4 ways to use Big data to grow your business
Advertising, e-commerce, city management, Internet browsing behavior, Big data this, Big data that… Big data is everywhere and everywhere. If the amount of data generated on the web seems impressive, you still need to know how to process and use it to make it useful to your business.
When a business opens its site and does a complete overhaul, there can be a significant mismatch between the marketing department’s traffic intentions and audience reality. Big data, thanks to many easy-to-implement analysis tools (a few HTML lines most of the time) make it possible to obtain a wealth of important and useful data.
This is of course quantitative data, such as the number of visits, unique visitors, consultation hours … but also – and this is perhaps the most important – qualitative data:
- country of origin of visitors: do they really match your customers?
- demographics of visitors: age, sex, etc.
- visitor operating system: is your site optimized?
- browsers used: are the website and its modules compatible?
- sources of traffic: what shares represent Google, social networks, etc.
- mobile consultation: if they are important, is the site responsive ?
Using social media analysis tools offers a double advantage: knowing the image your business enjoys, and measuring customer satisfaction. By listening to what is being said on Twitter, Facebook, Instagram … a company obtains almost instantaneous feedback on customer experiences, replacing the old satisfaction forms that are tiresome for consumers and sometimes incomplete for marketers. Here, speech being free, it is the latter who take the initiative to express themselves, thus avoiding the intrusive nature of an advertisement encouraging visitors “to take a few minutes to answer a questionnaire”. A company can therefore better understand the desires and needs of its customers in order to offer responsive customer service to meet needs that it had not thought of … These elements win customer loyalty.
Internet users – and consumers – leave a significant amount of data on the web. When they browse e-merchants for example. It is possible for a company wishing to boost its sales to solicit this data in order to better segment its customers, and to practice appropriate pricing policies by determining more precisely the propensity to pay of each consumer. In economics, this is called price discrimination.
In the same way as carriers – railways, airlines, etc. – have long used the yield management (a practice which consists in adapting prices according to circumstances and which lead to a multitude of prices for the same trip, editor’s note), Big data can allow companies to adapt price policies. Be careful, however, to respect the law because not all practices are authorized. The European Commission thus carried out a survey in 2013 on online reservation platforms in the airline sector and in hotel accommodation. More and more companies are positioning themselves in the business sales market thanks to big data.
Beyond customers, each company generates data itself, sometimes even without knowing it or realizing it: orders, sales, purchases, contract amounts, management of schedules and hourly volumes, cash flow, etc. Until then, compartmentalized , these data can be complex to handle. With solutions from cloud BI (business intelligence, editor’s note), grouping together in a single interface facilitates the visualization of trends. The result is more height in decisions, and more precise predictions.