Whether you are a large enterprise or a startup, considering Big Data principles at an early stage will give you an unmatched advantage. In this highly unstable environment where even one wrong business decision can put you in a very difficult position, the role of big data becomes critical.
Most CEOs and CMOs underestimate the power of Big Data and the profound impact that it can make on the business. Many core performance metrics like targeting, customer acquisition process, and conversion rates can be dramatically improved with the help of various insights.
Top 5 Big Data Principles
There is something for everyone in this list of big data principles. If you’re new to big data and analytics, this list will give you a broad perspective on what the possibilities are. For more experienced users, this is a great way to ensure that you are using all of the relevant options to drive your business forward. While some things may not apply to every business today, they are all important concepts to learn as big data becomes an essential part of business intelligence worldwide.
1. Use Data to Understand Your Customers
To understand their prospects better, the best companies rely on customer-centric data. Hunt for minute details like page views and heat maps to filter signals from noise.
To use the data efficiently, know what are the questions that you are trying to answer. The key is to dig into your buyer’s journey and knowing that what is the process your target audience is following.
Are you going to measure based on the revenue?
Are you going to measure based on the leads?
2. Big Data – Start Small
The amount of data that your business is generating can be huge but processing all the data at once can create confusion.
Therefore focus on pieces of information rather than the overall picture. It will help you in many ways but primarily with the following three.
- It helps you to process the data in a controlled manner.
- Moreover, It doesn’t put pressure on the organization’s budget.
- It helps you get the results in packets and reduces the chance of failure.
3. Focus on your Human Resource
When focusing on Big Data, your organization will need more than a creative department. Instead of looking for people in an art centre, look for folks who are mathematic geniuses.
It doesn’t mean that you don’t need a marketing and art department, it’s like providing the marketing department with relevant data to form better business strategies.
Unfortunately, hiring data scientists and analysts will cost you more. Big companies like Google and Amazon have enough funds to hire and raise the bar on salary expectations. An average company might have to pay for a Data Architect the same amount that they are paying to their Vice President.
The good news is that you can outsource data analysis services. Many Big Data companies are providing these services at affordable prices.
4. Consider a Data Audit Before You Start
Surprisingly, many companies don’t even know what data they are already gathering. A data audit expert can help you identify the data that you are already collecting and what data the business needs to accumulate to boost revenue.
In most companies, all this data is already available with all the different departments. The sales team is having a complete stack of data and the marketing team is sitting on another set of data. The job of a Big Data Auditor is to gather all the data from the silos and provide a 360-degree view of the customer need.
5. Maintain Data Hygiene
This is the most critical Big Data principle. Almost 88% of businesses lack even the basic set of data like prospect industry, number of employees, and company revenue. Moreover, the fact that one in five businesses change their postal address every year makes it even critical to clean the data that you already have.
Data maintenance can equip your marketing team to bring in more revenue. Therefore to stay productive, you should maintain data hygiene. Let’s look at the five important steps to maintain data hygiene.
- Incentivize your teams for regularly updating the data.
- Make sure your team is focusing on data accuracy.
- Use the right technology to clean the data.
- Make sure your customers can access their records.
- For key accounts, stay in touch and keep updating their data.
Conclusion – Big Data Principles
Big Data transformation is a huge milestone for any business. It requires change management as it involves new tech stack implementation, culture shift, and hiring different people.
Big Data implementation requires outside consultants to get better results at a minimum cost. Consider the Big Data principles mentioned above to build a big and significant advantage for your business.
Big data analytics can provide valuable insight not only into your current marketing efforts but also into the future of your business. The key is to have a process in place that enables you to explore various possibilities by answering these questions. Where do we focus our big data analytics resources? Which metrics should we be measuring? How do we discover the next big idea for breakthrough sales and the increased revenue it will yield? These decisions are crucial—as well as exciting—when using big data for your business.
At Lineocode, we look forward to helping you answer your most important questions with actionable insights from our big data consulting services. Reach out to us for a free data audit.