What is Big Data?
You’ve probably heard the term “big data” used in both positive and negative contexts. Why’s that? Well, it depends on whether or not the individual or company in possession of big data knows how to best utilize it. Big data is a term used to describe the exponential growth and availability of data sets, particularly surrounding customers.
Unfortunately, sometimes big data can become so big, it becomes entirely too complex for the owner to understand. This creates challenges in capturing, storing, analyzing, updating and translating the information into comprehensible visuals.
The Value of Big Data
When utilized effectively and efficiently, big data is directly tied to business development. It gives tremendous insight into what your customers’ wants and needs are, in addition to identifying bottlenecks and areas for improvement. Those that dismiss big data or keep it stored away on the shelf miss opportunity.
In order to fully reap the benefits of big data, the data must be:
- Able to be translated into reports, graphics and maps
Building Big Data into Your Business Model
Just as marketers seek to build their marketing plans into the overall business model, if you have big data, you should also be working to build that into your plans.
Whether you are in the retail, financial, healthcare, travel, or entertainment industry, the more you know about your customers and potential customers, the better you can target them. How exactly does big data help shape the business model?
- Set Tasks for Each Department –
Once you know your customer’s wants and needs, you can put each area of your business to work. 40,000 of your potential grocery customers purchase ice cream products on a weekly basis? Get your blogger writing about ice cream immediately, get the sales team’s wheels spinning and make sure that the advertising team knows who they’re targeting and why.
- Innovate:Now that you know what your potential customers and existing customers are in need of, use that information to create new products or services; differentiate yourself from the competition. What is the customer desperately seeking? What’s going to set your new product or service apart from the rest this year?
- Sell or Trade Data –Got a lot of data? It can be used as an added stream of revenue. Countless companies are in need of raw data or benchmarking. Additionally, data can be traded. You may have information of tremendous value to another company and/or research group.
Celebrate Big Data With the Right Partner
You don’t need to be a statistician to incorporate big data into your business model. Natimark’s Modeling and Analytical tools provide our customers with business intelligence that is easy to understand and apply, without a degree in statistics! From Customer Profiling to Predictive Modeling, with Geo-targeting and customer mapping included, our proprietary system delivers these results:
- Improved targeting
- Increased conversions
- Reduced direct marketing costs
For more information on big data and business models, contact us.contact us..