Vital Business Questions You Can Answer Using Big Data
Problem-solving is a crucial skill that every business owner needs. You’ll face numerous problems every day running your company. For instance, you might have to deal with the issue of a high bounce rate. This simply means that a lot of customers are clicking on your site and then quickly clicking off. No sale, no conversion, nothing.
The good news is that various tools on the market can help you solve problems like this. One of the best is big data. Using big data, you can find the answers to the greatest issues plaguing your company. You’ll be able to work to improve value for clients, boost levels of efficiency and decrease the number of resources you need.
Simply put, big data can provide the answers you need to the greatest questions. Let’s look at some of these questions, why they are important, and how big data works as a solution.
How Do I Grow My Business?
There are various tools like Tableau and Domo that allow you to view big data and assess where you need to focus efforts to improve business growth. Software like this offers you a chance to gain instant access to the information you need. You’ll be able to explore individual services and products you are offering.
Are they performing well on the market or do they need extra promotional support?
You will even be able to view key points in your business model that need more attention and this will allow you to focus on improving areas.
Big data can also help you understand particular trends in the business industry. Using big data you won’t just have a tool you need to expand. You’ll be able to grow at a faster rate than you thought possible while mitigating levels of risk.
Are Customers Going To Buy That Product?
You should always know your target customer or client inside out when you are running a business. You need to understand their likes and their dislikes. You have to know what makes them tick. If you’re new to the business world, you probably aren’t aware that businesses are constantly using big data to track this type of information.
Let’s take a look at the retail industry as an example. Retail companies use a variety of data sources to track what customers want. For instance, there’s sales records, level of online transactions and even loyalty cards. Loyalty schemes are particularly useful because then businesses can send coupons and deals to customers, based entirely on what they want to buy.
Some businesses go further than this and use data from social media online. Have you ever mentioned a product on Twitter and suddenly received a reply from a company that sells that product? This isn’t a coincidence. With social genome technology, this process can be automated. It’s a valuable form of marketing because everyone who sees your post about the product could also spot the sales pitch too.
Data like this can even provide key information that you wouldn’t expect.
Let’s say that you’re selling a product on your store that doesn’t have high sales numbers. It sounds like you should stop selling that product, right? But what if that product is tied to a group of consumers who regularly buy from your business and are high spending. Now it makes more sense to keep that product on sale, even with the low numbers.
You might think that this type of big data usage is only relevant in the retail industry. In reality, it can be used in virtually any business model by any company. Even banks will track the financial choices of customers. They can then recommend the best interest and savings accounts suited to their specific needs.
What Should My Marketing Look Like?
Content marketing is one of the most powerful tools in your arsenal when you’re looking to drive sales online. The juries not out on this one. Pro marketers agree that when you harness the full power of content, you can see fantastic ROI.
But how do you know what content your customers want to see?
Again, data can answer this question. It’s relatively easy to access the data you need too.
Do you have a search bar on your website?
Using Google analytics, you can access the data on what customers have been looking for using this tool. You can then build up content around the most common searches, answering questions. You can gain similar data from live chat software that you may have added on to your site design. This type of data should also provide you great insight into what keywords you should be targeting to rank higher for customers searching for products or services that you offer.
You can even explore whether your marketing is working effectively. You might be running the promotion of your business through Hubspot. If that’s the case, you can access the analytics dashboards. This offers a variety of data options including information on who has opened emails that you sent out. It provides a clear picture of how your campaign is performing and what steps you need to take to increase levels of success.
Are Customers Going To Abandon Ship?
Wouldn’t it be great if you could get ahead of a problem that could cause a customer to leave?
Well, you can if you harness the power of big data. Customers who think you are providing a poor service will leave in search of greater competition. Big data gives you the chance to get ahead of the situation.
Some businesses do this by focusing on “tribal leaders.” These are individuals who are highly influential in their peer group. Their actions could lead to various other customers jumping ship. Paying more attention to these key individuals will provide opportunities to improve their opinion of your business or brand. You can do this by offering them promotional offers and deals that make them feel special or taken care of.
There are various reasons why some customers may decide to stop buying from your business. It could be an issue with packaging. A problem with packaging is an example of an issue that is going to cause trouble throughout your customer base. That’s why before you even start looking for packaging companies, you should analyze the big data and make sure you understand what customers want.
Other issues could be completely specific to an individual customer. For instance, if a customer moves to a new geographical location, they could see more marketing from your competition. You’ll need to increase your marketing and promotion to keep them buying from your business.
Are Your Employees Happy?
If you named ten of the biggest costs for your business, employee churn probably wouldn’t be on the list. But it should be because this actually presents a massive cost for you as a business owner. That’s why you want to avoid it if you can. Just think about how much you have to spend on recruitment and training everytime you need to replace someone who has left a position.
To fix the issue of high employee churn, you need to understand why employees are leaving. There could be various factors at play here. Big data can help you target and assess the root cause. It could point you towards a key issue in your hiring practices. Is it possible that one of the main criteria when assessing candidates actually provides no indication on whether they are suitable for the position? It could be and if that’s the case, removing this criteria or replacing it will ensure lower levels of churn.
In fact, with big data you can take things a step further. You can create a clear picture of the type of individual who is likely to fit the position and will stay long term. You’ll find out factors such as whether you need a creative or logical thinker. You can then focus interviews on people who match this particular profile.
How Can I Improve Productivity?
Beyond simply finding out why employees are leaving, big data can also help you answer questions surrounding levels of performance. Do you want your employees to maximize their productivity levels. This can be possible when you use big data resources. You can tap into tools like Microsoft Workplace Analytics.
Tools like this can help you answer questions about the cause of productivity issues. They can help you pinpoint a problematic worker or a process that is slowing everything down in your business model.
Using tools like this, you’ll get a clear picture of how employees are using their time and where they could be wasting it. It will allow you to determine how to build up teams of employees and ultimately create an office that is far more productive.
We hope you see now how useful big data can be when answering the most important questions for your business. Big data provides companies with tremendous potential and will provide you with a competitive advantage on the market when used effectively.
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