Big data is the phrase used to describe collecting, processing and making available huge volumes of data in real time.
In the past, this was an option for corporations. However, as times continue to change, even small businesses can benefit from big data.
More and more businesses are today combining a variety of data such as sales, marketing, transactional data, social conversations and external data such as weather, stock prices and news to help identify correlation and causation statistically.
All this makes it easy to make accurate predictions and decisions. So, as a small business owner, why should you consider big data?
1. Improve Communication With Consumers
Thanks to the availability of numerous options, present-day customers are a tough nut to crack.
Before making a decision, they have to liaise with their social network and compare with other brands. You have to say the right things in order to win the hearts of new customers.
Big data makes it easy to communicate with your audience. It helps you better profile your target customers and pick the best way to communicate with them.
For example, when a customer walks into a bank, big data enables the clerk to view the profile of the customer so as to promote the product that is most relevant to him.
Big data will mainly help you refine your marketing strategies and increase conversion.
2. Redevelop Your Products And Services
Big data is effective in helping you understand how your audiences perceive your products or services.
You can do this by analyzing unstructured social media posts to understand the sentiments of customers. This data will help you redevelop your products and services in a way that they are accepted by your target customers.
3. Keep Data Safe
Big data tools enable you to map your data landscape across your company. This makes it easier for you to analyze threats that may be facing you internally.
You can identify sensitive information that needs to be protected and also device a better way of regulating data access. ASAR Solutions will help set up this.
4. Create New Revenue Streams
The insight you get from big data can help identify new revenue streams. This is because the solution helps you analyze the market more keenly. Think of Spotify. This is a song identification application.
It enables the record labels to identify where music sub-cultures are arising by monitoring the use of the service. Record labels can then act on this information to find and sign up new artists or remarket existing artists.
5. Offer Tailored Services
Big data will help get a complete profile of individual customers. You can then use this information to tailor your products and services to individual customers.
Not generalizing your services helps increase conversion. The solution will subsequently improve customer satisfaction, which in turn leads to more sales.
There are many more benefits you stand to gain from big data as a small business owner. You can learn more from the article posted on entrepreneur.com titled ‘How can small business benefit from big data’.
All you need to do is learn how to use the big data solution to improve your business. Working with ASAR Solutions at first can help you get started.