How can you use big data?
Let’s break down that definition of big data shared above to uncover a few of the different ways your business can use big data:
- Improve customer relations. The more you know about your customers, the better able you’ll be to serve them. AT&T, for example, improved customer satisfaction by 59 percent by using big data and a tower-outage analyzer to prioritize repairs.
- Develop new products. You know all that data you’ve gathered from individual customer purchases? When analyzed correctly, that information could show you which products to promote more, which of your customers’ needs are going unmet and when to feature certain products over others. Big data makes it possible.
- Enhance overall business growth. Take the example of Target, which uses big data to recognize when women are pregnant and send them coupons relevant to each stage of the pregnancy. That’s a major growth opportunity for the retail chain. Your business can realize similar gains with the appropriate use of big data.
Pretty fascinating, right? I’m thrilled by the potential big data holds for business growth, which is why I’ve compiled even more statistics and recommendations on the strategy in my Decoding Big Data for Business Growth infographic. Check it out below and use the embed code to share it on your favorite social profile:
By: Eric Siu, CEO, Single Grain
Originally published at www.entrepreneur.com
