Tuesday, July 23, 2024

Leveraging Big Data Brings Far Reaching Business Benefits

Data is considered the new oil, and when looked at in this context, it is no surprise that software development companies are looking for ingenious ways to collect data. Or that GDPR regulations have been put in place to control how data is used and collected.

Efficient and thorough mining of your data will give you valuable business intelligence, which will help you shape aspects such as marketing to drive profit.

With this in mind, you may want to utilise a database from Lynx Pro to find the right people who can help you turn your data into gold.

Let’s take a look at the benefits.

Marketing and Sales

A large piece of understanding your target audience puzzle can be found through mining data. The more accurate data capture can record every element about your customers and clients, including:

  • Gender
  • Age
  • What product/services they looked at
  • What products/services they bought
  • How they found the business
  • Cart abandonment rates
  • What devices they used to view/purchase
  • Times of the day they visited/purchased
  • Have they purchased online, in a store, over the phone etc.
  • Local and global regions where products and services are popular/unpopular

The list goes on and on. This snapshot will keep you, and your marketing teams busy decoding the best way to sell future products and shape marketing campaigns. This kind of data leveraging has fuelled the basis of Google and Facebook’s artificial intelligence-driven ad networks. Some businesses are leveraging this and generating substantial leads and profit.

Ad Campaigns

With the big hitters in online ads, Google and Facebook leveraging big data, it is possible to harness their technology for your use. Both networks give you valuable data as to who views and interacts with your ads and to what level this interaction extends.

Facebook provides good ‘lookalike’ options, where it matches your customer/client profiles to similar profiles held by the social media giant. This can be a significant lead and sales driver and is just one of the options you should look at.

If you advertise offline, then you can use different phone numbers on billboards and in printed ads to measure their effectiveness. Good business intelligence here can help you decide what mediums work and what doesn’t.

Driving Profits and Leads

An important aspect of big data is that when utilised correctly, it can tell you what works and what doesn’t work. This can be leveraged to drive leads and profit and to minimise losses.

For example, you may identify that one product sells brilliantly, and as such, you can push that product aggressively to drive sales. Similarly, you can identify underperformers early on in a marketing campaign, and cut costs by stopping the marketing then and there.

Big data is a great resource, and it feels like every week there is new and better ways to capture it. As artificial intelligence systems become more sophisticated, we will see better business intelligence and better intelligence sooner.

Much of the collection and analysis will happen in the background and businesses of all sizes will leverage it to drive leads, profits, and growth. Leverage your data today and see better business results.

Recent Articles

Related Stories

sakarya escort bayan Eskişehir escort bayan