Why Small Businesses Need to Harness the Power of Big Data
Big data seems to be the new buzzword on the block and small businesses are taking notice.
However, big data is more than just the flavor of the week. In short, big data represents massive amounts of information: try to imagine trillions of terabytes of data, for example. Companies can then analyze big data as a means of discovering trends and unlocking new ways of doing business.
Big data can have huge implications for SMBs, especially given the evolution of technology and the emergence of data-driven decision-making. For example, consider some mind-blowing statistics about big data such as…
- More data has been generated in the past two years than in all previous years of existence
- Google alone garners over 40,000 searches per second, meaning that new data is constantly being generated which has search engine implications
- Approximately 73% of companies have already invested in big data or are planning to
So, what does all of this mean for your business? Is investing in big data just another instance of hopping on the bandwagon?
Not at all. The sheer number of companies who are already looking at big data is incredibly telling. Meanwhile, businesses today understand the importance of analytics, such as Google Analytics and SEO metrics, as a means of making decisions and understanding our customers. Why wouldn’t we want to do that on a larger scale?
Consider the benefits of investing in big data, whether you’re already considering big data training or are curious about the hype.
Breakdown Your Users…
Understanding user behavior is essential to making any informed business decision, whether it be changing the price point of a product or redesigning a website. Knowing the in’s and out’s of our customers is the holy grail of commerce; however, what’s big data’s role in unlocking what buyers want?
Simply put, big data breakdowns can segment your users to help you understand…
- Who is purchasing your products, segmented by demographics such as age, gender and location
- What users want from your business based on your sales figures
- When users are buying from you, signaling that you may have a seasonal product or a time of year when your buyers are especially hungry for what you have to offer
- Why visitors were compelled to buy from you versus a competitor
- How you can improve your products, services and marketing in the future
If you want your business to head in the right direction, you need to understand where you’ve been. Big data provides an incredibly detailed breakdown of your userbase so you can make more informed decisions.
…and Supercharge Your Sales Strategy
By segmenting your marketing and understanding your users’ wants, needs and dislikes, you can ultimately craft a product pitch and marketing message that speaks to them. Big data can also be used as a means of competitive analysis, to see how your data stacks up against the competition. Don’t pursue big data blindly: instead, use it as a means of building the product and business that your users can get behind.
Some questions can be answered simply by the art of asking; however, the information gleaned from big data is much more complex and beneficial than a simple survey. Big data may represent the tipping point for SMBs looking to rise above their competition and truly get inside the minds of their users.