Big data is taking over the business world by a storm. It is not only technology companies that are running after big data to make it a part of their strategy. Every company from finance to clothing to real estate seeks to incorporate big data to grow their businesses. Large chunks of data analyzed and sorted, with an end report that tells you who to target, how to target and where to target, is jut what each business needs to gain a competitive edge.
Most entrepreneurs are under the impression that big data tools are too expensive to fit in the budget of a bootstrapped startup. Which is true, in a sense. But there are ways to work around it. With planning and by using the different plans offered by big data companies, entrepreneurs can be a part of the numbers game. The only thing that sets apart one startup from another is their speed and agility in conjunction with growth. To be at the front of the game in today’s world, big data is an essential tool to have in your corner.
How Does Big Data Affect Growth?
Targeting customers with advertisements has become the norm. Without the essential data and information, your advertisement will not yield results. Why waste money shooting in the dark? Big data helps your company analyze current and potential customers to get the maximum response to advertisements. When you can target better, you have better results, resulting in the company’s growth. This technology creates predictions, which are fairly accurate thus providing a direction in which the company should head.
What About The Costs Associated With Big Data?
There are two parts to the cost factor associated with big data. The first is hiring people with the right kind of knowledge about this field. It is a niche field with a limited number of people possessing the required skill set. Not only that, but operating servers that run big data and analyze it also requires hardware that costs money. Startups usually don’t have that kind of money. However, with startups that offer cloud based big data services populating the market, the service is becoming affordable for companies that have just been established. These cloud based services offer scalability, an important aspect for growth. So far, only big companies have been targeted as users of big data, but there exists a huge market in the startup space willing to use these same services.
What Are The Benefits Of Investing In Big Data?
The biggest advantage of harnessing big data for your company would be the customer related insights it produces. Data from multiple channels is combined, analyzed and a report is created to give you an idea of what the customer might be looking for. This will help you tailor your product to the existing customer’s needs. Predictive analytics gives you an idea of what potential customers are looking for. Big data is quiet accurate when it comes to predicting customer behavioral patterns and that is an advantage a startup must have.
For a startup to succeed, it has to be better than it’s peers. It can only succeed if it can find and retain customers at a faster rate than other companies, as well as increase it’s share of the desired market at a healthy pace. The presence of big data has made the game more competitive and to succeed, an entrepreneur should definitely incorporate this into their business growth strategy.
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