Why ‘big data’ matters for small business
Big data holds the key to your customers, that’s why. Editor of marketing website Mycustomer.com Neil Davey urges business owners to extract the information at their fingertips.
Find out who’s browsing for your product or service, when they’re online, when they’re more likely to walk into your store, where they linger on your website or social media, what inspires them to make a purchase: price point, vouchers, reviews, convenience, quality or locality?
You can act on measurables
Big data will tell you whether your social media posts are being converted into purchases or inquiries, show you who’s downloading your coupons, when and where, tell you which of your competitors they explored or settled on.
It will tell you if they mentioned you online and in what context. This allows you to direct your resources where they impact the most.
Size doesn’t matter
A micro-business or a sole trader can benefit from data analysis in the same way as a multinational. Set your analytics and keep track of the results. It doesn’t have to be complicated or time-consuming.
You can’t afford to ignore it
Staying on top means more than just anticipating customer trends. It involves optimising delivery methods, securing your property and intellectual property, uncovering why certain business directions failed or succeeded and keeping tabs on competition and future directions. Big data keeps tabs on everything.