Big data is a term used to describe large volumes of data, or a collection of datasets, many of which have become so large or complex that they are difficult to use.
All businesses have access to big data, either in-house or via external sources. However many do not know what to do with it, as data in its purest form is often meaningless.
The key is unlocking value and insight from data, to assist businesses make important business decisions. Geotech Information Services can help make sense of big data, leading to actionable business strategies.
Big Data Analysis for Decision Makers
Businesses are using the insights gained from big data to understand more about the behaviour of their customers, and competitors customers. This can greatly assist with acquisition and retention strategies, and enhancing the customer experience.
Geotech Information Services help businesses turn data into insight and strategy. This can then be used by decision makers to make actionable business decisions. The possibilities are endless.
Some of the types of business questions big data analysis can answer are:
- Who are my highest value and most profitable customers?
- Who is most likely to respond to a marketing campaign?
- How can I find more of my high value customers from the mass market?
- Where can my competitors customers be found?
Using Big Data to Understand Who Is Most Likely to Respond to a Marketing Campaign
A retailer with one of Australia’s largest customer loyalty databases were spending excessive amounts of marketing budget on online and addressed mail marketing campaigns, to find return on investment (ROI) had stagnated as they were targeting all loyalty customers equally.
Using big data and analysis, Geotech Information Services helped them identify the characteristics of those customers that were most likely to respond to a marketing campaign, leading to a higher ROI from having a more targeted marketing approach moving forward.
Geotech Information Services can help take the guesswork out of identifying who your customers are, and assist with segmenting your customers into different customer profiles, so that each can be more effectively targeted.