Big data/ analytics and the cloud have had a extreme effect on small business operations on nearly every industry today. Small to mid-size companies now have access to facts and reports that helps them better serve their customers, create products and services that provide real value, and perform risk analysis.
In years past big data was only available to large corporate entities, many who paid large amounts of money to understand their consumers needs. However, in today’s market social and mobile applications have made it much easier to drive consumer spending habits and social trends.
Big data is transforming and defying traditional methods and changing the way small companies do business with click of a button. – tweet this
There have always been advantages to having access to big data, however in more recent years and more open opportunities those advantages have grown immensely. Furthermore, data today is more defined, arrives faster, and provides the ability to be more proficient and effective within the company.
Here are 3 reasons every small business should use big data:
1. Tailor products and services to consumers: Big data allows for personalization, a pivotal trend for small business owners. The advantage of being a smaller business is the ability to address customer needs in a more customized way. Big data allows small businesses to see the trends, likes, and dislikes amongst groups of people or across their client base as a whole and tailor services or products that meet specific needs. This puts small businesses at a big advantage against larger chains, retailers, or professional services.
2. Pricing products and services – Product and service pricing can be driven my big data. Companies no longer have to guess at which pricing models work best for their clients rather they can review their data analysis and see what price points do best and which points suffer. This will assist in pricing new products and services with accuracy and relieve the tension of wondering if the price point is too high or not marginalized enough.
3. Better Customer Experiences – Enriching customer experiences in today’s market is so important. Another asset to small business is the ability to provide a more enriching customer service experience. Data can drive email marketing campaigns, content, blogs, free products and service offerings, discounts and so much more offering a better overall customer experience.
In essence, big data drives big results. Small businesses now have the ability to play with the big boys and they should use that opportunity to leap ahead of their competitors in a big way. Time to stop playing small and get in the game!
Tiffany Fulcher skillfully balances her roles as a wife and mother with her professional endeavors. She is a passionate blogger and entrepreneur, known for sharing her extensive business experience & expertise on her blog She Leads Business. Tiffany's focus areas include marketing, sales, automation, & a strong emphasis on empowering women in business. Her work exemplifies a blend of personal dedication and professional acumen, making her a source of inspiration for many.