How Startups Can Leverage Big Data for Success
Big data DOESN’T have to be difficult to manage.
73% of startups say their collection of data has significantly increased.
By 2020, there will be 50 TIMES the data that exists today. But 35% of startups haven’t even considered leveraging Big Data or Big Data Solutions.
Big data doesn’t have to be costly, time consuming or complicated.
Many Startup Big Data Solutions:
- Are inexpensive and scalable. You pay only for what you use.
- Are very user-friendly. Modern big data solutions handle B2B needs with intuitive B2C-like designs.
- Automate tasks and research for you, sometimes in real-time. That’s one less person you need to hire.
- By measuring the data your business generates from customers and sales with a big data solution, you can leverage it to improve your marketing, efficiency, and customer experience.
FIVE WAYS YOUR BUSINESS CAN LEVERAGE BIG DATA
- Personalize the Customer Experience
- There’s a 15-20% reduction in cost for companies using big data to inform the customer decision process.
- Big data platforms can measure customers’ digital footprints, such as what they’re saying online or what they’re buying.
- By analyzing customer behavior, you can identify key customers and provide personalized, experiences.
- Predict and Reduce Churn
- By acting on insights, companies can see a drop of 10-25 basis points in churn.
- By obtaining the average lifetime value, you can determine where in the process your customers are leaving and how to improve it.
- Measure customer purchases and behavior with big data to determine their lifetime value to your business.
- Streamline the Sales, Supply and Staffing Process
- 32% of “Data Wasters” say they lag behind their peers in financial performance.
- A big data solution can measure several internal areas of your business such as finance, productivity or labor.
- Make budget cuts or reorganize your business based on your big data analytics.
- Target New Customers, Re-Target Existing Ones
- On average, companies collect customer data from 3.4 channels.
- Loyalty programs can provide valuable information about a customer’s interests and lifestyle based on purchasing behavior.
- Use data gathered to segment customers and send targeted promotions.
- Make Use of Social Data
- Big data doesn’t have to be all about operations: use a social listening tool to gauge customer response to your product and company.
- More than 50% of people use social logins for websites.
- Offer users a chance to login to your website with their Facebook or Twitter profile. Depending on their privacy settings and access granted, businesses can use information on social profiles to better target customers.
Are you a startup deciding to take a leap of faith into the world of Big Data Analytics? Share with us your concerns in the comments section and our experts will answer your doubts. Think deeply and critically before you embark on your journey of Analytics.
Write a mail at [email protected] or call us at +1 929 800 4058 and let us tell you how we can add value to your business.