The term “big data” can seem intimidating and even misleading to small business owners, but the reality is that it can hold significant promise and value if you keep your mind open to the incredible possibilities that it offers.
Simply put, big data refers to the use of analytical data to make important business decisions. If you understand the scope of the possibilities available to you through the analysis of big data, you can better use it to the advantage of your own business. A closer look will tell you how big data can be used by small business owners in highly effective ways.
1. Diagnose the Issue That Needs Addressing
Big data can be used for a wide range of purposes in a small business setting, but before you can effectively use it, you need to determine exactly what you need it for. To accomplish your goal, you need to come up with a single question or hypothesis that you want to answer using big data. After that, determine how you plan to use short-term and long-term data to address the issue at hand. It’s all about careful planning!
2. Use Available Tools to Collect Info
Contrary to popular belief, you do not need to be an expert programmer to create code that will generate the results you need from big data- You can easily create simple Google search to use big data for your needs. You can also use Google Analytics or any number of social networks for your purposes. Remember that there are also online state and regional databases that may meet your needs in a fast and cost-effective way.
3. Leverage the Right Business Intelligence Tool
While there are multiple complex intelligence tools that larger companies can use with big data, remember that there are simplified tools that are ideal for smaller companies to use. For example, smaller companies can easily use cloud-based services, such as Google for Work apps or Office 365, to save time and effort with big data analysis.
4. Measure Important Parameters
Some small business owners get bogged down on analytics with big data, but remember that you cannot and should not try to measure everything. Instead, you should try to measure only what is relevant to the question that you are trying to answer. Refer back to the original question and hypothesis that you have focused on with regards to big data. This will help you to determine the measurements that you want to focus your attention on when determining your parameters.
5. Filter Quality Data
When it comes to analyzing data, it is imperative that you understand the quality of your data. Eliminate all trash or junk data from consideration, and focus your attention only on quality data that is relatively new. All data that you review should be properly sourced and verified as completely and accurately as possible before you begin using it for analytical purposes.
6. Include Your Employees in the Process
Remember that big data analysis should be a team project. Everyone in your team should join in the fun and should participate in the analysis and results in some way, so try to make that possible. This will have other useful benefits, such as increased team collaboration. You can also use big data to improve employee engagement.
7. Make Use of the Findings
Analytics should be used for important purposes. Consider how they will be used to guide your future marketing and advertising efforts. Understand their meaning and relevance, and make important derivations from them. Remember that small businesses usually operate with a very fixed or limited marketing or advertising budget. Your use of analytics in this area could help you to make better use of marketing funds going forward.
Making important marketing and advertising decisions for your small business is rarely easy to do, and you understanding need all of the help that you can get. While the use of big data analytics is most commonly associated with major companies, you can see that it has real benefits for smaller companies as well. If you are ready to take your marketing efforts to the next level and launch your small business’s marketing to new heights, now is a great time to move forward with the use of big data analytics for your small business.