Marketing has evolved immensely over the past decade. Think back to years ago. Tweaking your advertising efforts meant sifting through the behavior of your audience, sales data and click-throughs.
However, big data has changed all that. Because big data alters the way businesses market to their customers. And it allows them to increase their profits. A report by BARC found businesses using big data saw an increase in profit by 8 percent. And the increase came with a 10 percent reduction in overall cost.
Big Data and Sales
Big data helps small businesses too. Because you can use various approaches with this data to adjust your small business model and increase success. So check out these three examples of how businesses use big data today. And see how you can embrace it to boost your sales too.
Predict Products that Customers may Want to Purchase
You have probably looked at your Amazon recommendations and been pleasantly surprised –even excited — at what you saw. Amazon utilizes big data to figure out what types of products you will want to purchase in the future and suggests those items.
Similarly, you can utilize data to make predictions for what your customers will want to purchase. As you see an increase in sales, you will notice trends and learn how to pair complementary items and generate more sales. Just like how farmers learn how to utilize market data resources to make trading decisions, it’s smart to turn to reliable data as you strive to make the best decision for your business.
Utilize Key Data to Influence Customer Behavior
One of many ways to grow your small business fast is to utilize big data. Turning to big data will not only result in business growth, it is also vital if you want to figure out how to get customers to make purchase decisions when they’re on your page. Businesses are relying on big data both to learn customers’ behavior patterns, and to point them in the direction of a sale.
The data analyzes each and every action a customer takes once they land on your site. It can see customer’s keystrokes, how the mouse is moved and can predict the actions that will be taken next.
As a small business owner, this data helps you provide your customers with exactly what they want right when they want it. As you work to influence customer behavior, you will simultaneously build an effective online presence for your business.
Gain an Edge against Operational Risks
Before the world was so connected via technology, the issues of fraud were rare. Now that so many people are connected in some way, an entire business can be compromised in no time.
Operational risk is quite high in financial institutions. Scammers are always trying to come up with schemes to take advantage of businesses and people. Luckily, as big data evolves, financial institutes have realized that they can take this information to prevent scam artists from being successful.
This type of technology is helpful for every business, small or large. As data is collected, anything that deviates from typical trends will trigger a digital note on the transaction. This makes it simple for businesses to identify fraud as it occurs and keep operational risks at bay.
It does not matter if your business is massive or small. Big data allows small business owners to make smarter strategic decisions, better understand your customers and can help you reduce costs. Big data can be one of the best and most effective ways you can help your business succeed.
Data backed actions are the most profitable. This is because you are acting based on what you have observed from your audience.
But which big data to use? How do you get hold of it? How do you analyze it to make it actionable?