The value of data usage in businesses has been skyrocketing, and it will only continue to increase as technology evolves. Along with that increase comes the demand for data science and the ability to understand and leverage insights from data. If you operate a small business, utilizing the data you’re collecting could help you grow by leaps and bounds. Think about it, before data science, understanding customer behavior and patterns was only possible in person and past experience was a critical factor in taking on new risks without the ability to predict outcomes. This made the success of a small business tenuous at best. But, with today’s technology, such as AI, machine learning, and predictive analytics, the landscape for small businesses is much stronger, if they can leverage the right tools.
In this article, we’ll dive into just a few of the ways that small businesses can power up their data science usage to optimize their outcomes.
Utilize Accurate Data for Strategic Business Decisions
Data-based decision making has become almost standard practice for businesses. Understanding critical insights from data can help stakeholders increase sales, better engage with customers, and manage risk. But before you get to insights, you have to be sure you’re using accurate data. The correct data set is critical since it will be the source of the evidence and statistics you use to make decisions. Data comparison is also required to determine the accuracy of the obtained data.
A few methods for checking the validity of your data include collecting survey reports to discover products, services, and features, conducting user surveys to evaluate how well people relate to your product (which is critical when introducing new goods to market and assessing how they may perform), and outlining relevant risks and new business possibilities.
Take Advantage of the Best Big Data Services and Solutions
It’s a huge undertaking to gather and analyze data. Even if you’re able to stay on track and complete all the necessary steps, odds are that time could have been better spent on growing your business and focusing on strategies. It’s also not something that everyone can do. Why spend your time on a task that you’re not experienced in? Lastly, if you perform data collection and analysis manually, you run the risk of inaccurate data inputs and findings.
Fortunately, there are many tools and platforms available that can help automate data analysis and structuring. Not only does it help you get accurate results, but it also streamlines the data science process so you can come up with action items faster. But remember, not all tools are created equal and you’ll need to do research to ensure you end up with the right tool, or a partner that can handle it all for you.
Get New Leads by Nurturing Current Ones
Nurturing existing leads and customers is a brilliant way of acquiring new ones. Using data analysis to understand the patterns, behaviors, demographics, and more of your existing customers can be a surefire way to tailor effective marketing campaigns for new ones. You can also experiment with referral marketing – leveraging positive word-of-mouth – and target your best and most satisfied customers to spread the word to their friends and networks. Understanding the customer data you have will help you understand which customers might make the best advocate for your business (and have large networks).
Using big data, you can also better discover your target market and optimize consumer behavior data to provide what they need when they need it. Amazon is a great example of this (think about the curated items they find just for you) and being the top e-commerce platform is proof of their effective use of data to nurture and grow their customer base.
Data science can provide small businesses with the ability to continually identify new trends and growth possibilities. By using accurate data to make smarter decisions, employing the right tools and platforms, and understanding current customers to gain new ones, your business can develop practical solutions that can solidify your small business as a significant player. Running a small business in today’s world may be challenging, but it is possible to boost your small business with data science, and see your small business achieve big things.
If you’re wondering what your small business’s data is telling you, reach out to Gemini to learn how we can help you understand and share data stories. We can help simplify and speed up your data collection and analysis to get to insights faster.Connect the dots and tell your story.