From funding campaigns to customer service, every facet of your business impacts how customers perceive your brand and feel about your products. Perception is reality, especially in business. To create a loyal customer base, your company needs to perceive their needs before they do. And, in order to actually act on those perceptions, your organization needs funding and an engaged workforce.
Let’s look at 2 ways your business can leverage big data to create value for shareholders and customers by engaging your workforce.
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Effective Fundraising with Big Data Justifications
Before you can even approach a customer with a great product, you need to find funding to launch a team that can deliver on your promises. A great team without funding is like a Ferrari without oil or gasoline. Things are going to break and it isn’t going anywhere fast.
If you’re working towards creating a killer pitch deck, real-time traction is critical to stand out from the herd. VC’s, on average, hear more than 5,000 pitches in a single year. The ones that stand out have real traction. They’ve created something valuable with their limited resources; a proof of concept (on a tiny scale) and a growing audience of engaged potential users.
Use big data to identify your market and create a compelling use-case for your product or service. For example, different platforms will allow you to analyze search volume for keywords and phrases relevant to your industry. If you can reverse engineer the terms and phrases typed into google, you can build the perfect solution to their query. You don’t even need a product.
You just need an outline on a website that effectively pitches your future product to a potential consumer. Find a way to convert that audience into an email marketing list. Then, convert those warm prospects into pre-order lists. This is the kind of thing that will help your pitch jump to the top of a VC’s stack of potential investments.
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Use Big Data to Engage Employees
One of the most exciting areas for companies looking to better engage their employees, and in-turn actually wow their customers, is the implementation of software that provides real-time employee engagement stats. If you go to the doctor for a physical, he/she will check your vitals. Real-time employee engagement is a measurement of all the data points that can help identify employees at-risk of leaving.
A recent article published in CIO discusses the new technology coming online for businesses of all sizes. It highlights how impactful allowing employees to have a tech-based portal for registering their positive and negative sentiments can be. Measurement of employee productivity, their punctuality and the general sentiments help create a real picture, in real-time based on hundreds of unique data points.
It’s now possible, thanks to big data, to take a snapshot of a team’s engagement level. This information is powerful as it can be a preventive tool to retain employees, improve leadership’s performance and customer experience. It’s truly the holy grail of employee management.
From raising capital to measuring employee engagement, big data is still driving a revolution in the digital economy. How will your company benefit in the months ahead? Will you let your competition out innovate you with real-time big data analysis?
