5 Steps to Getting Started With Big Data for Small Businesses

So, you must have heard something about big data. The information you received may have made it seem as though big data is only for large corporations.

Big data is large amounts of data sourced from a business’ activities. It is not normal data hence; it cannot be analyzed so directly. It is true that big data is more suited to large companies. However, this is because big data analytics are known to be costly and time-consuming.

Thankfully, times have changed and developments in business now make it possible for everyone to benefit from big data. As a small business owner, it is essential to take part in its great benefits. This is made possible by the application of suitable tools and techniques.

Read on to learn 5 effective steps to getting started with big data for your small business.

1. Know your customers’ preferences

Data analytics starts by gathering the data acquired from customer activities also known as transactional data. With big data, you can develop highly customer oriented services because you know what they want. Start by gathering data on their experiences and behavior from any device such as laptops or phones.

2. Create a system that can identify trends

Trends in business tell you what is going on with sales, satisfaction, and so on. To benefit from big data, you must create a system that displays important information also known Key Performance Indicators (KPI’s). The system should be efficient enough to identify trends which occur in the market. A business analyst can be of great help in this area.

3. Invest in data solutions

Yes, the cost is the primary reason business owners avoid using big data, but that is hardly necessary seeing as every business requires a good investment to be successful. Invest in some data solutions to enhance your methods of acquiring, analyzing, and interpreting your data. Suitable examples for small businesses are SAS, Google Analytics, IBM Watson Analytics, and much more.

4. Know what your needs are

The tricky thing about big data is that it can provide accurate information but can also be misinterpreted. If your needs or questions for the data are not defined, the information may become useless or part of bad decisions. Take the time to review every department in your business and determine their needs. This will help you with proper analysis and interpretation. Some questions you may develop include:

• Who are our best customers?

• What do customers want?

• What brands get the most attention and why?

5. Take action

The reason why you should use big data is to get results. Results do not come from inaction. After acquiring, analyzing, and interpreting your data, the next steps should be geared toward achievement. What do you do with the information provided by the data?

Big corporations, who use big data, take action to enjoy the following benefits:

• To gain a competitive advantage by tailoring services to customer’s needs.

• To make effective business decisions

• To mitigate risks.

• To monitor business performance

What is Big Data?

Big data is a term common to both large and small businesses. Almost every business owner has heard something about big data, but not all know what it really is.

Big data can be understood just as it sounds; it is data in large sizes. It is aptly defined as a large amount of data in both structured and unstructured forms. Big data is so named because it cannot be analyzed with traditional data processing methods or applications. It requires a different approach and software.

Companies value big data because it provides answers that increase the efficiency of a business.

The concept of Big Data

Big data is characterized by three 3Vs. Each part explains the concept of big data and how it is relevant to your business.

• Volume- Volume is the most important aspect of big data definition. It is sourced from various aspects of a company. The volume of big data can be hundreds of petabytes about business transactions.

• Variety- Variety describes the unlimited forms of data. Data can be in structured or unstructured forms such as numbers, text, and so on.

• Velocity- Data can be received in split seconds. It can also be received in long hours. The velocity of data simply refers to the speed with which it is received and analyzed.

The use of Big Data

Not every business or company can use big data. Smaller businesses can easily perform data analytics with traditional software applications. Big data stands out because its uses are also highly significant. Here are some important uses of big data.

Customer Satisfaction

In any organization, customer satisfaction is vital. Big data is used to gather accurate information on customer needs and preferences from surveys, social media, calls, and so on.

Product Development

Product development is not to be taken lightly in any business. It is important to anticipate consumers’ demands to avoid loss and rejection. Big data analytics helps companies to predict the response of the consumers to a new or modified product.

Efficiency in Operations

The availability and proper analysis of data in an organization helpto improve efficiency in operations. This is the most significant influence of big data on companies. Efficient mode of operations guarantees customer satisfaction and sustainability.

Challenges of Big Data

Getting to know about big data goes beyond its definition; it also involves knowing what challenges lie in using or receiving big data. Despite its invaluable uses,the issues faced with big data have been existent for a long time. Companies still struggle to keep the paceand find effective solutions to them.

Storage

Big data increases steadily with almost no way to control it. Organizations have always had to search for valid ways to store big data because it cannot be discarded.

Time and analysis

Big data is BIG. This means more time, effort, and different methods will be applied in analyzing the data. While this cannot be helped, it is a standard issue because time is important to an efficient organization.

Google Analytics VS Adobe Analytics

As a digital marketer, your success in this niche depends on a lot of factors which include your tools, and resources. There are several essential digital marketing tools available to guarantee efficiency and business success. One of such vital tools is a web analytics tool. Web analytics is described as the measurement, evaluation, collection, and reporting of web data to foster the understanding and optimization of a web page. Google analytics and Adobe analytics are the most popular web analytics tools on the market.

Most digital marketers are unsure about which option is best for them. The right web analytics tool for your business or company is one that provides accurate and useful information. To help you make a choice, we will be discussing the major differences between both tools.

COST

When it comes to cost, you must expect to pay a fee on either Google Analytics or Adobe analytics. Google Analytics offers a free version which some users find very useful. However, to get the premium features and more flexibility on the tool, the cost is a flat annual fee of $150, 000. Meanwhile, Adobe analytics offers no free version but a variable cost of between $30, 000 and $350, 000 annually. This fee depends on several factors which is why you must call the platform for a quote.

IMPLEMENTATION

Google Analytics is easy to implement on any site. The user does not require any special skills or IT knowledge. It can also be customized easily too. Adobe Analytics, on the other hand, requires the skill of a professional to be implemented on a site. This is due to the fact that Adobe analytics is highly customized and may offer you more specific services than Google analytics.

CUSTOM VARIABLES

For a better experience, custom variables are important in digital analytics. Google analytics allows you 5 custom variables in the old version and 20 custom variables with universal analytics. You can set the expiration time of each variable to give you the efficiency you need. Adobe Analytics offers more variables that are more flexible and allow for better analysis. Adobe Analytics offers up to 75 traffic variables, 75 event variables, and 100 conversion variables.

CUSTOMER SERVICE

Every experienced digital marketer knows the prime importance of good customer service. Adobe analytics offer 24/7 customer support, and account management service. They offer training but for a fee and you can also get some tutorial videos for free from Adobe. Google analytics does not have a support line but the platform offers an official user forum, help center, and a fundamental course in digital analytics.