- March 12, 2015
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Small Businesses Reap Ginormous Benefits with Big Data
You first were indifferent, and now you’re convinced of the power and potential of Big Data and predictive analytics — but for the other guys only. The “other guys,” of course, meaning large companies, not small ones, like yours.
Although the Big Guys can claim some integrated marketing advantages — like big budgets to buy Super Bowl® XLIX advertising — don’t discount the practicality of Big Data for smaller organizations.
In fact, Big Data Insight Group offers 10 reasons why this behemoth belongs in your integrated marketing plan, as published by Data Science Series. Here are some of the best takeaways to consider adding to your integrated marketing planning:
Dialogue with Consumers. Today’s consumers are a tough nut to crack. Big Data allows you to profile these increasingly vocal and fickle shoppers in a far-reaching manner, creating an experience in which you can engage in an almost one-on-one, real-time conversation with them.
Redevelop Your Products. Big Data can help you understand how others perceive your products so that you can adapt them, or your marketing, if needed. Analysis of unstructured social media text, for example, allows you to uncover the sentiments of your customers, and even segment those in different geographical locations or among diverse demographic groups.
Perform Risk Analysis. Predictive analytics fueled by Big Data allows you to scan and analyze newspaper reports or social media feeds so you permanently keep up to speed on the latest developments in your industry and its environment.
Keep Your Data Safe. You can map the entire data landscape across your company with Big Data tools, allowing you to analyze the threats that you face internally. You also will be able to detect potentially sensitive unprotected information and make sure it’s stored according to regulatory requirements.
Create New Revenue Streams. The insights you gain from analyzing your market and its audiences with Big Data are not just valuable to you. You could sell them as non-personalized trend data to large industry players operating in the same segment as you and create a new income source.
Customize Your Website in Real Time. Big Data analytics allows you to personalize the content or design of your website in real time to suit consumers entering your website based on their individuality. Big Data can track users’ gender or nationality, for example, or detect how they found your site.
Offer Company-wide Insights. Previously, if business users needed to analyze large amounts of varied data, a colleague with IT skills would perform the task. With Big Data tools, technical teams can establish the groundwork and then build repeatability into algorithms for faster searches. In other words, they can develop systems and install interactive and dynamic visualization tools that allow business users to analyze, view and benefit from the data.
Supplement these excellent tips with another powerful but less well-known source of data-driven insight: your company’s own dark data.
