Is Your Enterprise Big on Data Yet

This month exactly, last year, it was released in Forbes that 52% of enterprises saw Big Data as an opportunity, as opposed to a threat. This survey also revealed that of enterprises with over 1,000 employees, 52% were planning to increase their expenditure on Big Data. A year on, we’re taking a look at why investing in data and data software is no longer a leap in the dark, but a strategic make or break for SMEs across the globe. So why is it so important for your enterprise? Here are our top 3 reasons why investing in, or increasing your investment in, Big Data can benefit you tenfold…

  1. It Can Give You Direction

Unlike well established businesses, your enterprise might be in its infancy, and, like all newborns, may well be having some teething problems. This is especially true for a large number of lead gen enterprises, who are struggling to either find the right lead methods, lead management or conversion tactics. If you’re lead gen you’ll have already have amassed a lot of data, and of course your success will hinge from your ability to bring this to fruition. So if you already have a wealth of data then why might you need more? Well, it may simply be that your pool of contacts, leads, or demographic is either far too narrow, or you’re way off your potential demographics’ price/product expectations.

Failing that, perhaps you’re leads are too thin, and you’re not fine tuning your marketing audiences well enough to create conversions. Using Big Data then, and a Big Data storage system, such as an electronic lab notebook can help you manage which leads are worth investing in, which sources the leads are coming from (and therefore which to invest more money in), and which aren’t even worth pursuing. By finding out more about your customers lifestyles you’re not only in a position to tailor make your business models and services, but you’re also able to eliminate any fruitless, dead-end contacts and regain time wasted shooting in the dark.

  1. It Can Increase Efficiency

Efficiency is both applicable internally and externally, and Big Data could help increase both of these simultaneously, but that doesn’t mean it will happen overnight. In the same way as giving your enterprise direction will stop unnecessary wasted chasing of non-existent leads, investing in some in-depth data research and curation will increase your overall enterprise efficiency. This will certainly take some costly man hours, but this process is ten times more effective than jumping in blind at every opportunity that may arise. This data driven model need not merely be exhausted on driving leads, using internal data is crucial to your business model and future improvement and progression as a SME. Take data and trends from your own employees and projects and find out what is working, what is falling short and what is impressive to date. Compile this data into a presentation and use hard facts, and trends to predict your profits, drops, changes in infrastructure, etc. Once you have all of your own data in tow, make sure that you’re working towards an efficient business model and eliminating any challenges you foresee arising.

  1.  It Can Make You More Engaging

One of the biggest, most obvious yet most important, advantages of investing in Big Data, is you have no excuses to get it wrong. Compare it to a well-prepped first date, you’ve only got one brief impression to make, so it needs to count. Have you listened to what your partner wants? Invested the hours into listening to their desires and needs? Revealed what they absolutely don’t want and loathe? You wouldn’t take a vegetarian to Five Guys, so if you’re user hates pretentious business jargon and content heavy ads, you need to engage with an alternative. Try video, in 2017 even memes and gifs are fast making headway in PPC ads to engage users in remarketing. Instead of spamming people with things they aren’t interested in, play to their weaknesses, and if that’s cute gifs of animals, then go right ahead…

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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