5 Ways How SMEs can Benefit from Big Data Too

For small or medium businesses the idea of big data is often one that they side-line, believing it to be something that goes more closely with large companies. However, its clearly not the case. We want to demonstrate how SMEs can utilise it in their own industries and benefit greatly.

Stay Focused On Your Business’s Crucial Points

If you want to drive the performance of your business by using data, you need to fully optimize the model of business you use. Think about your business’s main points of leverage. Would you be able to increase sales if you learned more about the preferences of your customers? Which parts of your customer’s behaviour will allow you to better target them? Are there any methods you are monitoring that can be improved?

By analysing the use of your products, are you able to offer your customers more relevant features? If you can do this, what data points should you be keeping an eye out for? You can gain significant insight and increase your product’s value by considering and answering these questions. When you have used data to properly identify the critical areas that your businesses needs to improve upon, you can collect additional information to make this happen. If you are unable to come up with a question that is not answered using your current data, then it is highly unlikely that you need to use big data.

New Rules and New Technology

In the modern world, big data is altering the rules related to the operations of businesses. Small businesses are presented with new challenges and opportunities. Cloud technology, mobile technology, and social media have been combined to create cost-effective platforms that are rich in data and also ones that allow you to work via a data led virtual office anywhere in the world. These are ideal for building new businesses and increasing economic growth for businesses of all sizes. This benefits both the local economy and trade and e-commerce across the world.

Knowing Your Customers

There is a new marketing guideline – marketers are able to influence what customers say regarding their product or service, but they are unable to own these conversations. In addition to cultivating excellent experiences and improving marketing, businesses are able to customize their interactions by using insight from big data.

Through the use of big data, marketers are able to engage with each of their buyers, learn about the things that influence them, and determine what the best marketing methods are for various channels. With over one billion consumers using Facebook and millions of consumers using Twitter each day, retailers know that the potential for improved marketing is high. Learning about customer behaviour does not simply end through the use of social media data.

Marketers are able to carefully review trending keywords, and they are also able to track metrics. Amazon, which currently has hundreds of millions of users, can predict the behaviour of customers by viewing their previous purchases, seeing what items they have reviewed, and seeing what items they add to their web-based shopping carts. Here are some other ways its changing marketing

Tackling Potential Problems Head On

Learn about negative outcomes that are likely to reduce profits from a customer or their order. Examples include returns and exchanges, refunds, claims for lost items, fraud, and complaints. When negative outcomes occur, closely review the date from each of these orders and take a look at the customers that have experienced these outcomes. You can then find the common denominator between them.

You can do this through the use of similarity analytic tools, but without huge data you are still able to get a lot done without fancy tools – simply use your brain! When you have discovered the correlation between all of your negative outcomes, you can take the time to use new measures and outreach services to solve these issues.

Understanding Customer Relationship Management (CRM)

Due to the Internet and technology, customers expect the brands they interact with to reply promptly. One-quarter of Twitter and Facebook users think that companies need to respond to complaints via social media within one hour. Marketers are allowed to use customer relationship management in order to personalize data via their support services. Using customized advertisements and e-mails is also as effective as using up-to-date cross-sell recommendations.

In regards to unique experiences for customers, a poll discovered that 87 percent of experiences reflect that collecting and sharing the proper data is a crucial part of measuring return on investment (ROI).