These days, many organisations have tons of data at their disposal. This can range from transactional information and CRM data to operational metrics and financial flows. The big challenge is harnessing this data and transforming it into smart, evidence-driven insights.
Even with huge data sets and many ways to ‘slice and dice’ it, the data may not necessarily provide better answers to an organisation’s problems. External market insight driven by primary research remains the primary tool for answering the “how?”, “why?” and “so what?” questions.
Here at B2B International, we believe that the context and structure that market research provides is the key to unlocking the true potential of big data. Below are 4 ways in which we use market research to get the most valuable insights from big data:
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Mining existing customer / organisational data
We undertake regular audits of our client’s internal data to help with initial diagnosis of their business challenges. For example, in studies relating to a customer loss, we undertake a thorough analysis of behavioural and transactional data. This helps to identify the triggers that caused defection.
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Developing innovative approaches to statistical analysis
The real value of big data comes from the use of sophisticated statistical models to capture novel patterns from a morass of data. For example, we have developed innovative approaches to fusing survey responses, third-party data and corporate data. From this, we are able to paint a better picture of how markets behave and how they will look in the future. This is particularly useful for studies in branding, customer loyalty, market sizing and product development.
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Smart targeting in b2b segmentation
The level of detail that third-party b2b databases and media targeting platforms now offer is ever increasing. This means we can take advantage of a wide range of potential targeting criteria when designing b2b segmentation programmes. This results in findings that are much more powerful and actionable.
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“Big data” requires “big judgement”
Even with the reams and reams of data and analytics now at everyone’s disposal, a wise head taking stock and making sense of things is still required. With over 40 years of experience, our researchers know how to avoid the blind alleys and pursue the promising avenues is vital to arriving at the smart, evidence-drive insights that big data promises.