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Wading into Big Data

Converting the data in your systems into usable information is the first step toward harnessing big data. Begin small with the data that is easily accessible and expand as you learn what works and doesn’t.

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mcgrawmarketing‘s insight:

Skip past all the Target related narrative and get down to the 4 examples of the data you need to grow your business.

You want to know where your customers are coming from – meaning where they came from in order to make their first purchase with your company.  That helps you improve lead generation campaigns.

You want to understanding your customer buying behaviors – how do they buy, when do they buy and what they are buying.  That helps you improve targeting (media), messages and offers.

You want to understand the quality of service because great service increases retention and referrals…bad service increases attrition while eventually impacting your ability to attract new customers.

Now, the last bullet point addresses something near and dear to my heart – RFM analysis.  I wish I knew what the author wrote what she wrote…and I agree that everything should be tested before rolling out.  But I haven’t had issues with RFM that were anything less than successful…

So, in conclusion, here are 4 simple ways to use data to improve your business – and any/every business can do these things.  The key is starting off with this as your end game so you can capture the necessary data…then, running the reports should be simple.  If not, hire an analyst to help set these reports up for your business…it’s an investment that will pay off quickly.

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