In this case, Big Data refers to the large amounts of data that is collected by businesses each day, either structured or unstructured about their clients or potential clients. Modern technology has made it possible to gain all sorts of statistics and information about your clients and their behavior, but how do you work out how to use it to your benefit, especially when it comes to client satisfaction.
Our belief is that gathering too much data can be both a drain on your resources as well as being counter productive to achieving your objectives. Wading through too many stats can be one way to get lost in the data. It is usually quality of data that count, rather than quantity.
Even though data is more accessible than ever, correlating it is not necessarily becoming easier. You can get if faster than ever, from more sources. Feedback comes from email, website feedback, newsletters, social media, in person, on paper and more. Again, the volume can be intimidating at times, but it is the quality that you need.
With the right data, you can make good choices to improve your offering. Some of the core benefits to be gained by data include
New product development
Greater client satisfaction
Lower churn rates
More referred business
Other benefits of collecting the right data can be
Identifying the root cause of service failure
Generate up selling initiatives due to client behaviour mapping
Calculate risk portfolios for client satisfaction measures
It is important to remember that the value of your data is not in its raw form, but from how it is organized and analyzed. This is true whether you own a small or large business.
Organizing your data into different ways to suit your business is one way to save time and focus your efforts where they can have the biggest payback. One feature at Spyglaz for example, is arranging clients based on average sales value. This is so you can focus on your most profitable clients first.
Even the name Big Data has an overwhelming tone. But using your data well is a great way to streamline marketing initiatives and reduce the churn rate of your business.