There is a lot of talk these days about Big Data. We did a little research of our own to help you understand what exactly Big Data is and what it means for small and mid-sized business (SMB). We will also investigate why you should employ Big Data solutions if you haven’t already.
What is Big Data?
According to Salesforce.com, Big Data is “A collection of data sets so large and complicated that traditional methods of data processing can’t cope.” Business News Daily defines it as “The massive amount of information businesses collect from online and offline sources. These sources include websites, social networks, mobile apps, software, documents, computer logs, sensor networks and many more.” In essence, it is data that allows businesses to gain more insights about their customers, marketing campaigns, and financial status. Here is what Big Data means for small and medium-sized businesses.
Better business decisions
For SMB, Big Data means better business decisions. With Big Data solutions like Google Analytics, a free web analytic tool that provides companies with data about website traffic, your business can ascertain:
- What people are searching for on your site
- How many people are visiting your site
- Where your visitors live
- What websites are sending traffic to your site
- What people are clicking on the most
- What pages are performing the worst
- What pages and content do visitors like the most
- You can also learn about key demographics of your customers, such as age, job title, etc.
All this data can reveal trends, help you understand your customers and make better data-driven decisions.
Stronger customer relationships
Big Data not only helps businesses make better business decisions, but it can also help you to create stronger customer relationships. Canopy Labs, for instance, is a customer analytics platform and Big Data solution that provides SMBs with predictions on their audience’s behavior and trends. Its 360-degree Customer View shows data about each customer, including propensity to buy, loyalty and engagement level, and email behaviors as well as other metrics. This will allow you to create more personalized offers for each customer, predict customer expectations and activity, and launch more effective online campaigns.,This allows you to build stronger customer relationships because the customer is getting campaigns tailored for them, a personal touch that is imperative in the age of the consumer.
With Big Data, SMBs can also gain better insights and a clear understanding of their business which can lead to efficiency improvements, reduction in costs, and better customer service. For example, Qualtrics, another Big Data solution, allows businesses to conduct studies and surveys to gain valuable insights about their customers, brand, employees, and product, all in one platform. According to Qualtrics, these insights help businesses make “informed, data-driven business decisions.” The data can also help companies create more products that meet the needs of their customers.
As a business owner, it’s good sense to use data to your advantage. It is the age of the consumer, so use analytics to gain better insights into your customers and forge lifelong relationships.
Did you know that you can get a 360-degree view of your business if you integrate your systems? Commercient can help you take full advantage of the data from your ERP and your CRM. Contact us today to find out how.