Big data can be very overwhelming, especially as a small business. There are so many questions to be asked; How do you collect big data? What do we do with it once we have it? What information is acceptable to use and what isn’t? How will it benefit the business? What the heck is it even? Despite how overwhelming big data can be, it’s important to understand how it could make your business more profitable.
What is big data?
“Big data is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis” (http://www.forbes.com/sites/lisaarthur/2013/08/15/what-is-big-data/). This data includes social media interactions, product transaction information, financial records, and much more. For retail purposes this data is collected in order to produce more consumer specific marketing.
How does collecting big data help increase sales?
More than ever consumers expect a personalized shopping experience. They want to receive relevant coupons, up selling, and advertisements. The collection of big data allows retailers to do this, even at a small business level. The data collected may vary between a large and small business, however the idea remains the same. Track what consumers like to buy and present them with discounts and suggestions based off those findings. The more accurate your marketing is the more likely consumers are to purchase thus increasing sales.
What tools are needed in order to collect big data?
This answer will vary depending on the size of your business. Smaller businesses will likely only collect the type of data that would be attached to a loyalty card program, while bigger businesses would want a more robust collection of information, with the biggest businesses outsourcing such collection. No matter what, it is important to take the time to find the tool that is right for your business.
Keeping up with marketing trends can be difficult, but jumping on board with big data is a must. Contact our sales team to learn how our tools can help make the process easier.
If you’re already utilizing big data, what tactics are working for your business?