The amount of data in the world is growing exponentially. By the time you finish reading this page, 90 million texts will be sent and received. 350, 000 Instagram posts is going to be uploaded. 1 . 2 million Skype calls will be made. 21 million GB of traffic will be received on the internet.
Big data is everywhere, from the Netflix shows we watch to the social networking we browse. But did you know that big data can also benefit your online business?
61% % of companies say that big data drives revenue since it delivers deep insights into customer behavior. With this valuable intelligence, you can delve deeper into the collective psyche of your customers — and find out what consumers really think.
Imagine you can guess what customers purchase — and when and how. Big data isn’t a crystal ball, but it will you make smarter, faster decisions about the future of your business.
What is big data?
In the best of terms, big data is “big” amounts of data. It may be structured, unstructured, or semi-structured. It can be collected and shared and analyzed.
Big data is most of the information that we create. Emails. Texts. Tweets. TikToks. It’s data that passes from digital devices to routers to servers to clouds and back again.
To quote the famous computer programmer, Daniel Keys Moran:
“You can have data without information, nevertheless, you cannot have information without data. ”
Here’s a helpful definition of big data from Investopedia:
“Big data identifies the large, diverse sets of information that grow at ever-increasing rates. It encompasses the volume of information, the velocity or speed at which it is created and collected, and the variety or scope of the data points being covered. Big data often comes from multiple sources and arrives in multiple formats. ”
Big data isn’t perfect, but it’s one of the most powerful weapons in any marketer’s arsenal. Leverage big data in your enterprise, and you can move more customers through your sales and marketing funnels. It’s as simple as that.
Here are some eye-watering details about big data:
- Big data could add more than 4. 4 million jobs to the American economy over the next two years.
- Humans generate 2 . 5 quintillion data bytes every 24 hours.
- Google processes significantly more than 40, 000 search queries every single second –that’s 3. 5 billion searches each day, or 1 . 2 trillion a year.
The Benefits of Big Data For Small Businesses
It’s important to observe that big data on its own won’t do much for your organization. However , the right technology systematically extracts large data sets from various sources so you can find patterns, trends, and correlations in this data.
The most effective analytics tools provide you with deeper insights in to your business operations and replace many of the manual methods associated with data analysis.
Continue reading for some of the primary benefits of using big data in your enterprise.
1 . Cuts Costs
Big data can have an important impact on cost-cutting in your organization by distinguishing expensive processes and redundant workflows. With the latest data, you’ll find areas of your business to scale up or down. This can have long-term financial benefits.
2 . Improve Customer Service
Big data drives better customer service. With real-time insights into your customer base, you could find how consumers think and behave – and make changes to your business consequently.
Personalized customer care derived from big data analytics will help you engage customers on a deeper level and supply customized service that drives sales.
“Big data is poised to greatly help marketers reach and engage customers and prospects in ways that businesses are only now starting to understand, ” says business journalist Allen Bernard, writing for CIO. com. “Enterprises that don’t embrace analytics may soon see embattled customers voting with their wallets. ”
Customer care is more crucial than ever, and more small businesses are using big data to retain consumers. Why? Just a 5% increase in customer retention generates more than 25% of profit increases.
3. Identify (and Solve) Issues
With big data, you can finally answer all those nagging questions: why do customers abandon their carts? When are customers likely to produce a purchase?
Data analytics tools will give valuable insights in to customer behavior because they move through your funnels.
Although data analysis isn’t a defined science, it provides you with the tools you’ll need to solve a wide range of complex problems in your online business. As well as tracking customers, you can solve issues associated with suppliers, investors, and other clients. With real-time reports, you obtain a 360-degree summary of your business, and you can make smarter decisions in the years ahead.
4. Increase Revenue
Big data increases revenue in various ways. Analytics provide you with in-depth intelligence into the customer lifecycle, and you can identify new ways to encourage sales.
Good data might give you the confidence you need to launch a new product or diversify your business, and also this could prove lucrative.
On average, organizations that incorporate big data into their business generate a profit increase of 8%. Do the same, also it could be the best investment you make in your small business this year.
“Most people used to think that big data was only for big business. But, as time goes on, it’s clear that this technology is for everyone, ” says Entrepreneur.
5. Team Management
Big data also makes it easier to manage the team in your small business. You can identify employees that provide you with the most value, like or employees who require additional resources or training. The reason being analytics systems generate insights that help you increase productivity and keep employees happy.
“The value that big data brings to managing employees is in identifying and analyzing the relationship between engagement and retention, ” says employee engagement website Hppy. “How and exactly why people are engaging using what they do, how can that translate into the business metrics, and everything you can improve to retain them. ”
Coupled with a great team culture that inspires engagement, the tech stack you use can make most of the difference when it comes to managing your team. Having an Integration Platform as a Service (iPaaS), it is possible to connect your cloud-based apps for enriched data and the broadest range of insights.
How Smaller businesses can Leverage Big Data
Remember: big data is one slice of the pie. It’s the processes and solutions that collect, store, and analyze all your data and you ought to act on these that best serve your business.
Therefore , how can your small business leverage big data for the best results?
Use your CRM intelligently.
You probably already use a CRM to manage your customer information, but you’re not of necessity getting the best results from the data within it.
Before diving into other analytics tools, fully explore the data you already have in your CRM. Here are some valuable questions to ask as you do so:
- What do we all know about the people we serve?
- Just how can we leverage this data to deliver probably the most value?
- How do we use this data to provide a more personalized experience?
- What automation and new processes can we power with this data?
Explore other analytics solutions.
A CRM can only tell you so much about your prospects and customers. With big data analytics solutions, however , it is possible to analyze all the data inside your CRM (and other programs in your tech stack) and find patterns in every this data.
G2 Crowd shortlists some of the best big data solutions on the market, including Azure Databricks and Splunk.
However , if you want a more accessible data strategy, focus on the apps you already have and look in to a platform such as Clearbit to help fill the gaps in your data and enrich what you learn about your contacts.
Big data computer software needs to be user-friendly and flexible enough for everyone on your team who manages data. It also needs to be tailored to your budget and requirements. As a small business, you likely won’t benefit from a data program made for the world’s biggest multinationals.
Integrate your data.
Any data solution is only as good as the data it uses, and out-of-date and inconsistent information won’t provide you with any useful insights. You’ll need to make sure your data is synced and built-in.
By deploying an integration solution, you can keep your contact database consistent and up-to-date between apps in order to make fully sure your customer data is well-integrated across your app stack. You are able to sync contacts in real-time and streamline contact management.
Create insightful reporting.
Once you have interesting data at your fingertips, you’ll need a way to visualize it. With clear reporting, you can easily make deductions and share your insights with other team members and stakeholders.
Act on your data.
After you have useful data in your business, what can you do with it? The short answer: automation, personalization, and customization.
Here are some of the most impactful methods to take advantage of big data as a small business:
- Personalize your emails
- Segment your email lists
- Use SEO research to influence your content strategy
- Use dynamic or smart content on your website predicated on device, geography, lead status, or other properties to customize content
- Send the most relevant content to a prospect based on their preferences
- Trigger internal workflows based on customer actions to provide the most effective service
- Create A/B tests for emails and automatically send the best content
- Pivot your business or team ways of match what’s performing best
- Deliver the most relevant advertising and channel your spend to top-performing channels and campaigns
- Automatically organize contacts into the most relevant groups and lists in your CRM
Big data can benefit your business in various ways, from increased sales to better team management.
However , you need to leverage all this data properly to optimize your workflows and grow your small business to its full potential.
Regardless of the big data processes and tools you choose, it’s important to keep your contact database up to date. Otherwise, you’ll be limited in the results you may get from your customer data.