Thereâ€™s a lot of buzz about â€œbig dataâ€ but the reality is that itâ€™s nothing new. Itâ€™s simply an umbrella term for â€œinformationâ€, no matter where it comes from, thatâ€™s â€œbig.â€ It can be information gleaned from a businessâ€™ social media site, focus group, census information, a list of emails thatâ€™s been paid for, etc. However, how big data is managed, organized and actually translated for use is what matters. Unfortunately, a lot of businesses let it collect dust on a virtual shelf until itâ€™s useless.
Having the right database options is the foundation for well-managed data. When a company canâ€™t collect and analyze data, itâ€™s virtually useless. Plus, many businesses have much more access to big data than they think. They overlook information such as survey results and bounceback emails when they send out their newsletters. Take a look at what big data can really do, and itâ€™ll light a fire under your motivation to garner it:
1. Streamline your marketing efforts
If you sell vegan dog treats and know that most of the dog owners in a certain city live in a certain zip code, that can make your direct mail campaigns much more effective. This is still a very viable approach for some companies, so check out the DM Newsâ€™ Essential Marketing Guide to find out how to optimize it.
2. Save you time
The more information you have and can actually use, the less time you and your employees will waste. Since, according to Forbes, wasted time at work is a huge issue, thereâ€™s no reason to give your workers even more excuses to do so. Wasted time is wasted money, which leads into number four.
3. Save you money
The more efficient any system is, including the collection of big data, the more money youâ€™ll save in the long haul. This is crucial for businesses of any size. However, since most startups fail according to the Wall Street Journalt, itâ€™s especially important for small businesses to make the most use of their big data.
4. Lets you customize your strategies
The more information you have about markets or potential markets, the more personalized all your strategies can be. You can kickstart social media campaigns with a better grasp on who your audience is and what they want, or you can focus your efforts on maximizing your billboard campaigns, e-newsletters or blogs.
Put big data to work for you, and youâ€™ll be surprised at how much easier every pillar of your job is.