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The Business Of Big Data And Your Company's Growth

2015-07-07by Tristan Anwyn

Are you using big data to boost your small business?

Businesses these days have access to vast volumes of data, and if harnessed and analyzed correctly this data can give your small business a competitive edge.

Here are some of the key ways you can use big data to support your business.

 

Understand Your Website Visitors

 By using a tool such as Google Analytics or Quantcast, you can analyze the big data contained in your website metrics to learn a lot about customer behavior.

You'll be able to find out a wealth of helpful information about your site visitors.

For example, how many unique visitors you get, how they access your site, where they are located geographically, the search terms that bring them to your site and how they behave when they get there.

For a low, or even no, investment, you can make use of your website analytics to better understand who your customers are, what brings them to your site, and which parts of your site command the most and least attention.

 

Analyze Social Media

Social media is a rich source of big data that can make a big difference to your business. By analyzing social media, you can learn a lot about your customers, including their wants and needs, and how they relate to your business.

One way you can use social media is to monitor what is working for your business.

Which posts are getting the most likes or shares? Does the time or day you post make a difference? By figuring out what works best, you can do more of that.

You can also use a big data tool to monitor what people are saying about your brand.

As well as giving you customer insights, this also gives you a chance to connect with customers who are talking about you and address their concerns.

 

Improve Your Business Processes

Big data isn't just useful for marketing and understanding your customers. You can make use of it to better understand your business, too.

As the article "How Big Data Analytics Can Give You a Competitive Edge" says, analyzing data from within your business can help you function better, and save you money.

 

For example, you can analyze customer service data to give you an insight into call or email waiting times, and how quickly issues get dealt with.

Or perhaps you'll look at data from different departments to figure out which one is working in the most cost effective fashion.

 

Understand Your Business Finances

Big data is a really useful tool when it comes to your business finances.

You can use big data to better understand your profits and losses, get insight into your financial year, and predict future peaks and troughs.

For example, you might use big data to analyze sales trends or purchasing over a certain time period. Not only will this show you when you were selling or buying the most and least, you'll be able to use that information to predict and prepare for future trends.

Another way to use big data for your business finances is to track the revenue per employee, not only to keep your labor costs in order, but to flag up any areas where some extra training might be necessary.

There are many ways you can use big data to give your small business a competitive edge.

From understanding your customers to streamlining your business processes, big data is a treasure trove of information that you can't afford to overlook.

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Author

Tristan Anwyn

Tristan Anwyn writes on a wide variety of topics, including social media, SEO, IT security and European businesses.

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