We all know that big corporations have gained a lot from big data but, people often feel it skeptic about whether they will work for independent traders and small businesses. Without any doubt even small businesses can go for it. Even though small businesses will not have large quantity of data like that of enterprises still, it does not ruin the importance of it. To be frank, Big Data Development especially from offshore development companies can act better for small businesses as such kind of data is agile and offers better results because of the data-driven insights.
So now lets see how big data can benefit small businesses in better way.
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Understanding the things that tricks your customers
With the help of big data, small business owners will be able to get a better idea about their customers. What excites them, what makes them buy, what are their shopping preferences, why they switch somewhere else, and what can make them recommend the store to others. By analyzing the customer feedback, small businesses can better interact with the customers to improve the product or service. The data sources include social media, in-house data, text analytics, browser logs and public data sets.
Social media can be considered as a valuable data source which you can make use to identify the market niche as well analyze the received customer feedback.
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Identifying the trends
You can plan the future of the business by monitoring the patterns and behavior. You will know how the demand for services or products will change with time and what is going to affect the change. Until few years back, mostly businesses relied on the ‘gut feeling’ for the same but now, big data has taken away all the guesswork.
Trending topics flash over different social media sites and this makes it easier to know what can work for people. A number of services like Trend Hunter and Trend era use the trend data and see how it can answer the business questions. The behavior of the customers in the physical or online store can be monitored and this data can be compared with the external one for a better detail.
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Checking out the competition
There was a time when the business competition can only be measured by checking out the websites or shops of the rivals or keeping up with the gossips in the industry. Some of them even try to pretend to be a customer to know more about the products or services of the rivals. Today, you don’t have to do it and all you need is to collect the financial data and go through the insights offered by the Google on the brand. Social media will help to analyze the popularity of the brand and what customers are saying about it.
Again, it offers a better platform for your competitors to know more about your business. But you can make the best out of it by staying ahead with up-to-date technologies in place.
Blog by Jessica Thom 