Big data isn’t just for large enterprises anymore. Small businesses can leverage big data now more than ever to drive success.
Big data is key to competing successfully in today’s market. While it’s true that small businesses may not have the same resources as larger enterprises such as researchers, data scientists, and analysts, they do have access to a broad range of data collection and analysis tools that can help level the playing field. You don’t even need expensive or fancy software to do the job.
Understand Your Customers
Small businesses can leverage big data to better understand customer behavior, propensities, and preferences but for this it is necessary to use business intelligence tools like the ones found at https://www.microstrategy.com/us/resources/introductory-guides/data-visualization-what-it-is-and-why-we-use-it. Equipped with this information, businesses can customize the customer interactions more than ever. This is increasingly valuable as consumers demand a more personalized experience. Knowing your customers’ wants and needs will also help you better develop your products to suit their needs. Analytics can also prove valuable in targeting new customers and help you understand how and where you are losing engagement on your website.
Refine Your Marketing Strategy
Big data can help you make better marketing decisions for your company. Big data makes it possible to know the demographic details of who is buying from your business. You can see trends related to certain age groups, ethnicities, geographic locations, or income brackets. This information can allow you to target certain groups with marking strategies that are designed specifically with customers who live in a certain region, for example, in mind. Getting the right message to your customers is essential to getting them to buy from you.
Social media is another marketing bubble that big data is bursting. Nearly all of the major social media outlets, Facebook, Instagram, Twitter…etc., provide their own version of data analysis. See which ad campaigns are reaching your customers and if they are working well for your business. New features, like Facebook Stories, are a fantastic way to gain free insight into who is engaging with your brand online. Leveraging big data in marketing is changing the game and you don’t want to get left behind.
Quality Over Quantity
Leveraging big data is about more than having access to unlimited information. It’s about receiving quality information in a timely manner and being able to understand and apply it to make your business better.
Big Data Doesn’t Have to Cost You
Big data has a lot to offer, which must mean it comes with a hefty price tag. But, luckily for small business owners, that isn’t true. There are plenty of free tools to help you gain insight into your customers’ behavior on your website as well as social media. AI has made it possible for big data to be accessible to businesses of all sizes.
- Google Analytics offers a free service that is easy to install and requires very little maintenance. It provides insight on website traffic and source, session duration, bounce rates, and conversions.
- MixPanel is another great analytics tool that tells you things like at what point site visitors are dropping off or if they are filling up their shopping carts but abandoning them at checkout.
If your small business isn’t taking advantage of all that big data has to offer, now is the time to jump in. Big data provides valuable insight and takes out the guess work—you know what customers respond to and what’s not getting their attention–allowing businesses to make more informed decisions.