How Small Businesses Can Win At Big Data
Small businesses need not fear big data. If you think about it, they actually have an edge on the bigger guys in many regards. After all, less data ultimately means fewer headaches to deal with. But what will you do with that edge? That is the million dollar quesiton.
Low and behold. The winning forumula for small businesses dabbling in big data.
Tackle Data Challenges Head On
When it comes to big data, big companies have enormous responsiblities. For instance, online streaming giant Hulu stores nearly four billion records, while processing roughly 7,000 queries per second. Small businesses gather staggering amounts of data, but nothing near this magnitude. As a result, they can generally make better use of simple, economical tools that deliver the results of big data on a smaller, less complex scale.
Use Data for Real Problems
Size component out the window for a second, you’re not going to garner any results worth writing home about if you roll out a big data program without specific goals in mind. Struggling with engagement rates? Analyze website traffic so you can serve up relevant content that appeals to visitors and encourages them to interact. Looking to grow your customer base? Use purchase data to create targeted ad and marketing campaigns that capitalize on past successes. The more focused your big data strategy, the better chance it has of delivering positive outcomes and returns.
Make It Personal
Try as they may, but it’s extremely difficult for powerhouse corporations like Walmart and an even Apple to connect with their audience on a personal level. Even highly focused marketing campaigns, they often fall short. But think about the small business, the online flower shop that has invested time in getting to know its dozens of customers through emails, blog posts, and social media discussions. These organizations can make huge strides by using big data to tailor personal experiences for their customers and foster even greater loyalty.
Whether you need tools for data mining, analyzing and visualization, or servers to house it all, you can bet there is a vendor ready to deliver. According to a report by IDG Enterprise, spending on big data technology will reach $8 million per organization in 2014. That’s a lot of money, but garnering big data success doesn’t necessarily require such big investments. Taking advantage of free web and social analytics tools, and using low cost cloud storage solutions are examples of how small businesses can capitalize on the data explosion without breaking the bank.
Despite being limited by budgets and other vital resources, one could argue that small businesses are better positioned than larger companies to maximize a big data implementation. Individual results will vary, so the importance of planning should not be taken lightly.
by Big Data Companies