While talking about Big Data, everybody thinks of a massive accumulation of data, and it really is. Big Data refers to that vast set of data from different sources that cannot be organized or structured using the classic databases. However, the mistake most businesses do is by thinking that Big Data concerns exclusively for large corporations.
Big Data is not just for large companies. If you’ve followed the news for the past few years, you’ve probably heard a lot about big data. Satya Nadella, CEO of Microsoft, says “data dividends” could be worth $ 1.6 trillion to large companies over the next four years, according to the BBC. But SMEs (small and medium enterprises) can also benefit from big data.
Thus in this article, we will show you how small businesses can use big data to improve their performance.
Better business decisions and new revenue streams
Big Data is one of the most effective ways to inform future business decisions, identifying trends in the market, which can be both economic and behavioral. Having access to this information makes it easier to estimate the acceptance of new products even before they are developed.
Through the organization and analysis of large volumes of data, several insights can be generated to help identify new opportunities for action and help the company to remain innovative in the market and generate new revenue streams.
Another great advantage of Big Data is related to the agility and assertiveness in decision-making provided to the organization’s directors. With reliable and strategic information in hand, the direction of the business can be decided much more quickly, making the company save time and have an advantage over competitors.
More efficient marketing strategies
A targeted marketing action can generate much more value, credibility, and results than campaigns targeted at the masses. To create actions that generate interest in the potential customer, it is necessary to know them. Big Data allows you to analyze your audience’s data and bring key information about each consumer’s behavior, preferences, history, and purchase profile. Thus, it is possible to create personalized and specific actions for each profile, bringing more return on investment in each campaign.
For instance, A tourism company could use Big Data to discover its customers’ favorite destinations, sending personalized suggestions at times when the exchange rate variation is most important. The packages can also be customized for families, couples, or singles, according to the client’s family composition.
Customer retention and loyalty
Several companies invest a lot of resources in prospecting for new customers but neglect the importance of retaining and retaining current customers, which can be very costly. Customer loyalty, without a doubt, is more economical than winning new ones and Big Data can be used to optimize this process. Having information in hand that makes it possible to know the reason why your customers remain with you or seek another solution in the market allows you to anticipate and adapt to maintain satisfaction.
Through management indicators that show complaint rates and level of satisfaction, among other metrics, your team can create action plans to update its services, in addition to anticipating possible threats to the business.
Big data is the future. In such a work format, you can grow from a micro-business to a large one without investment. This is the point of data analysis for small businesses. You just need to understand the specifics of your product-service and know your client. Walk this path manually, for each client, and then automate. And you get the business in its purest form