Five Reasons Why Small Businesses Should Invest In Big Data
Data analytics are taking over the world of business and driving the transition towards more objective decision-making in real time. This trend is already well underway in the corporate sector, but now smaller companies have good reasons to consider making the switch. Given its scope, something like this would require an initial investment. Due to a number of factors, however, this financial commitment is very likely to be returned quite quickly. Here are several good reasons why investing in big data can be a smart move for a small or medium-sized business.
1. Creating a marketing boost.
One of the greatest benefits from big data is the ability to differentiate between target groups down to a very fine level and to direct marketing efforts towards customers most likely to have a positive response. Outcomes of every campaign can be tracked very precisely, which allows the company to support ads that work well and suspend those that fail to move the needle. Data-driven marketing is the future, and waiting any longer to adopt it could put any small business way behind.
2. Identifying true causes of slow sales.
When sales results are bad, business owners tend to automatically blame the sales department, even if the error might be somewhere else. With big data, any outcome can be connected with its true causes, illuminating a clear path to improvement. Trends can be easily spotted when you are looking at the chronologically arranged data from every sales outlet and every regional distribution center, so corrective action can actually be productive and not vindictive.
3. Branching out in new directions.
For some lines of business, big data is simply a necessity. For example, companies interested in participating in the budding forex trading market have no alternative to obtaining access to big data services. In the words of Mr. Sheen Xin Hu, CEO of the MXC Foundation, a cryptocurrency foundation, “It’s fairly easy to break through in the foreign currency trading sector, but only if you have the technology to follow changes in the market on a minute-by-minute basis.”
4. Improving customer engagement.
Knowing what your customers like and where their frustration comes from can help you build stronger and longer-lasting relationships without having to spend top dollar on public engagement drives. Big data solutions provide a 360 ͦ view of the customer, making it possible to address deep-rooted issues. More personalized communication with customers also impacts long-term loyalty and makes the company more resistant to aggressive moves by the competition.
5. Streamlining strategic decisions.
In the modern marketplace, there is no time for hesitation. Windows of opportunity are tremendously short, and only the most agile organizations can hope to profit from fluctuations in the market. Relying on big data to guide the decision-making process can be a huge advantage in such a dynamic environment as it shortens the delay between registering an event and reacting to it. This more than justifies the original cost of big data services and allows small businesses to be proactive at all times.