, retention and, finally, customer service. Secondly, in order to benefit from the numerous advantages of big data projects, it is important for businesses and companies to fill the gaps and there are three main gaps that need bridging: the time gap, the knowledge gap and the people gap.

 

As you can imagine, this type of projects are very complex and need more time to implement, so you can’t expect to have return on investment to soon. As far as the knowledge gap goes, this is probably the most difficult one to fill, but the effort is worth it. The key is to set up very clear objectives for the big data projects. Finally, the people gap refers to the fact that the human resources of your company may be overwhelmed by the incredible and explosive growth of available data. You need to invest in data specialists and new minim tools to get control of the project. Last, but not least, another way to use big data to your business’ advantage is to invest in data management. There is no point in having access to all that valuable data if there is no strategy for its use. All the stages of data management need to translate into great business results, which means providing marketing strategists with relevant information that they can use to develop practical marketing plans.