In today’s mobile and tech-savvy world, the term “Big Data” has become all the buzz. This mass collection of data allows us to pull information about users from multiple sources, including web, social, and mobile platforms.
Never before have we had such access to the consumer, so it’s important that we use this strategically and carefully. It can, however, be a daunting task because big data is just that. Big and at times, messy.
The goal is to be able to look at this data without becoming lost in the numbers and derive meaningful insights. The ability to turn big data into smart data and use it to an advantage will separate you from your competitors. We put together a list of steps to evaluate when analyzing your big data.
1. Seek Relevant Data
It’s easy to become distracted and overwhelmed by the sheer amounts of data to deal with. The important thing to keep in mind is to only focus on the relevant metrics that will help maximize business potential. Focusing on the wrong data metrics will only cause lost time, lack of focus, and a loss of revenue. In mobile, examples of these revelant metrics would be user retention at day 1, day 7, and day 14, daily/weekly active users, time spent in app, and average revenue per user.
We put together a checklist of important metrics to track when launching your app.
2. Take a Unique Perspective
Pulling a cross-reference of data is important when understanding big data. Taking a single data set at face value is a mistake, so it’s better to interpret a variety of performance indicators.
Mobile app developers, for example, may look at the ARPU (average revenue per user) over a one-month span. Taking into account other metrics, such as a decrease in revenue per user over the same time span, will offer a more subtle perspective.
3. Determine Key Performance Indicators (KPI)
Operating around KPIs is not a new concept in marketing. Big data is changing the landscape. By using mobile data, it can provide us insights such as the number of installs per acquisition source or revenue per install source. Observing more retention-specific KPIs will give more progressive information over a given length of time.
4. Pass it Around
Getting any data pulled into the hands of the people who need it the most is key.
Whether it’s the CEO, CMO, Marketing Manager, Product Manager or Developer, any insight and collaboration with regards to the information, will only serve to help.
5. Be Vigilant
An ongoing commitment to data interpretation and action is a must. Mobile businesses and platforms have great potential to benefit from big data. Proper controls, knowledge, and supervision are needed to ensure its success, however.