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Big Data Can Mean Big Business for Your Company

Joyce Morse

August 20, 2015

Big data is not just for big businesses.

In today's environment, even small companies can benefit from the advantages that big data provides.

Because it has gotten more economical to access and store big data, it is affordable for small organizations that want to compete with larger companies.

Be Selective

Small businesses can't afford to get caught up in collecting massive amounts of data that they will never use. They need to focus on data that actually has value for them. They have access to a large amount of data that doesn't cost much to collect.

Smaller companies can retrieve data from:

• Their fan pages on Facebook

• Their responses and retweets from Twitter

• Visitors to their website

• Emails from customers or potential customers who signed up to be on a list

These sources can provide ample data that small businesses can use to grow their customer base and enhance the experience of current customers.

Start with Customer Service

Every business can improve its customer service even those with outstanding service.

One way to access more information is by recording interactions with customers through CRM databases.

A small business can send out a short survey just asking two or three questions that will provide insight into the customer experience with the company.

It doesn't have to be complicated for small businesses to retrieve information.

The key is knowing how to analyze the information received and putting it to work for the company. This can be intimidating for business owners who are already overworked and understaffed. In the end, it can make things simpler and ensure greater success.

They should look for points of weakness as well as what the company is doing right.

The company can make changes to improve customer satisfaction and improve loyalty; this reduces the effort needed to acquire new customers.

Improve Relevant Advertising

As the following article looks at, when looking at big data for the little business, the focus should be on how it can have a direct and immediate impact.

For instance, a retail store can look back at when customers make the most purchases and the fewest to learn seasonal buying patterns.

An ice cream shop can send out special offers just before a major heat wave if it is reviewing data from weather forecasts. Clothing stores can add extra inventory on heavy outdoor clothing when statistics are calling for a cold winter.

These examples show simple ways that small businesses can utilize big data.

Collecting big data doesn't have to be complicated or time-consuming for the small business owner.

The focus should be on customer service and marketing since these two areas will help the company grow. They have direct impact on the business' success.

Small companies don't have to be intimidated by the idea of gathering big data.

When they focus on finding information where it occurs naturally and spend more time analyzing the data they have, the company will benefit.

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