In today’s business landscape, it’s not enough to just sell your products or services outright to possible customers. As a business in the modern world, you need to have all the advantages for your business to succeed and one way of doing that is through big data.
Many companies have used big data and business intelligence to get ahead of their competition and obviously it works. Natural skin product businesses are becoming more and more popular as people realise what is in their makeup and skincare products. This is an industry that can also take advantage of big data and business intelligence.
Big data plays an essential role in allowing businesses to collect data about customers, niche targets, productivity, and marketing efforts. Big data’s common goal is to utilise information to better target consumers. Collecting information about consumers produces new strategies and opportunities in marketing.
What is Big Data?
Big data is defined as a large volume of data both structured and unstructured – that floods a business every day. It’s not the amount of data that matters, it’s what you can do with the data that matters. Big data can be analysed for insights that will lead to better decisions and strategic business moves.
Big data can be taken from any source and analysed to find answers that will enable cost reduction, time reductions, new product development, optimised offerings and smart decision-making. By combining big data with high-powered analytics, business-related tasks including the following can be accomplished:
- Detecting any fraudulent behavior before it affects the business.
- Determining the causes of failures, issues, and defects in real-time.
- Re-calculating the risk portfolios within minutes.
- Generating coupons at the point of sale based on your customer’s buying habits.
How Big Data Covers All Bases
Big data in the beauty and cosmetics industry has transformed the industry into a revolution of how target markets are identified, when and where products are placed and the consistency of the product over different markets. Big data allows companies and brands to identify any missed opportunities and improve product variety in order to increase the possibility of a sale. It allows your business to talk directly to your consumers based on their behaviour on your site or shop page.
Big data allows your cosmetic business to fully understand the preferences of your typical consumer. Knowing what your customers have already bought, when they purchased the product or if they have responded to your communication. These things are all stored in a system and can be analysed and reviewed in order to re-strategise and optimise sales in the future.
Structured and Unstructured Data
Structured data is the information the customers voluntarily give out while unstructured data is the information generated from the customer’s searches. Most search engines and your social media platforms use unstructured data to present things that customers may like. All of these things work from databases and algorithms to present the consumers with opportunities that may entice them based on their actions.
Also, social media has opened up channels for you as a business to further penetrate the scene and is a good way of collecting and analysing Big Data.
In the last few years, we have seen the emergence of the market influencer. Market influencers can be experts in the field, a person with a large following on Facebook, Twitter, YouTube or Instagram. Your skin product business should target these influencers to push the product further to your target audience. Your target audience data conversion process, likes, shares, comments, and views are a goldmine for you to take advantage of.
Big data has done so much for many industries including the beauty industry. More and more ways of information gathering are going to be available to take advantage of Big Data and lead your business to success.