Did you know that fewer than ten percent of small to medium-sized businesses take advantage of Big Data analytics? A misconception exists that Big Data is only for the big guys—massive corporations that can afford to pay for, and act upon, Big Data's insights.
Fortunately for SMBs everywhere, there's nothing that says you can't benefit from cloud-based data-crunching yourself. In fact, just a little modification after some insight gained via Big Data, could mean the difference between a mediocre future and a very bright one.
What Big Data Can Do for SMBs
If you're a little unclear when it comes to understanding what Big Data analytics have to offer SMBs, consider these benefits:
- Gain a better understanding of your customer's traffic and spending patterns.
- If Big Data shows that sales drop off or peak during a particular period, you can adjust your marketing strategy to take advantage of the information.
- Understand your clients' behaviour better. For example, do certain items sell better when paired with other items?
- Would the addition of new service offerings improve the customer experience and overall satisfaction?
- Are certain inefficiencies driving your customers away? Big Data can help you identify and correct them.
- Does a change in the weather cause an increase or decrease in customer traffic? Is there something you can do to entice customers to visit your facility, despite the weather?
- Do online sales spike during certain days or times of day?
As you can see, Big Data has a lot to offer SMBs. Mining customer data to predict behaviour can help you be an all-around better decision maker. And when those decisions result in increased customer satisfaction and loyalty, success is just around the corner.