With the average small business set to spend around $75,000 this year on digital marketing, it's vital to spend those dollars wisely. One of the benefits of big data for businesses of every size is the chance to spend only money that will provide healthy returns.
Rather than risking your business to chase a product line that might not pan out, you can use data to your advantage.
Here are three ways that big data puts your company ahead of the pack.
Big data isn't just collected for the sake of taking up space in servers. It's collected with the intention of being used later on. For businesses, it can increase efficiency and remember problems to avoid them later.
When you utilize big data combined with machine learning across a large company, your system builds the potential to alert you before problems begin. If a particular user on your network makes a mistake over and over, systems can compensate.
Machines can also remember users' most common needs, getting all the extra noise out of the way. This is particularly helpful when working with complex software. Rather than having to navigate complex menus, unnecessary features get hidden and shortcuts get created to help work speed up.
Big data is all about gathering the information that you never had access to before. With the systems in place to gather customer data, you won't be spending time or effort with shotgun marketing. Rather, you'll become a ninja, throwing darts that are crafted and targeted to hit the people most likely to buy your products.
Marketing efforts used to have to be rolled out like some giant infantry of tanks. They'd lumber along, taking forever to hit their targets, meanwhile taking up space in the minds and brains of people who didn't want to see you. With big data, you'll customize your marketing efforts to only approach the customers who confirm through online behavior that they want you.
Big data offers an uncanny ability to look at information to help you learn about your past efforts. Machine learning also offers the chance to make predictions about the future.
Not only can you make predictions, but you also get the chance to automate a few examples at next to no cost at all.
Machine learning and big data modeling systems look at information to find patterns, repetition, and form behavior models. These models become the template for your future efforts.
Your research and development teams can save millions over the course of a few years by avoiding trends that won't pan out or developing products that won't stick.
With the new ways that smart home devices and wearables become integrated with daily life, the benefits of big data are still growing. In just a few years, we've gone from having to guess about our markets or who our audience is to have enough knowledge to engineer products for decades.
For more ways that IoT is influencing our daily lives, check out our latest guide.