Big data has different interpretations with the common thought being that a data driven business is more likely to survive and flourish. Your big data interpretation too isn’t flawed unless you equate more data as big data. You need to guard against this misconception—big data is all about acquiring more actionable data and not becoming a data warehouse. Big data should empower you to examine how well you perform in terms of workplace activities, customer interaction, preventing wastage of resources, and understanding emerging market/consumer trends. As this discussion proceeds, we will talk about how big data addresses most of your operational challenges:
Get More Humane
This might be shocking to some folks—the contemporary marketplace, often termed as cutthroat and insensitive, is perhaps in its most consumer-conscious avatar.
Real estate businesses understand that they need to have deeper associations with consumers, beyond answering customer queries and sending e-mailers. Today, consumers have become more instinctive and are spoilt for choices. Equipped with informational resources, their brand loyalty doesn’t hold for too long. Mobile and other web-enabled devices ensure that social media and online conversations can immediately impact a purchasing decision. Businesses need to tap into this consumer outlook.
Using big data, you can also track cross-channel conversations. The social ecosystem is connected to many mobile apps/tools and consumer forums. These discussions can heavily influence the general perception about your organization. Big data can help companies decode current consumer mindsets. It can help them penetrate consumer segments that are highly susceptible to be influenced by online reputations.
Get More Predictive
By tracking consumer selection, inquiry, purchase, and paying patterns, organizations can fully dissect a consumer. This helps to calculate present and future purchase predictions—often called economic forecasting, this niche of business predictive analysis has big data at its core. For instance, the rising number of Google-based queries for buying foreclosed homes in a neighborhood is an immediately-relevant data.
As a real estate business, you can route more resources towards understanding this consumer mindset—buying foreclosed properties in a particular area. Further, by systematically tracking different points of consumer interaction with other real estate brands, you can make your products or services more customer engaging.
Big data can ease your operational challenges. For instance, you can identify which types of households are most likely to make a property purchase in the near future. Similarly, you can identify hot spots that consistently make serious home-buying queries or challenging consumer demographics immune to your promotional efforts. This helps to streamline your marketing expenditure, making it leaner and more effective. Rather than generalized marketing, you can concentrate your resources towards smaller, more targeted or hyper-segmented consumer pools. This is just one example of how big data can help you cut operational costs and still, add value to your business.
Just take the case of the printing industry—online publishing has almost wiped-out some of the smaller newspaper brands. When online publishing started, nobody could have predicted this. However, newspaper industries that could foresee this possibility, prepared themselves by creating engaging online portfolios.
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