Tech News, Magazine & Review WordPress Theme 2017
  • Tech
    • Android
    • Home Tech
    • Medical Tech
    • Artificial Intelligence
    • APK
    • Apple
  • Business
    • Startups
    • Marketing
  • Reviews
    • Best Apps
    • Software
    • VPNs
  • Blogging
    • SEO
  • Crypto
    • Blockchain
  • Contact Us
    • About us
    • Careers
    • Use of Cookies
    • Privacy Policy
No Result
View All Result
Techavy
  • Tech
    • Android
    • Home Tech
    • Medical Tech
    • Artificial Intelligence
    • APK
    • Apple
  • Business
    • Startups
    • Marketing
  • Reviews
    • Best Apps
    • Software
    • VPNs
  • Blogging
    • SEO
  • Crypto
    • Blockchain
  • Contact Us
    • About us
    • Careers
    • Use of Cookies
    • Privacy Policy
No Result
View All Result
Techavy
No Result
View All Result

Five Ways Big Data Can Grow Your Business

by Abhishek Yadav
October 13, 2020
Five Ways Big Data Can Grow Your Business
558
SHARES
3.7k
VIEWS
Share on FacebookShare on Twitter

Big data. No matter what industry you’re in, you’ve heard of it; although you probably have no idea what it is or how it applies to your business. If you haven’t heard of it, listen up.

In the last several years, big data has begun to influence boardroom decisions in a big way. In fact, 85 percent of businesses are trying to be solely data-driven, some even adding an expert data analyst as full-time members of their team though only 37 percent admit to doing it successfully.

According to a recent study by McKinsey, sales and marketing stand to gain the most from the integration of big data, but there are several other business functions that stand to improve as a result of big data. These include operations, product development and forecasting.

Know your customers better than they know themselves
With big data, you now have the power to not only know who your clients are, what they like, and how they like it. You can learn what prompts them to click on your content. What makes them convert from an accidental client to a regular? What are their favorite products? What are their opinions about your competition?

Big data, primarily sourced from social media channels, gives you the chance to leverage your customers’ interests and motivations to drive sales and increase profitability. Knowing not just what they want but when/how/where they want it allows you to predict and plan for opportunities to sell.

Contents

  • 1 Market smarter
  • 2 Expand from the inside out
  • 3 Create a new revenue stream
  • 4 Forecast your future
  • 5 Conclusion

Market smarter

Every business struggles with marketing. There are countless options to get the word out about your business, limitless amounts of customer data and universal confusion about what it all means. Big data can reveal the most effective way to market your business.

Big data can help you identify what content your clients respond to, how they prefer to be marketed to and at what times, and what offers are most likely to cause them to click (and buy). Do they prefer traditional print advertising? Do they respond to visuals like photos and maps or do they prefer written content? Do they like to read blogs? Do they like to watch videos that relate to the products? All of these questions can be answered by big data.

RelatedPosts

What is an Integrated Development Environment (IDE)?

A Straightforward Review of Why I Chose Kajabi

Expand from the inside out

Using big data to analyze your business processes can completely transform your efficiency and output. This information can help you determine where your processes are lagging and how best to remedy those issues.

For example, say you are a run a trucking company and big data analytics reveals that your drivers are not utilizing the best possible routes to their delivery destinations. You could analyze the accumulated data in order to better plan your driver’s routes and ensure they spend as little time stuck in the traffic or searching for alternative routes, wasting their time and fuel. This not only increases the speed and volume of deliveries but also reduces your fuel costs as well, improving overall efficiency. That is big data at work!

Create a new revenue stream

There are a whole host of new products that could be created from big data. Certainly, you could sell your data itself, which most of the most valuable companies do. But there are other applications for this information, like product personalization and more.

Your data should reveal what products your customers need and want. With the assurance of big data, you can create a new product you know they will buy.

Forecast your future

Big data relies heavily on identifying trends and patterns, so creating forecasts is a natural benefit. Forecasting with big data isn’t black and white. It doesn’t simply consider what happened last year and what will probably happen this year.

No, it considers long-term industry trends, worldwide market fluctuations and volatility, political climates and the likelihood for natural disasters. Forecasts become more accurate and enable businesses to better prepare for the road ahead.

Conclusion

The notion of big data and everything it implies is nothing short of intimidating. It’s an unstoppable force that will guide business decisions for decades to come. In fact, the big data market is currently worth $42B, although it’s projected to increase to $103B by 2027.

There is no shortage of data out there. What is in short supply is understanding how to harness it in a way that benefits your business. Do your research, learn the benefits and usher your business into the information revolution.

 

2.8k
SHARES
ShareTweet

Subscribe to Techavy to never miss out on the latest tech news!

Unsubscribe
Abhishek Yadav

Abhishek Yadav

Hello, I am Abhishek Yadav, I am an Internet Marketer and a Blogger. along with blogging I also have some Programming and content marketing skills. Connect with me on Twitter @Abhinemm to know more about me :)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • 123MOVIES Unblocked – Ten 123 Movies Proxies and Mirrors

    123MOVIES Unblocked – Ten 123 Movies Proxies and Mirrors

    5702 shares
    Share 2227 Tweet 1392
  • Kickass Proxy – 30 KAT Mirror Sites & Proxies ~ KAT UnBlocked.

    9869 shares
    Share 3933 Tweet 2458
  • AceStream Mac – How to install AceStream on your MAC

    1716 shares
    Share 685 Tweet 428
  • Thop TV: Watch Movies and TV Shows for Free

    807 shares
    Share 323 Tweet 202
  • How to Download Torrent with IDM – 100% Working

    1896 shares
    Share 755 Tweet 472

Latest Posts

What is Business Intelligence?

What is Business Intelligence?

March 14, 2023
image_2022_12_30T05_21_33_976Z.png

CapCut – The Free Online Video Editor

March 14, 2023
What is an Integrated Development Environment (IDE)?

What is an Integrated Development Environment (IDE)?

March 14, 2023
Kajabi

A Straightforward Review of Why I Chose Kajabi

March 15, 2023
Can You Perform A Business Registration In Ontario Online? 6 Things To Know

Can You Perform A Business Registration In Ontario Online? 6 Things To Know

March 10, 2023
The Benefits Of WiFi-Enabled Furnaces: Control Your Home’s Heating Remotely

The Benefits Of WiFi-Enabled Furnaces: Control Your Home’s Heating Remotely

March 11, 2023
Learn about technology, product reviews, SEO, AI and more on Techavy.com
Techavy

© 2021 Techavy | All Rights Reserved.

Resources

  • Home
  • About us
  • Contact Us
  • Privacy Policy
  • Careers

Connect With Us

No Result
View All Result
  • Home
  • Tech
  • Business
  • Software
  • Android
  • Blogging
  • Gaming
  • Startups
  • Review
  • Use of Cookies
  • Privacy Policy
  • About us
  • Contact Us

© 2021 Techavy | All Rights Reserved.