Big Data is not only for large organizations and you dont need to have terabytes or petabytes of data to develop a Big Data strategy. Instead, any organization, small or big, startup or public company, can leverage the exponential data growth the world is currently experiencing.
According to the below infographic, developed by Bluenose, many startups are experiencing a data growth. In fact, nearly 75% of startups say that their collection of data has increased significantly in recent times. Unfortunately, 35% of them haven’t even considered leveraging a Big Data solution, which is a missed opportunity for them.
Big Data offers multiple advantages for startups. Analyzing and managing large data sets allow startups to predict and reduce churn, and retarget new and existing customers accordingly. Many Big Data solutions are scalable and live in the cloud, and they’re also designed to be user friendly and dont have to be expensive. So why wait as a startup in developing a Big Data strategy?
The opportunities are almost endless for startups and the five main ways a startup can leverage Big Data are:
- Personalize the customer experience and identify key customers in order to personalize your messages, your products and your services;
- Predict and reduce churn by measuring customer behavior to understand when customers are about to leave, enabling you to act accordingly;
- Streamline your sales, supply-chain and staffing processes when you analyze the knowledge present within your startup;
- Target new customers and re-target existing customers with relevant messages and product that stick;
- Use social media data tot better understand your customers.
These five ways are great examples how startups can leverage Big Data. You dont have to be a large company to develop a Big Data strategy and as a startup you can gain significant competitive advantage when you start leveraging your data. What do you think are great examples of startups leveraging Big Data? Please join the conversation with your comments below.
