How Businesses Can Maximize the Potential of Their Users’ Data

Data is a strong weapon for companies. It’s been related for many years, but it surely’s now turning into much more necessary as we head into the age of ‘huge information’.

If companies (of all sizes) wish to keep forward of the sport, it’s going to be essential that they perceive how you can handle information correctly and actually get the most out of this goldmine.

‘Goldmine’ may not be the greatest analogy, although. As a result of whereas information is at the moment extra helpful than gold, it’s so much much less scarce. The quantity of information we produce doubles in measurement each two years, and by 2020 it’s anticipated to hit about 44 trillion gigabytes per yr.

And most of that information isn’t hidden away wherever. In reality, most companies in the present day have entry to a glut of information that might be enormously helpful if used correctly.

The info nearly each enterprise has saved of their methods can be utilized to market extra precisely, drive higher analysis and improvement, and get to know prospects extra intimately.

There’s no query that information can change the manner companies function on a large scale. The true query is, how?

How information can change companies

Inside 5 years, it’s anticipated that there will probably be about 20 billion related Web of Issues units. And by 2020, there will probably be greater than 6 billion smartphone customers in the world.

Because of this individuals are producing colossal quantities of information each single day. This contains details about their likes and dislikes, hobbies, age, political opinions and a complete lot extra.

If used ethically (and that is necessary), companies can depend on this information to assemble correct, dependable profiles of their prospects. These profiles can then be used to realize a quantity of huge benefits.

Focusing on adverts is one of the main advantages. If companies perceive what their prospects are fascinated about and what demographics they belong to, it turns into a lot simpler to tailor promoting in the direction of them and present adverts which are related and attention-grabbing for them.

We’re all acquainted with the sorts of annoying, intrusive adverts that litter the web, attempting to seize our curiosity for some services or products we couldn’t care much less about. That’s usually the end result of companies failing to know their prospects — in all probability consequently of poor information administration.

By gaining a clearer understanding of their buyer base, companies can depend on extra pleasant and private types of promoting, strategies based mostly on constructing a relationship with prospects and gaining their belief.

A better relationship with prospects isn’t simply a bonus for entrepreneurs. Businesses that carefully perceive their base can tailor their model higher and be sure that what they’re doing is in keeping with what folks need.

They’ll additionally talk higher, in a manner that feels private as an alternative of soulless and generic. This makes prospects extra prone to stick round and results in a neater and extra pure relationship that advantages each events.

Analysis and improvement may achieve from this sort of deeper understanding. By studying what prospects are fascinated about, and their wishes, companies can work on constructing services that match that. This retains their consumers comfortable and their earnings wholesome.

There are various big advantages for companies that may discover ways to harness and use information higher. However how can they get thus far, and use information in a extra environment friendly and productive manner than the competitors?

A technique of getting forward might be to mix on-line and offline information, and one firm referred to as O2OPay are amongst these working onerous to construct this sort of mannequin.

Mixing on-line and offline information

The info on the market might be cut up pretty neatly into two teams — on-line and offline.

On-line information is the stuff we produce solely on-line. That features social media information, searches on websites like Google, details about our chats and rather more. It’s very helpful, but it surely isn’t the complete image.

The opposite kind of information is offline. That features details about customers’ location, funds, and subscriptions and memberships to providers.

When companies mix these two varieties of information, the result’s a a lot fuller and richer buyer profile than the one generated by specializing in only one kind.

Nevertheless it’s additionally necessary to make use of this information responsibly and truthfully, so prospects don’t really feel like companies are invading their privateness or spying on them. In the wake of scandals like the Fb Cambridge Analytica story, individuals are extra involved about this than ever.

So how can this be finished? Blockchain expertise might be one solution to obtain it.

Utilizing blockchain to handle information

O2OPay is one blockchain-based firm aiming to make it simpler for companies to entry and use information — on-line and offline.

Via their platform, prospects actively share their information with companies, minimizing the form of shady ‘monitoring’ practices which have develop into so extensively hated.

O2O is evident about solely sharing information their customers permit, and solely providing it to the corporations that want it. They’ve pledged to not promote on person information with out providing a reward to the one who offered it.

Even higher, with O2OPay customers are rewarded for sharing with tokens that may be exchanged for fiat cash. This fashion, they receives a commission and companies get helpful information. When this information is used to enhance providers and advertising and marketing, the buyer wins once more.

o2o

Blockchain’s decentralization and transparency assist make this sort of system doable.

As information turns into an increasing number of related in enterprise and on a regular basis life, we’ll want new applied sciences like this to verify we get the most out of it.

About Tom Greenly

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