May 2, 2014
While the term ‘big data’ may sound exclusive to large corporations and Fortune 500 firms, don’t let the name fool you. Big data can be equally powerful for small businesses, if leveraged properly. The key for business owners is to understand what big data can do and how it’s relevant in specific situations.
Small Capabilities
Your business can begin using the capabilities of big data in small ways. Two of the best small-scale capabilities of big data involve Google Trends and social media monitoring. Google Trends is a free library of data that can show you what the world is searching for. By understanding what the world is interested in, you can become more engaged with your target. Additionally, there are dozens of tools that allow you to monitor social media interaction with your brand. In turn, you can better engage and respond to customer’s needs, wants, and issues.
Timely Offers
Imagine if you could somehow know when customers are more likely to buy your products. Big data can help you understand insights like this by letting you know when to target specific customers. If you don’t have segmented targeting practices in place, you’re probably leaving money on the table.
What’s Working?
If you are marketing through multiple channels, it can be hard to know which mediums are successful and which are lagging behind. Big data allows you to properly analyze how each channel is performing for a better picture of where your focus should be. If you are just beginning to use big data, start by measuring everything. You will soon learn which metrics are valuable to your particular situation and can adjust accordingly.
Build Loyalty
More than anything else, big data teaches you to speak less and listen more. Your marketing focus will begin to shift. Where you once focused on internal initiatives, you will spend more time responding to your customer’s desires.
Big data has a place in small business. While its capabilities are endless, don’t be intimidated by its reach. Focus on specific functions your business can use and work from there. ITS, Inc. offers scalable solutions for small businesses and large corporations alike. Contact us today to learn more about big data’s place in small business.
Thanks for reading,
Rob Connary, President - COO
