The term Big Data has been around for years now, and most companies choose to stay away from it. As a result, these companies are now out of business or struggling to maintain a sustainable business.
Since the dawn of time, data has been influencing the decision-making of the human race. Long before the term marketing came into existence, we made decisions based on whatever information, facts, or insight was available.
A caveman chooses a cave for sleeping.
A hunter decides where to go for hunting.
Decide what to do when suffering from fever.
Almost every decision we make is based on information available in our minds. Data defines how we understand the world around us.
In the production-oriented era of marketing, the business owners relied on a singular grain of data. That is:
What product to produce?
Consumers made the decisions based on only the two sets of information:
What is available?
How affordable is the product?
However, We have come a long way from the caves, and the data is now shaping the way businesses make every decision. The rise of companies like Google shows the impact of the data economy and how it transforms the world of companies as well as the world as a whole.
I have heard many people saying that it is overhyped and doesn’t deliver the result it promises. In reality, big data is underestimated by many.
For businesses especially marketing departments, big data can reveal critical insights. However, it will reveal the insights only for those willing to work to see it.
Evidence supporting the role of analytics is overwhelming, from clubs buying soccer players to betting companies. Big data is the centre focus.
From Obama to Google
Big data is suitable for almost every business that you can imagine.
Still in doubt?
Even Barak Obama used big data to make better decisions.
Dan Siroker, Co-founder of Optimizely left Google and joined the Barak Obama campaigning team. He used his A/B testing skills and analytics to plan a ground-shifting electoral campaign.
Half the money I spend on advertising is wasted; the trouble is I don’t know which half.John Wanamaker
This statement is still powerful even after a century. Almost 90% of advertisement campaigns fail to get more than 5% click-through rate CTR. At least for businesses that are not using big data.
In the heat of competition, these companies will vanish and join Wanamaker sooner or later.
Jokes apart, many companies have turned the wheel around by using big data efficiently. Companies like Google have shown how businesses can diversify without risk by using big data.
In this digital era, leading marketers use big data to gain a 360-degree view of the market. Business insights and analytics are helping CMO’s with marketing automation, customer relationship management, and even accurate sales forecasting.
Insights help in making informed decisions and prevent budget drains. Moreover, it helps in providing validated information to the product development.
What are the Key Benefits of Big Data for Businesses?
- Better Advertisement campaigns
- Improved product development
- Reduction in operational cost
- Workforce productivity
- Reduction in Time-to-Market
- Informed decision making
- Improved customer satisfaction
Gone are the days of relying on hunch feeling. Analytics is the king, and using big data effectively is the art. Transform your company with a detailed analysis of your business. Any company can benefit from the thorough analysis of the overflowing information from all sides.
Establish a system to analyze and use relevant technology to leverage insights extracted for market activities to boost profit and add value to your business. Over the years, leading companies have proved that big data can provide you with an unmatched competitive advantage.
Make informed decisions.
Still don’t know where to start? Or have questions?
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