Big data is often heard in conjunction with big enterprises. However, web technologies are now making it easier for small businesses to leverage on big data for enhanced business intelligence. Read on to find out how you can put big data to good use for your business.
By the myBusiness techblog team
In many ways we have become a society of data producers—every email, tweet, blog post, status update, link, purchase, download and review is generating data about what we think, how we act and maybe even what we want for breakfast. This data can originate from multiple sources, and we can collectively term it as big data.
Big data is however, more than simply a large data collection; it is an opportunity to find insights in new and emerging types of data and content, to make your business more agile, and to provide answers that can be highly beneficial for businesses looking to create targeted marketing campaigns to help attract potential customers.
Until recently, big data was limited to larger enterprises. With the proliferation and affordability of cloud-based tools for applications such as CRM, project management, file storage, backup, email, customer service and accounting, small businesses can now easily integrate data gleaned from these sources and easily pick them apart to get a clearer view of their target customer.
So how can you start tapping on big data? Here are some quick tips:
- Create a bi-directional digital channel – Through interactive websites and an increased social media presence, you can obtain the data points you need to start accessing big data. The goal here is to capture, sort and analyse relevant data from as many sources, and as close to real time as possible.
- Knowing exactly which type of data to track – Avoid being side-tracked or buried in data by keeping full focus on gathering the right customer intelligence that will help your business grow, and not other datasets.
- Don’t assume – Gather information directly from your customers by engaging with them via social media. Don’t make guesses about what they want. There is power to the “Like” button, and provides key insights into the demographics and the purchase pulse of your customers.
- Google Analytics, Alexa and Facebook Insights can help capture relevant data from digital media and generate a wealth of valuable information – and you don’t need to hire a data expert to use them. You can learn what search queries customers most often use, which images and pages visitors click on first – and use this information to optimise your site and increase sales.
For example, consider the case of a car parts shop that experiences a sudden increase in its sales of steering wheels. The shop’s website, which averages 30 visits a day, saw a 10x spike in the page views to their steering wheel page. With closer inspection of the log file and the Facebook insights report, it was found that the jump was attributed to a direct link posted by a loyal customer on their Facebook profile – along with a favourable comment. Armed with this information, the baker can further increase sales by:
- Launching a home-page promotion that maintains the higher level of interest in their steering wheel products;
- Creating incentives such as coupons to lower the price of that car part, or other relevant products to attract even more customers.
It’s that simple to start. Clearly, every small business should take advantage of big data. As long as you are receptive to information gathered by these queries, data gathered can be used to forge better relationships with partners, suppliers, employees and customers to ultimately help build a more profitable business.
Are you currently analysing big data? Has big data helped you gain better sales or customer relationships? Let us know in the comment box below.