Whenever people talk about terms like Big Data, Machine Learning etc, the popular stereotype is that these are technologies employed by and for large-scale businesses and multinational corporations. On the contrary, Big Data is equally useful to any small business as it’s for large ones. Regardless of the presence, (brick and mortar presence or online presence or both) big data helps small businesses grow in multiple ways.
Often lack of adequate awareness deters small business owners from utilizing Big Data. However, there are certain strategies through which you can use big data within your means to improve your business. Below are the top 5 ways Big Data helps small businesses grow:
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1. Derive Better Customer Insights
Small enterprises can start utilizing big data in the initial stages by analyzing and segmenting crucial information on leads, target audience and customers.
You don’t really need a hi-tech software or trained Big Data engineers to get this done. If you have an online presence, just monitor the website traffic using Google Analytics at no cost. This way, you can keep track of the percentage of repetitive visitors, new visitors, visitor behavior as well as time spent on the site etc.
You can even use your social media platforms to test how much interest your products get so that you can take the right data-driven decisions. Big Data is a great aid in helping you understand the behavior of your customers. When you find a pattern between customer preferences and purchase behavior, you can do the due diligence on what products/ plans to focus on for your business to grow.
2. Execute Goal-Oriented Activities
Based on your customer behavior you can analyze frame specific initiatives to either get them to buy something from you or remain as loyal followers.
You can filter your target audience through lead-generation forms and emails that ask close-ended questions. This way you can monitor ideal customers efficiently and develop personalized marketing strategies for them.
For instance, if you feel that some customers are hesitant to make a purchase at the last stage, you can send them a special deal or discount coupon to increase the chances of a sale.
3. Improve Logistics
Most businesses today have to figure out how soon they can meet the customer demands in a matter of seconds. Good customer support, speedy delivery, easy payment options, and watertight return/refund policies are vital elements for the success of any business.
Big Data applications provide small businesses with the foresight to attain customer satisfaction in a fast and hassle-free manner.
4 Launch New Product In A Shorter Span Of Time
Small-scale businesses may not always have the bandwidth to churn out new products. With Big Data insights, they can either improve their current products or relaunch popular one and even create new ones in short spans of time.
5. Secure Backup And Storage For Your Files Through Cloud Storage
Any small business can make use of cloud storage. No matter what, all the important data about your business that are related to products, transactions, and customers can be kept safe without any risk of displacement. Even when you need to access these files for reference, they can be easily accessed.
Therefore, now is the time for your business to ride the big data wave. Stay updated with the latest development in this field and you can use it to not only drive sales but also to transform your business into a smart and successful enterprise.
If this blog got you interested in Big Data, you should definitely read these articles on its several applications in various fields. You could even enroll for the Big Data course so that you can effectively apply what you learned to take your business places!