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“A change in Quantity also entails a change in Quality”

If you are in business, you must have heard of the term Big Data. It’s been around for a long time now, and it’s one of the most trending phrases in the world of business.Back in the days before the internet, when a business placed an ad in a newspaper or television, it was hard to track sales and conversions. It was also hard to tell how many people actually saw the ad. The internet has changed all of that. We now have terms like page views, unique visitors etc.

Businesses collect thousands of packets of data on a daily basis. Big Data is about using this information to make smarter business decisions. It’s about making sense of all the information that is collected on a daily basis.A lot of small businesses owners make decisions based on intuition and instinct. These are both admirable qualities in a person, but what if you could tell exactly which day of the week has the highest email open rate, the features in your product that customers are most willing to pay for, and the exact price point that drives sales.

 

Identify the information.

The biggest challenge for a small business is to know where to start and what sort of information is most relevant to their enterprise. The best place to start is to prepare a questionnaire of five to six critical pieces of information that is most relevant to your business. Identify the information that increases your bottom line, which means data that can helps you to increase your business revenues and cut down costs.

Technological requirements.

While analysing technology needs, it’s important to analyse its simplicity and flexibility. Sometimes, the technology provides a lot of information but it’s difficult to use, and businesses end up not using any of the information.Get your team involved while choosing the right technology, and make big data analytics a mind-set throughout your organization. There are tools right from managing people to analysing trends and patterns in your marketing campaigns. Start by identifying the ones you really need.

Local preferences

Small businesses should focus on the local environment they cater to. Big Data allows you to zoom in on your local client’s likes/dislikes and preferences even more. When your business gets to know your customer’s preferences combined with a personal touch, you’ll have an advantage over your competition.

Helps to compete with big business

Using the same tools that big businesses do allows you to be on the same playing field. Your business becomes more sophisticated by taking advantage of tools that are available for your use. 

Increases sales

The digital footprints that we leave behind reveal a great deal of insight into our shopping preferences, beliefs, etc. This data allows businesses to tailor their products and services to exactly what the customer wants. A digital footprint is left behind when your customers are browsing online and posting to social media channels.

Conclusion

To conclude, big data can be the best one for the success of your business. It doesn’t matter if your business is large or small – what matters is whether you’re ready to succeed.