If there’s one thing that has recently changed how companies do business, it’s big data. Big data are digital collections of information so vast that traditional database software cannot efficiently handle it. In fact, current estimates put the amount of data produced daily at an astounding 2.5 quintillion bytes.
However, thanks to improvements in technology, companies can now harness big data to create a competitive edge. Below are a few ways that a franchise can transform big data into big bucks.
It Can Improve Customer Experience
One of the great things about big data is that it can greatly increase your franchise’s customer intelligence. If there’s one thing customers like, it’s being made to feel like a business knows them and cares about their customer experience. If you have a lot of locations, keeping track of all your customers can be nearly impossible without the assistance of data analytics software. Customer relationship management programs, a form of big data analytics software, can keep track of the experience of even millions of customers so websites, customer service employees and support staff can provide customers with tailored personalized service.
It Can Increase Efficiency
Whether you run fast food franchises or employ carpet cleaners, big data can help increase the efficiency of your operations. For example, the software can inform an employee in real time on what products to suggest to a client based on their previous history with the company and other data obtained from that customer. For a carpet cleaning company, data can be collected on how long it typically takes an employee to clean a home with a certain square footage of carpet. Data can also be collected regarding what cleaners and solutions work best. All this data can then be applied to the core business model to create a far more efficient operation.
It Can Help You Plan for the Future
Being able to parse and analyze big portions of data can also help you chart a course for your company’s future. This includes both planning for the short term as well as for the long term. For example, being able to analyze data regarding when certain products sell during the year can be invaluable in regards to being able to stock the right number of products, decide when to launch marketing campaigns and plan when to launch sales and promotions.
In regards to the long term, big data can certainly help you decide on whether or not it’s a good idea to expand to more locations. Being able to track customer data means being able to get a clearer picture of where your customers come from. This can help you decide whether a certain neighborhood is likely to make a new franchise location in that community a success.
Leveraging Social Media
Big data intelligence, however, does not need to be limited to data collected from franchise locations or a company website. You can also leverage social media in a big way to give your company a competitive advantage. For example, if you have a Facebook or Twitter account, you can have the ability to track other accounts followed by your customers. You may find significant overlap between your fast food franchise and a certain sports team. This could present you with the opportunity to leverage that valuable information into a profitable marketing venture with that team.
You can use social media data for plenty of other things as well. It can help you collect feedback on new products, track the success of marketing campaigns and compile information that can be used to improve the overall customer experience. There are basically no limits to what can be accomplished by leveraging this kind of data.
Overall, big data presents some pretty exciting possibilities to franchises as well as nearly any other kind of business. It can allow you to fine tune customer service, make your business operations more efficient, more effectively plot marketing campaigns and collect invaluable information that can be used to successfully launch new products and franchise locations.