3 Big Data Strategies for Small Businesses |
Posted: November 23, 2017 |
If you are one of those who thought big data is only for big companies, it is time to prove you wrong. Big data is not meant for big companies alone; but, for all companies that can make use of data that they acquire from external sources or generate internally. Based on this fact, if you look at small businesses around you, most of them would be able to use big data. Now, the question is which strategies will suit your business and how do you use them. In this blog, I will try to explain how popular big data uses like analysis, personalization, marketing, reporting, etc. can be used effectively in small businesses. Want more? I will also be presenting examples of how you can go about using it in different types of businesses. 1. Analyzing and Predicting Big data empowers organizations to take informed decisions that are based on business facts. Organizations of all shapes and sizes can make use of this feature to take decisions related to marketing, product launch or discontinuation, etc. You can use analysis to get real time updates on how your business is performing and even compare it with past performances or use that to predict how the future will be. To understand how analysis can be useful in a small business, let’s consider the example of a boutique that caters to clients from all walks of life. Over the years, it has created a repository of client information. The boutique can use analysis and prediction features to understand which category of clothing is selling better, what types of designs are in demand, which gender is more active in shopping from there store, etc. All of this can help the store plan better in terms of inventory, styles, etc. 2. Marketing and Personalizing One of the most promising advantage of big data is the reach. With contact information of potential customers, you can market your products better and achieve sales target in a better way. You can also use customer preferences or information to extend personalized offers, discounts, deals, etc. with customers for effective marketing. Consider the example of a small coffee house that has been in business for a long time and has customers who are daily visitors and some who come occasionally. A business like this can use big data to reach frequent customers and promote loyalty offers which can be something like customers pay a certain amount for membership and get a percentage of discount for every visit. They can also market their new beverages according to season and customer preference. 3. Enhancing and Selling Big data can also help you in enhancing your products and services in myriads of ways. You can use existing data to analyze what customers require and then enhance your offering accordingly to boost sales. You can also use predictive analysis to check seasonal sales and decode what customers might typically be looking for during a festive season. Let’s consider an example of a supermarket. As a supermarket owner or supervisor, you would be catering to many customers every day. You want to increase your sales and therefore, using big data to enhance your product line will be a good choice. You can acquire data from external stores and see what is selling more. This will help you improve your product offering and achieve better sales result. These are just some ways and examples of how big data services can help your small business achieve big things. You can experiment with big data and alter strategies to fulfill your business aspirations.
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