How Big Data Benefit SMEs?
What is Big Data?
Business News Daily defines it as “The massive amount of information businesses collect from online and offline sources. These sources include websites, social networks, mobile apps, software, documents, computer logs, sensor networks and many more.”
How does it benefit your business?
For Small and Medium Enterprises (SMEs), Big Data can help you make better business decisions, by collecting, interpreting and understanding these data. It is the aggregation of demographic data beyond anything that has ever existed in the past. Businesses can employ this data to laser-focus marketing and sales spending.
It can also help you to create stronger customer relationships. It provide businesses with predictions on their target audience’s behaviour and trends, including propensity to buy, loyalty and engagement level.
Real life implications
One real-life example that is beneficial to SMEs is Google Analytics. It provides data about your business’s website. You can gather information such as demographic profile of visitors, most searched keywords, and their field of interest. This can help you understand your customers better, so to make better data-driven decisions.
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