BIG DATA: WHAT IT MEANS AND HOW CAN IT HELP IMPROVE YOUR BOTTOM LINE

It’s almost impossible these days to be part of a conversation on sales and customer experience without talking about big data. This is the term given to large collections of the consumer information (data) received by B2B or B2C businesses – names, postcodes, age, personal preferences, income, spending habits – on a daily basis. When this information is collected in mass quantities, it’s known as ‘big’ data.

This data is collected in a multitude of ways – just think about any time you write down your phone number, email address, visit a website, make a purchase, answer a survey or join a loyalty program. The concept of big data often gets a bad rap among consumers, mostly because it’s often associated with spam marketing, privacy breeches and fraudulent practices. And yes, in theory big data can be used to try to manipulate you into buying things you don’t want or need, or lead to an annoying and invasive influx of irrelevant marketing. Luckily, the past decade has seen big business slowly come to the realisation that making – and keeping – customers happy is the best way to create sustainable growth (gasp!).

One of the best tools made available to businesses working with a dedicated telesales team is call recording and analysis. This is helpful way of monitoring not just the performance of your team but also – and potentially far more profitably – the response and reactions of your prospects, all of which can contribute significantly to your big data big picture. Data collected during sales and marketing calls – whether they’re ‘successful’ or not, can be analysed and used to design and influence everything from CX, sales and marketing strategies to product design and innovation. It can provide a window into the mindset and needs of your customers and prospects that might otherwise not be clear and, when supported by the right people, tools and analytics, can offer meaningful and valuable insights that can better connect you with your customers and their needs.

Many leading companies are now embedding data-driven insights drawn from big data into every aspect of their business, using it to help define their culture and offering and become truly responsive to consumer needs and preferences. In this new era of customer awareness, it’s easy to see how big data can be used to achieve positive business outcomes. With the right team, processes and tools in place, the sky’s the limit.

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