Many people will try to tell you that big data is a magic elixir that can cure all your marketing problems.
But let’s cut right to the chase: that sort of oversells its value.
Obviously, big data provides businesses with a lot of really useful information about customer behavior, customer pain points, buying trends, and other useful statistics. But you have to leverage it the right way. And more specifically, you need to have a plan. What are you going to do with the data to change your business process?
For example, if you’re a doctor in private practice, you should be looking for health trends that give you patient pain points. Are your patients complaining about how difficult it is to get test results and to book appointments? Maybe that means you need a really customer-friendly patient portal that empowers your patients to take charge of their own health by analyzing test results, allowing them to make appointments without dealing with a receptionist, and contacting you directly about health concerns.
Big data helps you really hone in on your target audience to make sure you’re going after the wrong group of people. In addition, it can also help you identify whether you should expand your target audience based on prevailing trends.