Is Big Data Important For Small Business?
How Small Businesses Can Use Big Data
By now, you’ve probably heard the term “big data” and how important it is for business. The term, however, is a bit of a misnomer. Big data doesn’t necessarily refer to terabytes of data, but simply data that can be segmented and analyzed in a number of whats that requires more computing power than a simple calculator or basic software suites. More than anything, big data is figuring out what you can do, as a small business owner, with your existing data to grow and improve your business.
Don’t get caught up in the hype, simply think about your business and determine how you can take advantage of your data in new ways. Data collected on the web, for example, can be one of the most important sources of data for small businesses. With the tracking and analytics software set up on your website, you can see how your customers are finding you and what they find valuable on your site. Use this data to help create a more efficient sales funnel to drive more visitors to your website and use the data to determine how you can convert more of these visitors into leads and sales.
If you’re like most other small business owners, you likely have social media profiles like Facebook, Twitter, Yelp and possible other networks. These areas can be a source of valuable data that can be used to improve your customer service, which can help you better serve your loyal customers and win over new ones.
Perhaps one of the most important areas where small businesses can leverage big data to improve their business is by investing in customer relationship management (CRM) software. Fewer than 20 percent of small businesses use CRM systems to keep track of interactions with customers, instead storing data in a number of places that cannot be quickly accessed or correlated with other data in a meaningful way. Every business, big or small, should have a CRM system to provide maximum customer service and improve the sales process.
Big Data Doesn’t Mean Big Expense
Many small business owners assume that big data requires huge capital outlays on servers, high priced software, and salaries or consultants. This simply is not the case as there are a wide variety of options out there that can be implemented for cheap or even free. Google Analytics is a great example of a free tool that can help you make sense of big data. Google Analytics compiles data from user interactions on your website, allowing you to segment them in thousands of possible combinations to extract data that can be very beneficial to your business.
Big Data Does Require Expertise
Although expertise is never a bad thing, big data can still be useful to those without experience. Big data doesn’t have to be overwhelming. Start with small chunks of data that are highly relevant to your business. For example , examine what happens when a customer is browsing your website. Observe the interactions that happen once the customer puts something into the shopping cart, and what they do after the sale. Do they leave the site or do they continue browsing? These are all small chunks of data that can be examined independently and useful data can be gathered from each of these data points.
Big data doesn’t have to be complex or confusing. It can be simple every day observations that you may not have been able to gather without the assistance of analytics tools. These tools exist today and are designed to make big data simple and quick–even for the smallest of businesses!
Big Data Support & Consulting From Solvere One
At Solvere One, we can help your small business implement systems to capture and make sense of big data in a straightforward and meaningful way. We use data and analytics as a part of our own business and we can help you too. Whether you need initial setup support or ongoing consulting services, the IT professionals at Solvere One is here to help.