How small businesses can leverage on big data

In the past few years, there has been a lot of hype surrounding Big Data and its potentials when it comes to the uncovering of valuable insights that can be used to improve marketing results. The providers of big data analysis systems say it can help digital advertisers to better improve their strategies. Using it, advertisers can for example see how campaign performance is affected by consumers living in a specific area or consumers using certain devices and also see differences in the conversion rate between similar or different offers.

However, big data today means there is a lot of information to track and analyse. This makes it hard for small business owners to put its benefit to good use. With the right understanding, big data can be used to drive customer centricity. Here are some practical tips for small businesses using big data.

Track events

Tracking events is important if you are to get a complete picture of your digital marketing performance. The events to track are basically any actions that a consumer takes as they journey towards making a conversion. Such events may include adding an item to a shopping cart, following a social media page, watching a video etc. Tracking events helps businesses understand possible reasons for conversions.

Deploy active tracking links when feasible

Active tracking links are coded with information on different campaigns such as landing page, creative source, name and so on. Using it on an ad means a customer will be directed to the most appropriate landing page following millisecond analysis of over 30 unique data points. This is a good way to use big data to enhance conversion probability.

Visualise

Today, the big data industry has technology that allows visualisation of data. With this technology, decision makers within a business can get a quick on-the-spot view of the most vital KPIs in one window further improving results.

Deploy holistic analysis

While data analysed is important, the method of analysis is just as important. Most of the time, marketing campaigns are evaluated in isolation. Making proper use of big data involves proper understanding of how all the components work in tandem.

Use real time analysis

The life span of online data is generally short. Capturing and analysing information very fast is therefore very important. With real-time analysis, businesses can see what actions consumers are taking at any given moment. This allow refinement of strategies in the middle of a campaign and increases ROI on digital investments.

Armed with these tips, small businesses can move beyond the hype and begin using Big Data in the right manner. Proper usage often translates to smarter and more purposeful advertising.