Big Data Success: How Businesses Can Grow Ten-Fold
Did you know that there are roughly 15 billion devices used around the globe? The speed at which data passes through our fingertips is evermore rapid.
In an ever-changing world dominated by the internet, businesses need to redefine their strategies to learn more about their stakeholders. Fortunately, consumers leave digital footprints everywhere and companies can extract the much-needed big data to gain insight into their customers.
Big data is the name of the game for modern businesses. Slowly but surely, companies of all sizes are turning to this evolutionary business tool. The number of companies using big data solutions is always growing. Explore the sections in this article that are most relevant to your business through the table of contents.
What is Big Data Success?
How do you define big data success and what are the critical success factors for big data analytics? Typically, you have three V’s to remember — Volume, Velocity, and Variety. Here’re some simple rules for big data success.
Volume refers to how much data you’re compiling and where it’s coming from. Businesses nowadays can’t stop with just the basic information on customers. You need flows of data coming from social media, company websites, in-store buying for customers, equipment monitoring, and predictive analytics for equipment. There’s even data to extract from video, audio, and images to measure how successful your marketing campaign is.
Velocity is the speed with which you make decisions based on your big data. After data collection, the next step is integrating solutions to improve business processes.
Finally, you have variety. This includes statistics on your target market, ongoing consumer trends, numerical data, and financial data. Every insight you have for your business is abstracted for increasing business performance, important to achieve a 360-degree view.
How To Create Successful Big Data Solutions
Wondering how companies use big data for success? Big data solutions encompass all aspects of your business from marketing, employee satisfaction, and operational efficiencies to new product development. The list is endless.
It’s best to understand how to optimize your solutions through big data success stories. Here’re some examples of big data success in action, and how you can approach building new opportunities for your business.
How Big Data Creates Better Marketing Solutions
Marketing data can be collected every time a customer interacts with your business. Your company could be using big data to measure the success of social media advertising, analyzing datasets to measure marketing campaign success, finding the best time for sales promotions, and understanding what your customers are buying and how often. You can subsequently personalize the experience to improve your offering.
One company that is renowned for where its big data led to success in marketing is Amazon. For years, the tech giant has been implementing recommending systems for its e-commerce platform to boost sales. This model has been adopted by some of the most successful companies worldwide, including Netflix, Spotify, and social media platforms like Instagram, TikTok, and YouTube. It’s all in a bid to add value to their customers.
How Big Data Strengthens HR Departments
Big data solutions are also visible in HR departments. You can now acquire top talent faster and cheaper, along with better serving the existing employees. Corporations such as Intuit use big data analytics to screen thousands of potential profiles. Thus, Intuit has a reputation for attracting the top 1% of talent in its industry, ultimately leading to improved performance.
How Big Data Can Build Better Customer Experiences
Big data can expose weaknesses in certain business areas. You can improve by accounting for all the customer pain points. This can simply be a self-checkout at a grocery store or chatbots for quicker responses to customer queries. Another benefit is building a better brand perception of your business.
Airbnb utilizes big data to identify areas its customers are visiting and promote those with the top ratings. With optimized image selection, it shows the pictures travelers are most likely to engage with in the right order. This strategy, along with other customization methods and direct messaging for its stakeholders, has carved out a competitive advantage for Airbnb in the travel rental industry.
What Are the Barriers to Big Data Success?
It’s not easy to transition to a data-driven business, but it’s becoming increasingly important as the landscape changes. Here’re a few common barriers to data success and their probable solutions.
Acceptance of big data solutions
To take advantage of big data for your business, you need to keep an open mind. Many entrepreneurs and small business owners believe they don’t need big data for their business, but there are benefits for companies of all shapes and sizes. It can be overwhelming at first, but assuming a long-term approach and testing new solutions is paramount to growing and remaining competitive in markets.
Work with the right people
To advance your big data strategy, you’ll need help. This means using a platform such as Rayobyte to extract the relevant data, or developing the skillset (or hiring those with it) to get the most out of your data analysis and modeling.
How Rayobyte Proxies Help with Big Data Success
Without the right strategy, gathering all the data in the world won’t help. You need to extract data that matters to your business, goals, and customers. Using Rayobyte’s proxy-driven success measurement, you can achieve just that.
Rayobyte’s data center proxy
Rayobyte’s data center proxies can get the data you need at scale. This success proxy helps you gain insight into both your customers and competitors to improve your value proposition and growth efforts. With data proxies spread across 27 countries with more than 300,000 IPs, you can extract custom-made data for a wide selection of geographic locations.
Rayobyte’s residential proxy
Rayobyte’s residential proxies are ideal for location-based targeting. Whether you run a physical store or an online business, our residential proxies can find out the vital details about your target audience. Rayobyte uses web scraping across the internet and millions of devices to tap into new ways for you to optimize your big data strategies. It’s all ethically sourced, and you can even start off using our free trial.
Whether it’s big data for marketing targeting success, customer relationship management, or revising product solutions, there’s a better way to do it. Big data brings you into the mind of all stakeholders and can take your business to new heights.
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