Learn how to gain a competitive advantage for your team using our step by step guide to making business decisions based on market analysis
As industry experts here at Biglytics, we put together a step by step guide to market analysis using Big Data analytics. In this guide, we will discuss understanding your industry, run you through the relationship between market analysis and Big Data with revelant examples, and provide insights on key reports for your business. For additional informational, fill out our form to receive a free whitepaper!
Understanding your industry is a key component in making your data work for you. Whether you're in an emerging industry, or something more standard like retail, education or technology, Big Data has the power to help transform your market analysis resulting higher profit margins for your company. But don't take it from us, see how 3 companies used Biglytics market analysis to gain a competitive advantage in their respective industries. Each industry is different, but the approach to market analysis can be relatively similar if plan appropriately with Big Data analytics. For more information take a look at our Big Data industries report.
A framework for industry-focused market analysis could be:
1. Identify the key players in the industry
2. Make a list of KPIs specific to the industry
3. Use Big Data to gather analytic information on these KPIs across the industry
4. Cross-reference your own companies efforts
Market analysis and Big Data have long been intertwined, but only recently have business begun to capitilize on the great insights that can be gathered by analyzing this data. And its not only relevant to data analysts anymore. More and more you're seeing CEOs, stakeholders, and managers making decisions based on analytical findings. As an added benefit, these informed decisions and solutions are saving time and money for companies across the globe. Becoming an expert is no longer hard given the abundance of data available in the digital age. If you have a good understanding of your target market and apply the fundamentals of Big Data (use this guide to get you up to speed!), you are well on your way to transforming the effectiveness of your business and gaining a competitive advantage in your industry.
Once you've established a framework and understand the power of market analysis with Big Data, it is important to be able to put your findings into actionable reports (not doing so can actually be hugely detrimental!). But when used correctly effective reporting can supercharge business decisions to positively effect your whole company. For example, check out this case study on one of Biglytics own clients who doubled their sales using effective reporting. Consider these 3 reports as a great jumping off point.
- Competitors report, ROI report, LTV vs retention report
(more detailed information on these reports here)
Once you've produced your actionable reports it's time to use that information to make smart business decisions. By comparing your reports, your can start to determine the base benefits for you company. The reports should help dramatically visualize customer-directed convergence through comparsion techniques. Report-generated content in real-time will have multiple touchpoints for your company. Make sure to consider key aspects such as:
- unknown correlations, market trends, customer preferences
Biglytics’ world renowned Research Department produces quarterly reports that hundreds of leading medium size business executives count on to understand trends, breakthroughs and new learnings about their industry. When looking for a Big Data advisor, there are a few things to consider.
- Breadth of your target market
- Do you need a one-time consult or continued support?
- What is your budget?
Once you've answered these questions you can start looking for your ideal advisor. Biglytics has a great team of advisors ready to share their knowledge with you and your business.