Successfully-Implementing-a-Big-Data-Strategy

Successfully Implementing a Big Data Strategy

Four questions you need to ask yourself first

Key Takeaway

The volume of data your business needs to process and manage today means you need a big data strategy now –  a focused, data -driven plan that has a bottom line impact.

Are you running a small business or are you in charge of a multinational? Regardless, you should consider the benefits of an effective big data strategy.

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Thanks to website analytics, geo-location services, data mining, and the constant stream of data flowing to and from us through everyday devices and products, there is more market data available today than at any other time in history.

A focused data-driven strategy
Have you also noticed the pace of growth for amount of data we are producing? Incredibly fast!

In less than five years from today, experts predict that our annual data creation will reach nearly 45 trillion gigabytes!

You need a focused, data-driven strategy that will not just aim to collect information but to use that information in the most effective ways possible to help your business overcome obstacles and improve your bottom line.

With mind-boggling amounts of data like that, available to individuals, corporations and governments, there is no question that your business needs a big data strategy. Why?

Even the most powerful computers aren’t going to sift aimlessly through multiple trillion gigabytes of information in a timeframe that will work for gathering information on your market and your target audience. You need a focused, data-driven strategy that will not just aim to collect information but to use that information in the most effective ways possible to help your business overcome obstacles and improve your bottom line.

Understanding the biggest challenges facing your company will let you know where to focus your data collection and analysis efforts.

Four powerful questions
Any entry into big data analytics should start with the following four questions.  Use this as a guide in creating an effective strategy. One that will show significant and tangible improvements for your business.

1. What Is the Biggest Challenge Facing My Business Right Now?

  • Are you having difficulty standing out from the competition?
  • Is production a problem?
  • Are your branding efforts falling on deaf ears?
  • Are your customers not fully satisfied?
  • Don’t you know your customer well enough?

Understanding the biggest challenges facing your company will let you know where to focus your data collection and analysis efforts. If you’re launching a start-up and are trying to identify your ideal customers, you’re going to be looking at different data sets than if you have an established business and you’re launching a new product.

2. What Can I Do to Get to Know My Customers?

Data collection and analysis can do a lot. It can show you :-

  • who your customers are;
  • where they live;
  • what kinds of patterns they follow when using your site; or
  • how they are purchasing things from you, etc.

Consider all of the ways you can get to know your customers to improve efficiency in your company’s website, engage your customers more, and give them an all-around better customer experience.

3. Will Better Insights and Data Analysis Help Me Handle My Business’ Biggest Challenges?

This is a trick question because the answer is almost always, “Yes.”

If you are trying to increase the average shopping cart value in your ecommerce store, understanding your customers’ shopping patterns and making targeted recommendations can help. If you are trying to gain more exposure through social media, your insights and data analysis of visitor engagement can help a great deal too.

4. How Shall I Apply Big Data Analytics to Create the Best Possible Strategy?

Take a look at the goals for your business and how they relate to what you do and don’t know about your customers.

My advice is simple and clear :  with so much data streaming online today, there’s no reason that you should ever make a strategic move that isn’t data-driven.

Things you should evaluate include the following :-

  • consider your customers’ browsing, buying, and spending patterns;
  • look at trending online and social media activity for your target audience; and
  • find out how you can tweak your strategy to help focus it more and make it more customer- and data-driven.

What do you think? Share with me, in the comments section below, the kind of questions you are asking yourself before implementing a Big Data strategy.

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