Is Big Data Needed in Small Business?

Written by Jeremy Sutter

Some of the strategies utilized by small businesses for increasing online presence in the past few years revolve around building credible websites, email marketing, digital marketing, and Search Engine Optimization (SEO). Although some of those efforts are still viable for most small business owners, Big Data analysis has taken the lead for many large business enterprises, and small businesses should also keep pace with the trend in order to stay relevant in today’s competitive markets.

An IDG study of 2016 showed that about 78% of large business enterprises have already embraced the emergency of data and analytics. Small business owners ought to admit that Big Data is a game changer when it comes to collection and analysis of data for faster decision making in regards to the running of the day-to-day operations of their businesses. Big data has, become a major enabler in real-time digital interconnectivity. Most small businesses, shareholders and decision makers in startup organizations are still at the infancy stages of implementing digital transformations that accommodate the Big Data technology. There are various data providers online who are specializing in building strategies that will transform website data extraction and data collection in a more convenient manner.

Efficient customer service

Making quick decisions concerning risk management, research strategies, and customer service relationships can be enhanced dramatically through utilization of collected Big Data. Small players in the business markets can start understanding the behavioral patterns of their customers by analyzing how customers visit their retail stores and the kind of decisions they make.

Big Data can integrate updated Customer Relationship Management (CRM) and Point of Sale systems in order to determine what customers want whenever they visit their stores. By assessing their behaviors, the business owners and decision makers will adequately tell what kind of products or services their existing and potential customers are looking out for and provide real-time solutions. Making immediate decisions that are not based on guts or instincts is an accurate way of providing the right solutions to customers, and hence retaining customers through repeat business. A business that is always swift in making desirable adjustments in its operations or responding to customers’ concerns will always stay ahead of the competition as compared to one that is guessing its next move or taking too long to act.

Increased Productivity

It’s easier for small business managers to know the current market trends and analyze the ever-changing marketplace dynamics that affect prizes by utilizing Big Data tools. A business can evaluate the effectiveness of its products and services by making comparisons with its competitors on tools like Google Trends and making the necessary changes. Big Data strategy can help a business in evaluating critical data like customers’ needs through analytics better than verbal or written customer responses that are not fully reliable. Instead of assigning part of your marketing team to conduct field researches about customer behaviors or market trends, you can let Big Data handle such tasks and focus your marketers’ energies towards boosting the general productivity of the business’s core objectives.

User-friendly and Cost-effectiveness

When introducing Big Data solutions in your small business, ensure that you invest in an option that is user-friendly. The solution can only be of benefit to your overall ROI, if it’s easy and simple in its applicability or usage. There are good tools in the market today that you can easily integrate with your existing systems’ capabilities without employing IT specialists. Choose a customized package that suits your business’s needs and not a pre-integrated package that may bring in features that you don’t need; it should be cost-effective.

About the Author:  Jeremy is a tech and business writer from Simi Valley, CA. He’s worked for Adobe, Google, and himself. He lives for success stories and hopes to be one someday.