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3 things to know about Big Data and Predictive Analytics
If you’re like most business owners, you’ve probably tried or already trying to accomplish a lot of things with a reduced team. You’ve already tried or you want to give a try to build a sales or marketing team with few resources and few staff members. At the same time, you have to juggle growing revenue, rising funds and expanding your customer/user database. But, in all this rush, there is one thing you mustn’t forget, which is your data.
You use them every day by giving them more or less important, (to be honest I think still now most companies doesn’t care enough about data). Yet, they can have a considerable impact on the success of their business. So what can “Data” help you with?
Here are three things you must know about the data and its potential to taking your existing business to the very next level.
1. Everyone holds the information (data)
Some leaders thinks that their gathered data isn’t revealing or valuable because their business isn’t big enough to gather valuable data. But they’ve to realize that’s NOT true. Even in small companies, data is EVERYWHERE and you must take them into consideration to survive in this competitive world.
Everyone who turns on an electronic device and any activity that can be connected on-line, whether a click, online, downloading a document or white paper, generates a “digital footprint.” In 2010, Google Chairman Eric Schmidt said that five exabytes of data were created every other day! To give you an idea, this is the number of data that has been created between the dawn of civilization and 2003. In 2014, IDC (International Data Corporation) announced that by 2020, the universe digital will double approximately every two years.
2. Data can interpret your past
Companies that gives importance on their data typically use to interpret the past so they can better plan their future. For example marketers can see the number of visitors who viewed their website over a month, or the percentage of visitors who clicked on pages before leaving the website. A sales manager can gain visibility and detailed reporting on sales opportunities and sales pipelines via sales CRM app.
A hand on your data can be useful to review your past activities, make diagnoses and help to better organize future activities. However, you simply get a view of your past performance. The data can only predict but can’t tell you the guarantee about what will happen in the future.
3. Data and predictive analytics
The most advanced organizations are, of course, also concerned by “data” by using it as a predictive technology to anticipate and better plan than their competitor. For them, it’s THE tools that allows them to optimize their actions and future decisions. So basically, predictive analysis can predict future trends and behaviors from the existing data.
Take for example these below operations. Predictive analytics can help you determine:
- Who is your top priority customer and with whom you must continue your cooperation,
- The contacts you need to target for a specific action;
- How and when prospects are likely to buy from you.
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Prediction tools provide clarity to sales and marketing teams to help them to make decisions. Their activities and actions will, for sure, generate the best results for your business thanks to the help of “predictive intelligence”. Predictive analytics actually deals with extracting information from billions of rows of historical data and use it to predict trends and behavior.
The different prediction models are designed to determine the changes or similarities in past purchasing patterns and highlight the most important ideas. For example, you can find:
- Which customers your sales team must contact first;
- What arguments you must highlight for a specific client;
- What type of content (white paper or video, for example) and what form of communication (email, phone …) will get the best (potential) customer engagement.
I’m sure you’ve understood the importance of, even the tiny data, in this huge big data, as most of our activities leave a digital footprint. The analysis of these data and will help you better understand your past actions (strengths, weaknesses and areas for improvement) and then act on your future actions through predictive analytics.
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