How your small business can harness big data
Many small companies can be intimidated by new technology. When budgets are tight, it can be daunting to even think of adding a single expense. However, it is is critical for the success of every company to stay ahead of market trends and anticipate customer needs.
When small business owners hear the term "big data," many assume it only applies to mega-corporations or tech firms. Big data, the valuable information collected from online interactions, social media and tracking purchase history, is not exclusive to the Fortune 500. New technology has made it easier than ever before for the "little guy" to harness the power of big data.
"Customer data gives businesses, especially smaller ones, a great opportunity to reward customers with loyalty programs that pay attention to their specific purchase preferences," said Tyler Roye, CEO and co-founder of e-gift card retailer eGifter, to Fox Small Business Center. "Drilling down in those specific areas allows businesses to offer the most enticing deals and programs for customers, not only making them more likely to spend with the business, but also making them feel valued as individuals."
A new report by consulting firm BIA/Kelsey has found that more than half of the annual revenue for 61 percent of small business owners comes from repeat buyers. Facebook, Google, LinkedIn and Twitter all offer affordably priced software to track customer activity and organize it into easily digestible formats. These reports help companies focus on building stronger customer relationships and better understand what is driving sales patterns.
By utilizing big data analytics, companies can reduce spending on marketing and advertising by finding target customers and focusing their campaigns. Any organization interested in lowering overhead costs and become more competitive can also take advantage of On Point's virtual office services, which have the added benefit of allowing more time to focus on customer and client satisfaction.