Whatever the size of your company, big data can give you a competitive edge. With a wider pool of data, you can draw insights that give you a clearer understanding of what it will take to turn your prospects into satisfied clients.
Keep Up on Market Conditions
In the past, available database technology couldn’t process large amounts of data continuously flowing in from multiple sources. That meant the view it gave you was incomplete and always a little outdated. Big data solutions can handle far more data in real time to give you a more comprehensive view of the current market.
Suppose you supply building material to multi-family housing developers and big data analysis tells you your prospects are struggling with a shortage of skilled tradespeople. Knowing this, you might win them over by offering materials that don’t require advanced installation skills. If your data analysis tells you developers are under pressure to use eco-friendly yet affordable materials, that’s an angle you can use to convert them.
Analyzing data from the top companies in your field along with data on external conditions such as economic factors, current events, and weather conditions further helps you understand how these factors affect what your prospects want from you.
Understand Your Clients
Efficient use of big data cuts down on blind spots to give you a more in-depth view of what your prospects will buy. If you sell waste management systems for high-rises, traditional data might suggest your clients want easy-to-use recycling systems. That’s good to know, but it doesn’t give you much competitive advantage.
Through the extra insight you get from big data analysis, you might realize they want systems that are both easy for residents and that reduce the risk of injury to maintenance personnel. By pointing out how your systems offer both benefits, you’ll come out ahead of your competitors who only know one aspect of what your prospects are looking for.
To find out more about how big data can help you win over more prospects, contact us at Construction Monitor.