How Can Big Data Grow Your Company?

The digital world is expanding and evolving every day, requiring businesses to maintain an online presence. Though businesses are now needing to take even more steps to stay ahead of the game, and a major strategy is the use of Big Data. Big Data is a term used to describe the large amount of data that can be analyzed for insights and information that can lead a business to make better decisions and strategic plans. There is a continuous stream of information, sensors, texts, videos, images and overall data that can be used as a resource for competitive advantage. So how exactly can big data grow your company? It is not easy to control and implement the massive volume of big data, but once a business gets the reigns they are on the road to success.

Big Data can first help your company in finding the problems and answers. Once big data is analyzed and interpreted it can unveil:

  • The reasoning behind failures, stagnant sales, defects, and issues
  • Unlawful behavior that may affect you company
  • Feedback on services and products

growBig Data keeps you engaged with customers’ needs and wants.

The business world is more competitive than ever, treating customers with respect is not a luxury but a necessity. The use of big data to scan social media feeds and online trends can help a company stay on top of what customers are demanding. It also shows what services and products are not working, allowing the business to understand what needs to be changed. From there, you can make the necessary re-developments to help your business. With the help of big data, you can gather more information about cost and time effects to improve the efficiency of production.

Big Data also helps to ensure the safety and protection of a company and its customers. By detecting fraudulent behavior a company can fix the problem before it has a chance to affect the company negatively. This includes – stealing of financial information, credit or debit card information, fraud or hacking. The company can now analyze all internal and external threats and re-develop on how to keep information safe.

With the mass amount of information and insight big data gives to its company’s it allows them to take a step back and rethink current strategies and develop better ones. The improvement of quality services and products, customer engagement, efficiency, and productivity will undeniably lead to better and new revenue streams. Big data is a force to be reckoned with, so go on and do it.

Sources:

“Big Data.” IBM Big Data – What Is Big Data – United States. N.p., 17 Mar. 2017. Web. 14 July 2017.

“How Big Data Can Help You Do Wonders In Your Business.” Simplilearn.com. Simplilearn, 24 Feb. 2017. Web. 14 July 2017.

“What Is Big Data and Why It Matters.” What Is Big Data? | SAS US. SAS Institute, n.d. Web. 14 July 2017.
Like what we have to say? Check out our latest blog post: http://goelaborate.com/key-big-data-terms-know/

The NEW 4 P’s of Marketing Mix

The NEW 4 P’s of Marketing

 

You might not be aware of the classic 4 P’s of marketing, also known as the marketing mix: price, product, promotion, and place. The Marketing mix; a quick way marketing professionals keep in mind the four major considerations for a brand.

<goElaborate Pinterest Infograph

But the fact is that things change.  The drastic changes with technology, especially via social media and mobile technology, e.g: smart phones, simply cannot be ignored.

The new ‘P’s’ of marketing, as Kimberley Kadlec, Vice-President of Johnson & Johnson’s global marketing group suggested are: Purpose, Presence, Proximity and Partnership.  (http://bit.ly/XuMWT8)

Purpose adds to the value, such as an environmental purpose (Ex: 10% of our revenue goes to WWF), and transparency (Ex: Dolphin-safe fishing).

Proximity and Presence addresses the social and mobile issue.  The brand needs to be accessible everywhere: Google, Facebook, Youtube, and everything else you can think of.

Partnership focuses on collaboration with both businesses and clients to advance the brand.  Be it looking at the feedback of customers or sponsoring events to gain further exposure.

Brands both new and old must consider the new variables in this digital age, and it all begins with the new P’s of marketing.

Startup

To create a successful startup company you would need three things. To start with good people, make something customers would actually want and to spend as little money as possible. Although these things can help you, Global Entrepreneurship Week event’s like startup open competitions can help your business more.

 

 

 

Base on this article ( http://startupopen.com/2012/06/20/startup-opens-2011-winner-kavita-shukla-on-the-gec/ )  here are a few key points about it

Startup open is a competition to recognize start up companies who has have just started, or is about to start. The Global Entrepreneurship is the largest gathering of startup champions from around the world. The Congress allows these brilliant entrepreneurs to meet and network with each other, offering attendees a once in a lifetime opportunity.

Follow up question: Where can you go to get a little help and also some helpful business tips.

Well, in Goelaborate we can expand on your inventions and latest ideas and can publish them online by creating your own website. So  let us help you take the leap!