Data is considered the lifeblood of modern business and a core element behind successful business strategies.
Today, thanks to technological advances that allow everything in the world to be measured and tracked, companies can own big databases that host multiple revelations about their market, audience, and industry trends.
Additionally, the recent advancements in technology and big data analytics have enabled modern businesses to access a treasure trove of information that makes their decisions align with market trends and future forecasts.
How can you ensure optimal use of big data?
While the benefits of owning a big database are endless, new businesses and businesses with seasoned experience need effective management of big databases to process and use this data effectively.
Have a detailed strategy
Start with a detailed strategy that empowers your business with the best way to manage and use your big data.
Your strategy needs to outline your plan for big data, define business goals, assess data requirements, and map out applications and system deployments. It also needs to include a review of data management processes and skills, so you can identify any loopholes that are in need of refining and resolving.
By outlining your business goals, you’ll be able to determine what data you need to gather and what data need not be collected, helping you avoid unmanageable repositories of data that aren’t aligned with your goals.
Implement big data architecture
A well-designed big data architecture is essential for analytics.
In other words, it’s key to make maximum use of your big data as it defines how your team uses the data and manages its flow between different parties within the organisation.
A dependable big data architecture will include various layers of systems and tools to support data management activities, from ingestion, processing, and storage to data quality, integration, and preparation work.
Secure your data
With data being the centre of strategic business decisions, there must be enough measures taken to ensure the security of your big database.
Damage or breach of data can compromise your brand by weakening your relationship with the customer, causing financial losses, bankruptcy, or even hindering business growth due to a lack of essential customer data.
To ensure your data is accessible to the relevant parties without compromising its security, implement security measures like firewalls, spam filtering, malware scanning and elimination, and data access control.
Eliminate data disconnection
Data analytics thrive on increased access to quality data.
To avoid data integration problems and to ensure that the relevant data is accessible for analysis, your data architecture should be designed without siloed systems that disconnect your data units from other parties of your team.
As multiple members in your team need access to your data, it’s not recommended to keep your data repositories disconnected from each other. Instead, your data should be able to communicate.
A cloud storage solution is perfect for data disconnection. This will generate seamless synchronisation of data, facilitating more than just one team to access and work on the same data simultaneously.
What does big data mean for your marketing campaigns?
There are several advantages to having big data.
Particularly, big databases can empower the decision-making arm of any business. Big data backs companies by generating actionable insight, giving them the information they need to implement data-driven strategies and decision-making.
Additionally, real-time analytics encouraged by big data can be used to provide up-to-date information and alerts about issues pertaining to various team members, from operations managers to call centre agents and sales representatives, making sure all business processes are streamlined and running smoothly.
So what do all these advantages lead to?
- Effective planning of your campaigns
Insight into the latest trends in customer behaviour allows marketers to create comprehensive strategies and prepare for more efficient activities.
In fact, almost 65% of marketing executives claim that data-driven marketing is crucial to success in the hypercompetitive global economy. This helps businesses target consumers as segmented sub-groups with their own specific criteria, and allows them to modify their campaigns and adapt them to each of these audiences individually.
- Improved customisation
Enhanced user experience is one of the basic requirements of a successful business.
Take, for instance, the amount of user-generated data stored and analysed by Facebook. This data allows businesses to identify the basic demographic features of their target groups as well as learn about the buying preferences of individual users.
Thanks to big data, modern marketers can customise and improve customer journeys as well as enhance the lifecycle of buyers.
- Enhanced customer loyalty
When companies detect common buying patterns and align their services to meet these requirements, consumers are more inclined towards these brands.
In addition to consumers naturally being more inclined towards brands that focus on personalisation efforts, such efforts also show customers that their purchasing needs are heard and cared for by the brand.
The most loyal customers are also the repeat buyers who double as brand ambassadors—i.e, those who bring more sales and ensure the continuity of the brand.
- Effective measurement of your ROI
Surveys prove that many marketers find it difficult to attribute marketing activity directly to revenue results, and this number is alarmingly higher in startup businesses. However, measuring your return on investment (ROI) is essential to analyse your marketing performance and take measures to improve future campaign efforts.
Big data can eliminate this problem by taking into account all marketing channels, activities, and investments and by conducting a cost-benefit analysis of each element.
This way, big data takes away the risk of misinterpreting your marketing activities and the corresponding budget.
- Successful forecasting of market trends
One of the biggest benefits of owning a big database is its ability to predict future market trends.
Marketers of the 21st century can utilise big data for business forecasts, which allows them to be proactive and stay ahead of the curve amidst stiff competition in the global market.
In an environment of constant struggle for more market share, this makes your campaign strategising smarter and more future-proof.
The takeaway: Big databases empower businesses to be proactive
To summarise, possessing big data can direct your businesses towards new opportunities, potential cost savings, and emerging market trends.
Your team will have access to usable, relevant data all the time to make proactive decisions that prepare your business to face future trends and stay ahead of the competition.
To learn more about optimising your data management for successful marketing campaigns, schedule a free consultation with Launchy’s marketing experts today!
