Large corporations are not the only ones that can use big data to assist them in decision making. If you are running a business, you might have already heard of Big Data and Data mining, which are now common terms in business circles.
Data makes up a large part of small and large business and can generate valuable information which can be a key factor for future growth. Customer reviews to order cancellation, their behavior and specifications are all forms of data for companies to improve their profits and overall growth. Well, let’s find out how a small or medium-size company can leverage Big Data to influence its market performance.
Helps in Understanding the Audience
Small Businesses Enterprise (SME) can take advantage of big data to understand their customer’s preferences and behavior. By taking assistance from big data, the companies can customize products or add value to their existing services to provide a more personalized experience.
Big data available from internal and external sources can help to understand the negative and positive thoughts by a customer about your business or the overall market. Does your product or industry emits carbon or make non-biodegradable items? Maybe, you need to check out the latest eco-friendly trend and understand your customer’s preferences.
Redefines Marketing Strategy
Big data helps small businesses learn more about their customers and their purchasing behaviors, which can be helpful in decision making. SME can also understand customers’ need and trends relating to certain age groups or locations using Big Data. It also enables small business to target a specific audience and advertise their product to the right customer.
Nearly all major social websites have a large database, where SMEs can target their potential audience. Small business can use this data for their advantage by running Ad campaigns and creating sponsored stories on popular social media platforms. Features like Instagram stories are further adding more areas of advertising for small businesses to benefit from big data and drive more engagement to their brand.
Helps Identify Problem Areas
It is essential for all size of organizations, especially startups and SMEs, to detect and prevent any leakages in their operational system. However, many small businesses tend to ignore this factor while primarily focusing on growth and sales target.
Big Data can help the business to locate problems by analyzing their overall processes. It can also provide a clear insight as to what they are capable of doing to fix the discrepancy. Big Data can also help the management to idealize the situation and the impact on operations before making the desired changes.
Provides Insights into Trend Analysis
Using trend analysis is becoming crucial for every business to remain competitive. Small businesses can use big data to identify the incoming prospects and patterns in consumer behavior that can be helpful for future growth.
It can help to understand the direction which the industry and economy are moving towards. With such a large data, SME can start developing new variants of their product or add value to their existing services to remain at par with the rivals.
As of now, it may be clear how Big Data offers several opportunities for SME to improve their operations. There are many free tools available for small business that can be handy to gather enormous data such as Google Analytics or SurveyMonkey. By working with these tools, a small business can achieve fantastic insights into their consumer’s behavior, which can be the key to compete with larger or mid-sized companies.