Every business can benefit of Big Data collection from the customers and use it to improve their sales strategy. If you have decided to start using Big Data in your company, you need to dedicate large portion of your time in planning it.
Every Big Data initiative requires successfully tying up the data with analytics and use it to truly improve the performance of your business. Furthermore, it’s important to inform your customers how you are using the data collected via the analytics and be transparent about every decision you make with it. This is where most managers fail, but you can easily avoid that by answering the following crucial questions at the planning stages of your Big Data strategy.
How transparent your business will be about using the data?
Since your business will collect data from its existing customers, it’s essential to provide up-front detailed information on why you collect that data and what you plan to use it for. However, another aspect is that most business managers fail to consider is how they plan to connect business activities to collected data.
To be able to successfully implement all benefits of big data in your company, you need to avoid making your customers feel uncomfortable. One of the top examples of companies invading the privacy of their clients is Target – the large retailer used data collected from female teenage customers to predict whether they were pregnant and target them with specific baby products. In 2012, this lead to large scandal between unhappy parents and Target. You can read a great material on Target’s inappropriate use of Big Data in NY Times.
Will Your Big Data be Available to Customers?
Throughout the recent years, many large companies started allowing their customers to use Big Data for various purposes. Depending on the data you collect from your customers, you could use to create a specific product to offer to them. Great examples of such strategy in action are the many running and dieting applications available for smartphone users.
Before you launch a product with your company’s Big Data you need to consider many aspects including how will users will access the data? How you can make complicate business data more accessible and easy to understand for the end user? Will the users have to meet certain criteria or pay certain fee to access the data?
The easier it is for customers to use and understand the gathered business data, the more successful your end product is going to be.
Are there any partnerships that could benefit gathering Big Data?
The times when business managers fiercely protected their company’s Big Data are long gone – today, you can access lots of information on customer behavior and various important business analytics, just with the help of the internet.
It’s great idea to consider partnering with company offering services or products that could complement yours. This creates great win-win partnership that could help you gather even more business insights.
Over the past few years a completely new methods for companies to collaborate with Big Data have emerged. One of the most popular today is done with the help of the cloud – companies use it as a cost effective medium to store and collaborate with Big Data. Below you can see a video of Mark Hurd, CEO of Oracle explaining the relations between Big Data and the cloud.
Source: Mark Hurd’s Blog