If you are a business owner, who is looking for that competitive advantage over your competitors (no matter what niche industry you are in as a business owner), big data might be just what you have been missing. Steven Scott Google thinks no matter who your target audience is, how much you have to spend (or how little), or how you choose to reach your audience, big data is going to provide you integral resources and information, which will help push you over the top as a business, and outshine your competitors in your niche.
Big data relies on velocity, volume, and variety. It observes and tracks what happens, throughout all phases and stages of your company. It analyzes the speed at which campaigns are moving, and how quickly (or slowly) you are seeing returns. It also helps analyze the many different projects you are working on, in order to help your company better implement new strategies and marketing tactics, in order to ensure you are getting the most out of your marketing dollars.
When you know what is working, how quickly it is working, and to what extent, you can better target how to reach your audience, if you should change any of the marketing tactics you are using, and whether or not you are making the right moves. Big data provides you an integral look at each of these Vs, and helps you learn how to utilize your budget, to ensure you are properly targeting your audience, and getting the greatest returns when you are marketing to your audiences.
Save money –
Big data will allow you to save money. When you review your 3 Vs and see you are overspending or running a campaign which is not delivering the returns you have expected, you can change your strategies. You can see where to cut back and how to change, in order to save on your operating budget.
Reduce time –
Analyzing big data also allows you to see the waste in time. If you are using too many resources or spending too much time doing something, big data will let you know this information. It will allow you to better utilize resources and funds so that you get the greatest returns from your spending.
Control reputation –
If something isn’t working, cut it out. If you are a big company, you want customers to leave positive reviews and feedback. With big data, you can see what works, what doesn’t, and where the positive reviews are coming from. This allows you to establish yourself as a market leader, and also ensure you are doing things customers appreciate.
Businesses can greatly benefit from the use of big data. Not only will it provide you the details you need to see what works (and what doesn’t) but also where you are overspending. So, you can reassess what you are doing, how you do it and find new ways to implement change, to ensure the greatest returns are achieved, when deciding how to utilize your resources as a business owner.