In today’s modern age of information and data analysis, it seems we can never consume enough of it. We’re constantly being inundated with data and we often wrestle with business analytics to determine how we should run things. Companies can spend fortunes on gathering and interpreting this data.
Big data is the new buzzword and according to Google, it’s basically a term that refers to extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions. Big data can be analyzed for insights that lead to better strategy with respect to business decisions.
Get Your Data
We have seen this trend explode recently in the network marketing industry. Your software vendor and application software should be able to provide you with this data in all its unfettered glory. If used properly and effectively, it can be a valued asset that can reap generous rewards.
However, we have often seen this data used in ways that can create self-imposed limitations and lead to what is called analysis paralysis. Wikipedia says that analysis paralysis is a state of over-analyzing or overthinking a situation so that a decision or action is never taken, in effect paralyzing the outcome.
Analyising Your Data
Sometimes we are so addicted to data and analyzing the results that we can’t see the forest for the trees. Here are a few simple steps that might help in these situations:
- Recognize there is no such thing as a perfect decision. No matter how much information you have, there will always be more. Sometimes it’s best to act and then be prepared to adapt quickly if you’re not seeing the results you expect.
- Set a deadline. Analyzing data can be painstaking and can often lead to spinning your wheels. By creating a “drop dead” date on your decisions, you can avoid wasting time and eliminate endless meetings.
- Use past decisions to guide you by thinking about what has worked previously. Although past performance isn’t always a guarantee of future outcomes, more often than not you will achieve success by emulating past accomplishments.
- Look for ways to test out your ideas on users using low-risk methods. You’ll learn more by launching a minimum viable product and getting feedback from your user base, than frequently adding to the list of requirements of your unfinished project or product.
Every company needs to fully understand how big data can improve customer engagement strategies. Data-driven marketing is not just the wave of the future, it’s the here and now. The sooner you can use that valuable data to bring about positive change to your company, the sooner you’ll understand just how valuable it really is.