Big data is an abstract concept for many online business owners. They know it exists, they’ve heard that it can be useful, but they have no idea how to make it relevant to their business.
The best way to start using big data is to start small. Here are three simple ways that big data can help simplify and improve your online business efforts.
Streamline Log Analytics
Data logs provide a lot of valuable insight into what’s happening in an online setting. There are logs created for every click of a button, change in page navigation, website error messages, etc. The problem with these logs is that they can be a nightmare to navigate and analyze. Need a detailed explanation of why? Check it out here.
Big data can help you turn these logs from a mish-mash of data into useful information. For example, rather than seeing customers drop off in the middle of transactions and not knowing why, you’ll be able to determine if there’s a tech-related issue that causes a disruption. Having this information allows you to change things to fix the error.
Create Targeted Campaigns
Big data is a marketer’s dream. These in-depth insights can help you develop a better understanding of what the customer is looking for, even when they don’t. By having this information available, you’ll be able to make product recommendations that a customer actually wants, rather than making an educated guess. Amazon is a prime example of a business that’s used big data to upsell and cross-sell their products– pun not intended.
Creating a personalized approach using insights gleaned from big data improves the emotional connection with your brand and boosts customer loyalty. While getting new customers is important, keeping the ones you have is more profitable over time.
Innovate and Develop New Offerings
Using big data can help you see into the future. It can help predict trends that will give you the market validation you need to innovate and develop new offerings. The insights you gain from big data can also help you identify new markets that you haven’t previously targeted, which can help you expand your business.
Using big data, you can monitor social media and user behavior to see not only what’s being said about your business, but also the competition. Analyzing social media allows you to identify upcoming trends and have a solution ready to go when the time comes.
Furthermore, the availability of the information collected from social media will help you improve customer service for your current customer base.
Starting Small with Big Data
A lot of companies make the mistake of investing in big data collection, then do nothing with it. This phenomenon is primarily due to the overwhelming amount of information available.
By setting goals and identifying key focal points, you can start to use big data in a way that benefits your business. Invest in the right tools, hire the right people, and put a plan in place. By taking incremental steps, you’ll have an exponential impact on your online business’s revenue and growth.