Developing A Big Data Strategy To Increase Your Business Profits

Focus on actionable objectives.

Actionable insights need to be the starting point.

 

 

Begin At The End By Identifying What You Need To Know

Begin at the end to solve a specific problem or reach a specific objective.

Reverse engineer the process by formulating questions you need to ask of data in order to arrive at the required insights.

Define Your Goal

Your defined goal should be specific.

If you do this you will be better prepared to know what you need to search for from your internal/external data in order to achieve your goal.

Sample Goal: Increase Sales of XYZ Product Among Top Tier Customers

What you need to know:

  • A list of your top tier customers
  • A list of your top tier customers who purchased XYZ in the past
  • A list of your top tier customers who purchased products similar to XYZ in the past
  • A list of your top tier customers who have never purchased XYZ in the past but have purchased similar or related products

 

Do Your Analysis

 

You will need:

  • An analysis of common characteristics and triggers to identify other top tier customers.
  • To know how XYZ compares with competing products in order to predict the saleability of XYZ

 

Further Data You Will Need

  • Which price points sold the most units of XYZ?
  • Which products similar to XYZ sold the most units?
  • Which price points sold XYZ well in the past and delivered the best profit margin?
  • Which price points slowed the sales of XYZ?
  • Were these price points the only problem or were there other circumstances that affected sales?

 

Other Info That Will Be Helpful

 

  • Seasons
  • Weather
  • Other external factors
  • Which sales persons or stores are selling the most XY and what commonalities they have, etc.

More Factors To Consider

You should have comparatives on all A/B and multivariate testing regarding or impacting XYZ’s online sales.

Comparison of past ad and marketing campaigns relevant to XYZ sales.

Data on how loyalty programs affected XYZ sales and similar products historically.

 

Utilize Analytics

Begin with a “What If” and “Why is this so”.

Reverse engineer it to identify the answers you need to mine from the data.

Even if the answer may not be actionable, the knowledge you gain will still be useful in other actionable situations.

 

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Find The Answers To Effectively Mine The Data

Find the answers to get an accurate view of what action you need to take to get the result you want.

 

Learn how to develop A Big Data Strategy To Increase Your Business Profits through the above tips. If you’d like to have access to even more powerful insights on how to use data to generate profits, then get a hold of my eBook available now on Amazon; Housewife to CEO.

 

Watch the animation video below for a summary of the tips on developing a big data strategy;

 

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