7 Factors for Successful Big Data
“Big data” which refers to large amounts of data collected for analysis is the big focus of the moment, and understandably so, as it offers notable opportunities for businesses. Properly leveraging big data can transform your business and allow you to seek out all sorts of possibilities.
Recently, Forrester Research called this “The Age of the Customer”. According to them we live in a time where customers make the decisions and so companies need to tap into needs and wants to succeed.
Big data is only as accurate as the analytics and data provided and so ensuring you have the right information will give you useful insights into customer interaction, loyalty and trends; gaining a competitive advantage for you and your business. So, how do you do so?
Your network is a goldmine of information and many businesses don’t tend to take advantage of the valuable and dynamic information provided to them. Mine that data for golden results.
Assuming you know what a customer needs or desires is the perfect way to set your business up for failure. Don’t provide a service on the things you think customers want. Provide it on what they actually want and what they are doing and stay objective.
It’s all Important
One of the big mistakes companies make regarding big data is leaving out data they perceive is not important. Doing this may seem logical at the time, but it often ends up blindsiding you and not providing a full picture or you get a skewed result. Be aware that the user experience should never be compromised through the gathering of analytics as this will only have a negative impact. You want as much info as possible, but not at all costs.
Your big data should be easily changed, added to and adjusted. Trends change and needs transform, and being able to adjust and process data quickly and efficiently keeps you on the cusp of the industry.
Businesses operate in real life and in real time and so analytics should also react as quickly. Being able to take, adjust and understand analytics in real time allows you to optimise the experience quickly and appropriately – to take behaviours and experiences into account as they come.
By looking at the whole rather than the sum of the parts you may also miss out on some of the nuances of data available and may lack the info to have that necessary critical edge. Deep, granular insights provide the most valuable info. Remember, you get out what you put in.
Correlating data from all sides and linking data from mobile, tablet, desktop etc. will help you connect all the dots and often provides better, more accurate insights as a whole. Doing so as early as possible provides accurate and timely insights.
Capturing data from all types of device and being platform neutral is also a must.
In essence, the right data produces the right results and allows you to optimise business for the better.
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