Recognizing Relevant Big Data and How to Use It

Big Data is everywhere you look, and we have seen how useful it can be. Among billions of terabytes of data gathered, there is a treasure of marketing data that businesses need to understand in order to know what is relevant and how to use it to get better business results. Businesses waste 40 percent of their marketing budget on the inadequate usage of big data.

Big data is naturally all-encompassing and can be difficult to manage or use effectively. It comprises of both unstructured and structured data that comes from numerous devices and channels across geographies.

With this massive scope of Big Data, company marketers have to focus on high-impact information – the data that can drive strategic decisions in the company. The only way marketers can harness the right form of data is by knowing what is relevant and what isn't. This helps a company to differentiate itself from its competitors and begin to realize real business success and growth. So how can you understand relevant data? Here are some tips:

 

Use Your Goals to Create Meaning

Better marketing data analytics can boost ROI by 10% to 20%. But to make the most out of this, you will have to determine the data that is most relevant to your company goals and then focus accordingly.

Data can only be useful to a company when it is used to solve essential business problems and drive strategy. About 50 percent of the businesses McKinsey surveyed showed that businesses struggled to know the effects that digital marketing had on profits and sales. It seemed that there was a chasm between the available information and the ability of the marketers to connect the data with results. This should not be the case because technology has made it easier to bridge the gap more than ever before.

For example, a retailer who wants to increase conversions on one of the web pages should take a close look at keywords that help drive traffic and then connect the metrics with targeted results; like revenue and conversions. Using this intelligence, the retailer can design a plan that will adjust the keywords to provide a positive impact.

Prioritizing Accuracy

No matter how relevant the data is, it's only useful when it is reliable. If specific kinds of data aren't within the core competency but are significant to the business, do not ignore it. Rather, ensure that you consider alternatives that can assist in closing the information gap. Whenever possible, you could leverage partnerships to get trusted sources offering accurate data. For instance, you can partner with a firm that has close relations with Twitter when looking into information from Twitter.

Breaking Information Collected Into Smaller Pieces

The multidimensional and immense nature of Big Data is overwhelming. Big Data only becomes digestible and helpful is when you look into the specifics instead of considering the whole universe of existing information.

Instead of checking all the digital marketing information out there, break the data into smaller pieces. This will make it actionable. For example, when you see a chance you can use to improve the performance of your mobile devices, take a look at the share you have and compare it with the one your strongest competitor has. Get to know the strategies that work for them and what you can do to enhance your performance.

Your data analysts can use big data to generate insights on the customer experiences and behaviors. You can then use these insights to understand your customers better, enabling you to meet their need more effectively. When you understand your customers well, it's possible to offer exactly what they need and increase retention.

Big Data will continue to get bigger, and companies that will not capitalize on relevant data will be left behind. Make the most of this by ensuring that you consider the tips we have discussed to identify on data-driven marketing opportunities. Always focus on accurate, actionable, and relevant information.

 

Brigg Patten

Brig Patten writes in the business and tech spaces. He's a fan of podcasts, bokeh and smooth jazz. His time is mostly spent learning the piano and watching his Golden Retriever Julian chase a stick.

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