In today's tech-driven and a customer-centric world, using big data is pretty much a requirement. However, only just 48 percent of companies have invested in big data in 2016. While that's up 3 percent from 2015, and it's expected to increase over the next couple of years, it's still astounding that only half of businesses are leveraging the power of big data.
To be fair, it's understandable. In the past, the use of data technology hasn't been attainable to small businesses because of budget restraints and lack of expertise.
Thankfully, there are now affordable self-service tools that anyone can use - even if you don't have a tech background. This means that small businesses have access to data that can ultimately help them boost sales. But, after you've obtained that information, how can you put it to use?
Here are seven ways that you can leverage your small business data for enhanced revenues.
Big data can give small businesses insights on their target audience, including their pain points, shopping behavior, habits, how and where they prefer to shop, why they switch to competitors, what makes them refer businesses to others, and even what they'll buy next. With this information, your business will be able to more accurately interact and engage with your customers by segmenting your customers across multiple channels and where they're at in the sales funnel.
In other words, you can target the audience at the right time and on the right channel.
Additionally, you can use this data to analyze customer feedback so that you can make improvements in a product or service.
Instead of relying on "trial and error" or "gut feeling" to price your products or services, big data can be used to make decisions like the most efficient pricing strategies. Your business can do this by gathering insights on factors like customer behavior across locations, product/service groups, season, and the current goal of your marketing campaign.
After reviewing this data, you may come up with the following pricing strategies:
By keeping tabs on behaviors, patterns, and the economic climate gives you a competitive edge since this will help you predict where your industry is going in the future. With this knowledge, you can start preparing your business for what exactly customers are going to demand.
