Entrepreneurs, here’s how Big Data can benefit your business

“Data really powers everything that we do.” – Jeff Weiner, chief executive of LinkedIn.

Big data has certainly helped LinkedIn’s analytical tools to have its name as  the world’s largest database for white collar professionals. With big data, LinkedIn has also improved its capability of forwarding relevant information to the professionals.

(Source: http://fortune.com/2014/07/24/linkedins-networker-in-chief/)

Many companies who majorly rely on information generated by online presence are benefited by big data, and building success stories on the basis of information. Traditional database has been utilized for the development of business, however, today, data has a huge potential which is much easier to access.

True, Big Data can work wonders for your businesses. If you’re an entrepreneur, this is what you should know about business analytics.

Plan Marketing campaigns

Big data is already helping revolutionize marketing by giving useful insights to plan marketing activities. Big data can help you can segment customers according to their areas of interest, and target their products accordingly.

It can provide to be serious game changer in case you harness information strategically.

Redevelopment of Products

Collecting data about reviews of your products has become much more easier, thanks to big data. A customer has become much more vociferous about whether a product is satisfying his/her requirements. Hence, management must be vigilant about feedback of their products since social media has given them a powerful medium to express their opinions.

Thus, collecting feedback has become much easier today, and customers can voice their opinions. Considering this, businesses can modify their products.

Exploring Markets

Exploring various markets becomes easier since Big data can easily help you to tap the response of the customers. You can check the response and accordingly decide whether to market the products in that area or not. Customer data collected today is huge as compared to couple of years back. Social media, online transactions, feedbacks, mobile device, the number of platforms has increased by leaps and bounds. This certainly provides scope to explore new markets.

Connect to Customers

With newer insights from various markets, it is quite easier for them to explore various markets through collection of data. This helps to ‘connect’ and ‘coordinate’ with customers by keeping association with them. Sending them reminders, wishes, advertising your new product becomes quite easier with big data. This helps them being treated specially, and the likelihood of the customer noticing you is much more higher than exploring markets. It is much easier to keep track of what the consumer is browsing, what is trending on social media.

In short, it helps you become more vocal about your business.

Big data can make big changes in the market. However, to use the power of big data, entrepreneurs need to apply business analytics which will help in its growth.

Case Study of Business Analytics for Wal-Mart, a leading superstore in United States.

  • Walmart analyzes uses and analyzes data 100 millions of customers and products, while keeping a tap on social media.
  • It studies the bifurcation of customers: online as well as brick and mortar shoppers.
  • The analysis has resulted into an increase of 10-15 % of revenue through online sales.

(Source: https://www.dezyre.com/article/how-big-data-analysis-helped-increase-walmart-s-sales-turnover/109)
Entrepreneurs, it’s time for you to bring some change in businesses and the way you use data.