Data can be a little awe-inspiring, but have you ever thought of the importance of this raw information to your business? Run drinks and food shop? Use the weather records from the past decade to see when the temperature is high and when should you add more summery drinks and eateries to your shop, or perhaps to run a butcher’s shop, learn about the trends of veganism and vegetarianism that can help you make your marketing things. These are some stupid examples, but the important thing is that whatever business you run, even if seems nowhere near machine learning and artificial intelligence, data can still help you boost your business.
Every business big or small needs Big data, it’s here to stay and stay for really long. Also, all thanks to cloud computing, Small-Medium enterprises don’t need big servers to acquire reams of information which was till now just available to the bigger players in the block.
Big data has been making a great impression on the world economy. The global market for the same is expected to rise to about $67 billion by the next two years.
Why is big data touching new heights every day? Also, what’s the value provided by big data to entrepreneurs? How can it be beneficial?
Here’s a look at a few major ways in which Big Data will affect entrepreneurs:
Emphasis on Predictive Analytics
Once you invest in big data, you must focus on analytics. Businesses need to use a large amount of data they have accumulated in order to showcase their past performance and to generate predictive analysis as well.
This may be the biggest big data trend in the market today, organizations need to make informed decisions for the future, not just analyze their past experiences. Predictive analysis will be a major decision factor for enterprises in the future.
For instance, around 80 percent of executives from leading hospitals when surveyed agreed that predictive analytics is very important, but still its only used by only one-third of them. This figure will keep increasing in every industry as they realize the importance of this futuristic analytic mechanism.
Does the Market Have The Appetite For Your Product?
Before the advent of the internet, product testing was fairly very limited. Friends and family would make the willing or not so willing guinea pigs, but their decisions were little biased and were not always the correct demographics. In the present scenario, even a buzzing startup idea can be tested i.e. if the world around is looking for a product like yours, why do they need it and even things like what are they willing to pay for it; all thanks to the availability of internet and various data analysis.
Scaling up the data fetched can give entrepreneurs a lot more accurate pictures of what the customers need and what will be the success rate of product/service if launched.
Examine Social Media
The world uses social media for literally EVERYTHING, from telling when they are sad and want to eat ice cream to asking the world reviews about the newest car in the market. Check out what’s been talked about your product or service across the social media just by monitoring various social media channels every now and then.
Everyone is on social media, from your granny to the 6th grader niece. Social platforms are the best place to fetch a large amount of feedback, comments, and information about your competitors(why is product loved more or what their flaws on which you can work and attract their customers too). It gives you a direct and completely authentic pipeline to your market base.
New Revenue Streams
Every entrepreneur wants to help the world with their product and services. This means spotting out a market gap where your product/service can fit in and launch yourself there. When entrepreneurs use big data-sets in order to analyze their work, they usually figure out that their product may be lending itself to a new line of revenue.
Finding out these smaller streams of income can lead to a drastic increase in the profit on the whole. Let’s take a retailer, for instance, he/she may use data analytics to look out for people who search for how to’s for their products: writing a blog or guide for these problems will not only boost sales but will add a new revenue stream too.
Personalize Your Conversations
There is no room for cold or random ways when it comes to connecting to your customers. When data firm Segment surveyed more than 1000 adults in the U.S, more than 71 percent of them reported that impersonal shopping experiences frustrated them. Accenture summed up this cost of lack of customization to a whopping $756 billion in 2016. The research further reveals that more than 41 percent of the shoppers leave the brand because of their poor dialogues, and 43 percent of them are likely to be inclined towards a brand all because of good personalized experiences.
With all this being said, potential customers can be directly targeted and can be reached at the right time and in the right way. How? Use big data. It’s all about understanding the customer’s pain pointers and desires. What used to take endless years of research and analysis, now just takes a few clicks. Within no time you can drill deep down into what matters to your customers and more, connect with them in a personalized manner and build a profitable long-term relationship.
There are endless more ways in which entrepreneurs can embrace the not-so-new kid in the block. You can either use the already available data to make analysis or put your head in to look out for authentic data that will help your business to flourish in newer directions.
Another Human from around the block who loves to chatter and banter. If not busy travelling or gossiping I work on championing brand, communication and content strategy for the digital space driving inbound leads and brand recall. Making every day phenomenal by writing and curating technological and entrepreneurial content.