Is Your Business Intelligence Right on for 2015?

It's 2015.

As the following article looks at, are you still trying to figure out the answer to big data vs. market research: which can increase your business intelligence?

The answer is; you have to use them in tandem if you really want to get ahead of your competitors.

Here's why, and here's how.

What Big Data Offers

Big data offers you insight into things not even your customers know.

It can predict what consumers are going to buy next, possibly where they're going to buy it from, and maybe even how much they're going to pay for it. That's powerful intel that you can't afford to ignore.

If knocking big data services off your expense report was on your list for 2015, think again. You can't buy this kind of gold off the streets.

How to Use Big Data

You've got the data in your files. Now, here's how to use it.

First, develop customer personas that match the profiles intimated in the big data.

For example, say you've got a lead on a customer who visited a big box hardware supplier after they came to your site. They did a search for "gutters." Now you can hypothesize that your customer is a homeowner.

That's the beginning of your customer persona.

Hone in on your customer's profiles to develop personas that closely correspond to their searching and spending habits.

What Market Research Offers

Market research surveys are subject to interpretation by the people who fill them out. In other words, the results you get from market research surveys are only as accurate and truthful as the people who give the answers want them to be.

Don't be fooled by the promise of anonymity. Most people are savvy enough to know that their answers can be traced, and they are only willing to divulge what they want to divulge. 

Market research is still helpful, however. It can tell you what a customer believes to be true about him.

How to Use Market Research

Use your market research results to sell your product in ways that will appeal to your target customers.

For example, if your survey participant claims they are after peace of mind and financial freedom, you can market almost any product so it seems to play a crucial role in that dream.

Even an attractive handbag can offer a woman peace of mind and financial freedom if you advertise it as coming with a security zipper and a free designer checkbook cover.

The point is that both big data and market research have to play a role in your sales strategy.

Don't discount either one in favor of the other, because they work with each other to give you a total picture of your prospective customer.