Since the beginning of the internet, the phrase “Big Data” has been a trending topic. Words like “cookies” or “impressions” are tossed around but very rarely does anyone know what they really mean. As a small business owner, collecting and analyzing data is very important to your success. Everyday larger companies are trying to find better ways of mining data from their competition and customers. You should be doing the same.
By using collected data effectively, your company can make vital changes to your business process. You can create better products, spend less money advertising, and give yourself a competitive advantage by using the data that you have. But just collecting the data isn’t enough.
You have to know how to use it as well.
Effective use of the data that you collect is imperative. Let’s say that you have a clothing line. You may outsource some of your pieces from China. Recently, tariffs have been placed on goods from China. If you have been paying attention to the costs and how they changed, then you would know that raising your prices or switching manufacturers would be a good decision if want to stay in business. Understanding the effects of data and how it may or may not impact your business overall is very important.
Another example is with social media. Too many businesses are concerned with how many followers, likes, retweets, or shares that they can get but rarely do they know how to use them to fix issues within their business. For example, few businesses know that utilizing Twitter and Facebook to enhance customer service can increase sales.
In conclusion, having a Big Data strategy for your business is vital to the success of your business. If you aren’t already, research ways to collect, analyze, and apply it to your current business strategy. It could make or break your business.
How are you collecting and using the data for your company?