As a small business owner, chances are that when you hear the term “big data,” you immediately think the concept isn’t relevant for your business. For most people, the term big data conjures up images of massive amounts of information that only giant retailers like Walmart, Target and Amazon or large government entities could handle. But big data is also exceptionally important to the little guy, as it provides the very information small businesses need to propel their success. Here we’ll explore big data, revealing what it really is and how it can be utilized by your small business.
What is big data, exactly?
Although man websites feature complex and difficult to understand definitions behind big data, this post will stick with a relatively simple one: big data is data management that centers on the customer. Some examples of big data include consumer transaction histories, social media activity, website activity logs, online videos and online databases, among others.
How often do you turn to search engines like Google or Bing to find a product or service that you need? Have you ever clicked on anything on the 15th page of search results? Or the 50th? We didn’t think so. That’s why you need Search Engine Optimization (SEO) for your small business. Ninety percent of all users click on the Top 10 search results on Google, which means that you are missing out on selling your product or service to 90% of your prospective customers. Sold yet?
The traditional sales funnel is dead, at least according to McKinsey & Company – a global management consulting firm. Replacing it is a circular sales cycle. It used to be that marketers could rely solely on direct mail and other marketing initiatives to “push” information to consumers. Since consumers’ information channels were limited, and research avenues were often hidden from the public, consumers relied on various marketing initiatives to make decisions about future purchases. Today, consumers can easily “pull” information to them online through social media websites and review-based sites like Yelp. This diminishes the power of focused marketing initiatives by companies. Consumers now rely on strong word-of-mouth over a corporation’s advertising campaign so if you want your small business to succeed, you’re going to have to change the way you reach your customer base. Continue reading