Using big data to grow your small business
When used effectively, big data analytics can be used as a way to develop growth in your business. Large companies are not the only ones who can benefit from using big data, as small businesses can also use it to their advantage.
What is big data?
It refers to the collection of large volumes of data that can show information about business processes and trends. It encompasses a wide range of analytics and data-gathering strategies, giving the ability to capture and analyse data on a mass scale to inform business decisions.
Why use big data?
While many small business owners may think that using big data is unnecessary, the reality is that businesses of all sizes will generate useful data. Each sale, social media engagement and email click-through is a new source of data that can provide invaluable insight. Customer patterns and behaviours, movements in the broader market and other business trends can all be discovered through the use of big data analytics.
Data analysis can be provided from many sources. These include:
- Google analytics
- Social media
- New business enquiries
- In-store foot traffic
- Sale rates
- Customer retention rates
Big data analytics can collect accurate customer information which can increase the customer experience by informing your business processes. For example, you may collect information on how a customer physically moves around your store. You can then position products based on this behaviour to increase sales. Big data can also be used to increase efficiency within your business by tracking employee patterns or internal operations.
Due to the high amount of data that is available, ensure that correct processes are in place when analysing and processing the information. Putting data in the hands of those who can make use of the information in a way that will generate outcomes is also crucial to its success.