If you think that using big data to drive business is a strategy available only to large corporations, then it’s time to think again. New technology has made big data more accessible and easier to interpret than ever before — and the tremendous potential that this approach offers has made it a necessity for any organization that wishes to remain competitive. Read on to learn a few concrete ways that you can use big data to grow your small business.
Customer Relationship Management.
One of the most important ways that big data helps businesses is through social media. Many companies, for example, track mentions closely, allowing them to monitor the success of their marketing strategy while also responding quickly to any trending stories, positive or negative.
Market Research.
On a related note, data can help businesses make informed decisions about new products, marketing strategy adaptations, and more. Conducting data-driven market research (whether on social media or in the “real world” is a powerful tool that should not be overlooked.
Strengthen Security.
Monitoring important security metrics such as your number of privileged users, the frequency of security alerts, and the number of confirmed security breaches can help your company access risks, create concrete goals, and understand your cyber-security ROI.
Targeted Marketing.
In the online world, companies have an incredible amount of control over to whom they target their marketing messages. The more accurately companies can identify and connect with interested parties, the higher ROI their marketing dollars will generate. This is why customer demographic data can help businesses make smarter choices.
Business Management
When you can identify the areas in which your business is struggling, it is easier to find a solution to the problem. Big Data or analytics, help you improve your advertising strategy, can make you aware of short staffing on days you need it most, let you know what your customers are buying and when your busiest times & your slowest and so much more. Once you sort your business data, you can quickly filter through information and find the areas that need attention first. After you tackle the biggest hurdles to your business, you can begin addressing the rest.
Most merchants who keep a close eye on their big data and use that information to plan their business strategy, see quantifiable business growth and boost in sales within a very short time. The phrase “work smarter, not harder” applies here; running your business without using analytics to improve your growth doesn’t make financial sense.
W. Edward Deming, an American engineer, statistician, professor, author, lecturer, and management consultant is quoted as saying, “In God we trust; all others bring data” and “You don’t know what you don’t know.”
Big data is at your fingertips, if you don’t use it, you might never know why your business isn’t thriving. If you are undecided if you need analytics for your business, the answer is YES!
If you are looking for ways to make your business smarter and more efficient, NXGEN can help. Visit our website today to learn more about business management solutions.
