Small companies need to tap the power of big data Via Acumor
How busy are you as a small business owner? You’re managing your books. You’re checking on inventory to make sure that you can fulfill your orders. You’re deciding which product lines to grow and which services to get rid of. You’re debating whether it’s time for you to expand to a second location.
And you’re asking yourself which of your staffers is talented and dedicated enough to become managers. In other words, you’re incredibly busy.
But there’s one more item that should be on your to-do list: You need to analyze big data and use that data to create deeper relationships with your customers. Not surprisingly, you may have no clue how you can do this. And you might not know what big data is. But here’s why big data isn’t only for big businesses. Here’s why big data might help your company succeed even in a difficult economy.
Defining Big Data
Here’s what you need to know about big data: It can help you manage your small business more effectively. That’s because it can show you what your core customers want, what they don’t already have and how many dollars they are ready to spend to get it. John Weathington, writing for the technology blog TechRepublic, says that big data are large amounts of information that is moving quickly. The good news? This data is freely accessible. The problem? It’s tough for small business owners to access and analyze these big quantities of information. But if you have this information on hand? You’ll have a big advantage over your competition.
Big Data In Action
CIO Magazine recently highlighted three business successes that were made possible thanks in large part to companies harnessing and using big data to gain new customers. The magazine looked at financial firm Financial Engines. This company uses large financial data sets and analytics tools to provide clients data-based advice on how to best save for retirement. The impressive volume of trend and statistical information the company can access is a prime selling point to new customers.
Exmobaby uses big data differently: Its pajamas include built-in sensors that compile health information on the babies wearing them. The sensors then compile this health-and-wellness information so that parents can access it. The marketing advantage is obvious: Exmobaby can take large amounts of data and then use it to show anxious parents how healthy their babies are. Parchment utilizes big data to help students apply for the appropriate colleges. The company relies on a database of grade point averages, SAT scores and college acceptance data to guide students toward those colleges likely to accept them. The CIO Magazine story proves that big data is not an esoteric matter. It’s real information that will help owners of small businesses gain new clients.