From market analysis to predicting customers, big data helps you to get competitive advantage with these striking benefits.
What is Big Data? It is a pile of structured and unstructured data stored in your servers and HDDS for years. It is related to your business, customer, finances, goals, sales, success and performance, thereby helping you make an informed decision.
A survey made by Accenture and General Electric found that businesses are serious about big data to gain competitive edge. From market study to new product launch, using big data comes handy for every business size and startups.
For a Better Customer Service:
It’s not easy to woo a customer! They are unpredictable and can leave you if they receive poor services. This is because they shop around before their final purchase; let their friends and followers on social network know about their buying; and demand unique treatment. Needless to say, failing on customer expectations means risking your customer base growth.
In this scenario, big data is useful to review their past purchases and responds so that you can serve them better. For example, Facebook knows where the members click on or what they like, thereby making quick suggestions of their choice. Netflix has capitalized on data analyses to know which movies are likely to be watched by a subscriber.
Some companies are going beyond that point by giving it a personalized touch.
Forecasting the Performance of New Products and Services:
Without studying the market, launching your new products may be risky. And it takes a long time to go through the market analyses and trends which is hectic for your team. In this scenario, using big data is both rewarding and interesting to launch new products and services. Companies can make the products that interact with the consumer, provide good price to value and lower the risks linked with at new launching. They can also sense the consumer needs which may not have otherwise identified.
For Better and Quick Decision Making:
Big data can improve the decision making process in businesses. This is because a business can drill down into big data to study the case history for better understanding.
With these advantages of Big Data, a business can speed up its growth while outperforming the competitors. So, it clearly means that your business model should embrace big data strategy to make the most of its potential.