The struggle of a small business is the collection of data and how to manage them. Usually there are virtually limited to no resources being allocated to analyze the data but in this digital era, data is everywhere and not using them wisely to help improve your business is as good as ignoring a potential sales opportunity. So, how can big data help smaller businesses to grow? We know the disadvantage or challenge of big data is the cost and cost itself is already an issue for small businesses but the advantage about using big data is how it can help you to understand your customers better.
The points below are some of the things that big data can do to help you grow your business by understanding your customers better.
Collect feedback and comments from your target market
You can finally understand better what is working and what is not working for your product. Perhaps tweaking the formula better? Change of packaging? Lack of customer service support?
Identify the next product line
You can look for ideas on product expansion plan through the customer’s feedback
Helps you reduce cost in the long run
You no longer need to stock up or produce slow moving products and able to decide if you would want to replace with a product that holds more interest to your target consumer
Identify market gap
You may be able to spot a gap in the market and be the first one to attend to this gap thus being the first to stream revenue from this gap