Everyone seems to be talking about data these days. Whether it’s big data, data breaches, or data analytics, data is the hottest buzzword in the business world. As a small business owner, you might feel like all this data talk isn’t essential, or that it’s monetarily out of reach. However, that’s not the case anymore.
The market has evolved to include small business owners in the big data world. Now, you can have access to some of the same insights huge corporations are using. There are several applications and companies offering data analytics consulting so that small businesses are not left in the dark.
Still not convinced? Keep reading.
Data is Everywhere
We’re truly in the digital age. Internet use has skyrocketed, and social media is a normal part of everyday life. Smartphones, apps, emails, online purchases, search engines, and more are continually gathering and compiling a steady stream of data. There’s a massive cloud of information being generated every day about people everywhere.
This information can:
- Give Insight on Customer Buying Habits
- Identify Trends in The Market
- Analyze Competition
- Help Improve Company Operations
- Identify Customer Pain Spots
- Optimize Customer Experience
- Predict Future Customer Behavior
- And So Much More
When used correctly, data is a powerful tool to help business owners better understand their industry, the market, their customers, and even their own business. Companies who use data increase their conversions, clients, and profits exponentially. In fact, an article in Entrepreneur magazine found that businesses who utilize big data can experience a profit increase of eight to ten percent. Additionally, they saw a ten percent reduction in overall costs.
Despite its power, according to IBM, only twenty-three percent of business are currently utilizing big data. This lack of utilization is likely because, frankly, it’s all a little overwhelming.
Big Data is Hard to Understand
Maybe you’re sold on the power of big data and what it can do for your small business. However, you’re likely taken aback by how complex it all is. Trying to understand data science is enough to give anyone a headache. The reality is, most businesses who use big data, don’t understand all the intricacies involved. The good news is, you don’t have to either.
There are several software programs out there that help break data into more digestible, bite-size pieces. Things like, Google Analytics or Kissmetrics or a CRM like Salesforce are all available on the market. All social media advertising platforms now come complete with relatively comprehensive data analytics. There are split-testing tools, email marketing tools, outbound and inbound calling systems that all provide a steady flow of data analytics. Nearly every automation software out there comes with some data insights.
Beyond widely available tools, you can call in an expert for data analytics consulting. A data analytics consultant’s job is to understand the data. They’re able to take the cacophony of numbers, overflow of information, and influx of seemingly disparaging parts and make it all make sense. Often, consultants will provide insight, visuals, and one-on-one education to make sure you understand what all the data means for your business.
Don’t be afraid to hire an expert if you have it in your budget. When it comes to big data, the money you spend investing in comprehending analytics will pay off for you in the long run. If you are opposed to hiring help, or don’t have the financing for it, there are thousands of free resources and articles available online. These educational tools can help any layperson use and understand data tools.
Data is Booming: Don’t Be Left Behind.
As a small business owner, big data can seem like a complex maze. You might feel like it’s an unnecessary expense. While that might have been true several years ago, today there are numerous affordable tools, data analytics consulting firms, free online resources, and more to help get you started.
Big data is too powerful of resource to ignore. Being a small business doesn’t mean you can’t utilize the same tools that the heavy hitters do. Taking the step towards understanding and using data will not only improve your business, but it will give you a distinct leg up over the competition. Don’t wait to get started. Start using the power of big data today!