Big Data for SMEs: How you can benefit from Big Data Analytics
Updated: Feb 12, 2021
Every business, big or small, wants to move up the success ladder in their niche, overthrowing their competition. Today’s businesses face tougher competition due to increased market size and a greater number of players in every niche. Such scenarios require a business to stand out in terms of services offered or business handling methodologies.
Businesses have realized that it’s time to start looking at big data insights.
Even if you spend a minute looking over at big data insights, ideas will sprout and you will soon discover a new way to tackle the same marketing problem that troubled you previously. Not only will you be able to shift from manual processing to automated, but you will also see a spike in profitability and efficiency as well.
Big Data for SMEs: What can SMEs gain from big data insights?
For small businesses, harnessing the value out of big data can be quite overwhelming. Big data comes in extremely large volumes, variety, and complexity. In today’s globally connected world, hundreds and thousands of sensors generate enormous amounts of information at the same time. After analyzing all this info, the insights that emerge are very helpful in helping businesses grow for the simple fact that they tap into the pulse of the consumer behavior.
Take a look at how various sectors have been benefiting from big data-
One of the most competitive spaces, where the hair length’s change in price determines sales and profits, e-commerce companies need to adjust prices day in and day out. If you have an online store or are planning to start one, data mining is the only way forward. Not only will you have access to competitive prices of products across multiple platforms, the insights you gain will also help you come up innovative solutions to fix your business problems.
These stores often take advantage of buying from online stores like Amazon and Flipkart and then sell them locally at highly competitive prices. They stock the discounted items during the major sales and then make huge profits on them by selling them at a higher price later.
The small corner stores, restaurants, local handicraft dealers are now making great profits by realizing the benefits of technology. In fact, they are competing against online store by offering cashless transactions, mobile marketing etc.
PR agencies and small media houses
Assigned to the task of keeping their clientele updated with the latest news and trends, the PR agencies can track of these using keywords across multiple tracking sites. What was once a task is now only a few clicks away thanks to Data mining and automation.
Alligators or vertical search engines
Having sprouted up like mushrooms after the internet boom, these platforms such as travel sites have harnessed the power of big data like no other to grow at a shocking pace. These sites include Zomato, Make my trip, Urban Clap Etc.
Data-Driven internal growth
Data will not only help you bump up your profits, they can also help you organize and manage your company better. Here are a few ways to do it-
Gathering business leads
Anyone who purchases your products or even visits your websites writes reviews about them.
This is valuable info which can help sales pitch conversations and business development.
Reaching out to the right prospective employees makes all the difference to the company. Manually searching for people can be a tedious task, but with the advancement of technology,
it only takes a minute to match people with the required roles and tasks.
Big data is a goldmine for marketers. The data from social media platforms like Twitter and Facebook provide very crucial info about the product and its perception in the market. They also throw light on consumer sentiments, engagements, loyalties, and demographics.
How to wield the power of big data?
Once you decide to dive headfirst into the huge pool of data and insights, you are obviously going to be boggled by the amount of info coming your way. Here are a few things you can do with big data-
1. Figure what you need the data for
The search for data should be in line with your business objectives. The prime focus should be to make the most out of the insights in form of insight that can help your business grow. So know if you need the tech to stay updated and win clients, or to look for real-time information like pricing, or cut down wastage. If you’re a fledgling tech company, then the right tool can help you save on technology investment.
2. Opting for cloud-based software
With a small amount of subscription fee, you can get your hands on a large amount of info that is unique to you. And if you unsure about this software, you can try the free trial pack and only pay for the features you are most comfortable with.
3. Research on the candidate you hire
It sounds like a no-brainer, but a thorough research into the background of the candidate you are planning to hire can reveal info that you might have missed earlier, which can be helpful in making the decision.
If you are an SME and are looking for a way to manipulate big data to benefit your business, contact us at Datahut, your big data experts.