Big data may have been all the rage in 2012 when it first hit mainstream consciousness. It’s been nearly five years and big data continues only to get bigger; however, small businesses need not be afraid of big data. In fact, the information contained within your very own coffers will very likely yield the insight required to increase the profitability and effectiveness of your business operations.
Data-Driven Decision Making
Big data provides a platform for making better business decisions. Removing guesswork, confirming or denying intuition, and identifying what different segments of customers responds to increases the effectiveness of marketing campaigns. No two customers are precisely the same; however, understanding how and why your customer segments differ allows you to specify your message to your target audience, increasing effectiveness and reducing wastefulness in advertising spend. Combining your data with public data sets can enrich your data, providing the information to expand into new markets.
Evolve Your Capability
Data expresses in many forms – customer invoice databases, email traffic, social media – and presents opportunities to transform the way you do business. How many of your customers are engaged through social media and how did that engagement result in a sale, if at all? How likely are they to buy again and what are the triggers for repeat sales? Look beyond the obvious: invoice sales totals, numbers of likes on a social media page, or amount spent. Finding out how effective your efforts are and optimizing your capability is what results in getting answers to the right questions at the right time.
Low Barrier to Entry
Beginning to use your data effectively is not as difficult as it seems. From free tools to the most powerful of software, there are solutions that scale to the size of your business. As your business grows, a more feature rich solution may become necessary allowing you to grow your solution to match your needs. Microsoft, Tableau, and even IBM have solutions that are just a click away. Learning to leverage these programs and capabilities and infusing them into your business practices can result in your business growing to new heights!
The PED Group is dedicated to helping your organization meet your goals. For more information on how you can gain the The PED Group Advantage contact us here!
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