Big Data the phrase might just scare away small businesses. But almost all the tools and techniques to analyze enormous data set are also applicable to SMBs.
Business data has been there for ages, but most of the time lying hopelessly trapped in cabinets, handwritten ledgers and untapped resources. Until now, big data was considered as too expensive, complex and intimidating for small businesses to adopt. Thats changing. Thanks to deteriorating tech costs and new tools, even small businesses are now using big data.
Data has transformed the way small organizations work and big data has the capability to provide valuable information and statistics to entrepreneurs that can fuel their business growth. Here are few advantages small businesses should seek in big data solution:
Get Smarter with Customer Engagement
Todays customers are a hard nut to crack. They look around for reviews and talk to their social media network. Such customers expect a unique treatment for buying your products. Big data would help you find such little tyrants that can further help you have a one-on-one conversation with them.
Marketers are accumulating data every minute whether from CRM, the internet or through ongoing service history. Any customer interaction with your brand through a mobile app, website or social media is an opportunity to understand their behavior. If small businesses fail to leverage this opportunity, every minute that they are not using it is a lost buying opportunity.
Cut Costs and Boost Profits with Big Data
Big companies do itand you should, too.
No doubt, the big picture with big data is in saving time, you save money. By utilizing big data, companies can see a good return on that investment.
The whole setup of big data is ideal for any small business. No longer does it take costly and complicated infrastructure to get big data running. Additionally, it provides the flexibility to small businesses to scale their storage according to their requirements. They need not spend money on storage they might not be using. There is a reduced burden on an organizations overall IT landscape, freeing up resources that were devoted to responding to requests.
Big Data for Better Decision Making
Managing is not possible without measuring. Big data will help you measure and directly translate that information into decision making. Even if you arent really a numbers person, there are ways you can benefit from Big Data.
Data has the capability to turn us into better marketers. The best ones in the market are the ones who leverage data to make business decisions. The idea behind big data is and the reason why big data matter most for small businesses is that with more data, they can make better financial decisions.
Targeting the Right Customers With Right Offers
Should every visitor to your website see the exact same offers and pages? Should they see the same product pages?
The online marketing experts recognize that personalizing user experience on their website can make a huge difference in the long-term profitability of the business. The notion of big data has in holds, promises for finding ways to personalize individuals experience. Businesses harnessing the power of big data would be able to make decisions on evidence giving them a competitive advantage. Promotions which come across as spammy merely succeed in diminishing the consumer experience.
New Revenue Opportunity
There is more to big data than measurable enhancements on growing customers. Usually, we emphasize on using data to form win-win circumstances through which we turn insights into significance. The fact is that such insights could be used to do more and lot more.
Perhaps an interesting use of big data is to create new products or services for users. Businesses should be on the lookout for fortunate surprises that would open up new paths to value. Big data has this dynamic to the forefront as a strategy for growth. When businesses start using data in many ways, they can discover many new opportunities that were not even on radar when started.
Wrapping it Up
Small businesses dont always want to stay small. Big data can lead to bigger things for SMBs most probably if they go about it in a smarter way.
As big data is becoming more central to businesses, there is no doubt that conversions surrounding it are a bit confusing. For small businesses looking to make smarter business decisions, youd be a remiss not to explore big data. So, why not expand your horizons and reap the benefits of Big Data?