Digital-first businesses understand the importance of data-centricity and it is treated as a primary resource in every area of the business. Big data analytics is used to make major decisions related to the business and is widely seen as the governing source of any online business. The data analysis flows go beyond simply collecting and analyzing information, instead, by installing real-time metrics, small and medium businesses can extract useful insights in a matter of moments.
Big data analysis allows SMBs to grow their business, alongside their market share by providing them with a multitude of opportunities. As an SMB, you can benefit from using big data analytics to better manage your customers, orders, and inventories alike. Fortunately, to use big data analysis, you don’t need to make a big investment. Instead, use a data analytics platform such as engage.zubi.ai to make data-driven decisions, and leverage data to work for you.
What Big Data Analytics Can Do for Your Business?
The application of big data analytics is unlimited and can be used in a variety of ways depending upon your needs and necessities. However, some common applications can help your business process data, model it into informative insights, and export it according to your needs. Here is what big data analytics can do for your SMBs:
Automate Routine Tasks
With the right tools, you can easily automate routine tasks and allocate your resources to more important areas. Use automation to schedule appointments, welcome new clients, send email reminders, generate leads, and more.
Gain Insight about Your Customers
Understand your users better with big data analytics, find common patterns, and trends and make decisions accordingly. Combine data from various sources to get an accurate review of customers’ time on site, sessions, lifetime value, preferences, and more.
Tap into the Stream of Data from Social Handles
Find out what goes inside the mind of your customers and how they engage with your brand. Pick up their response on different offers, and analyze it across platforms using big data analytics. Evaluate the effectiveness of your strategies and offer new opportunities to encourage dialogue.
Perform Predictive Analysis
Use big data analytics to answer what-if scenarios regarding your offerings as a business. Find areas of improvement and potential future problems and start doing something about them today. Make use of risk, content, text, and statistical analytics to see the full picture of your business.
Benefit from Data Visualisation
Big Data analytics can be represented into meaningful information via a dashboard to measure the effectiveness of current tactics against present KPIs and metrics. Track location-based insight in real-time, and make clear decisions regarding marketing campaigns, targeting, and promotions.
Leveraging Big Data Analytics to Grow Your Business
With the right platform, you can review your whole business from an investor’s perspective, and find areas of improvement, cost-cutting, and untapped markets almost instantly. Look into transactions records, find cart abandonment rates, manage inventory, provide customer service, and more.
Big Data Analytics Helps to Cut Costs
By reviewing your business and its offerings end to end, you can evaluate what worked for your business and what didn’t. Automate redundant tasks, improve customer and brand interactions, make use of A/B testing, and remove unnecessary cost-incurring activities from your business. Data analytics enables you to not only improve your operations but also eliminate multiple bottlenecks which reduce costs in return.
Using Data Analytics To Increase Efficiency
With digital analytics tools, you can boost your brand’s performance by integrating your store with different platforms and plugins. Find your customers with multiple targeting options, and geotagging, and let your customers find you with profile targeting and personalized marketing efforts. Use data to your advantage to find trends, social fads, events and social concern responses, and more to understand your customers.
Improve Pricing and Positioning
Big Data analytics opens many doors for SMBs, including the one that offers a competitive advantage. Monitor the market, and your competitors, review the responses of marketing, promotions, and discount campaigns, and find insight as to what causes an increase in sales and traffic. Create personalized and targeted offerings for each, and improve product pricing and positioning with valuable data insight.
Compete with Big Business using Big Data
By understanding the key players, the customers, and the market your business operates in – find areas to create your unique selling proposition and compete with big businesses. Effective data management, data integration, and superior analytics capabilities make your business ready for scalability. Analytics support your business in more ways than one and can be easily used to expand or reduce the scope of your business.
SMBs can benefit from big data capabilities to avail opportunities as they present themselves, find untapped market niches, foster user loyalties, improve their marketing efforts, and audit their operations more effectively.