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Why Small Business Must Adopt Big Data And Analytics To Stay Competitive

In the U.S., small businesses drive the economy. An estimated 30 million small businesses operate in the country, accounting for more than 50 percent of the American workforce. Yet, small businesses are missing a grand opportunity. They have been slow to adopt Big Data compared to corporations and large enterprises. Less than half are tracking data, according to 2015 survey from The Small Business Authority. This happens for a number of reasons like time and budget constraints, and the lack of on-staff analysts and IT professionals. But the trend is quickly changing. Falling technology costs and user-friendly analytics tools make it easier for smaller companies to compete on limited budgets and without dedicated IT professionals on staff. Big Data and Analytics is critical for small businesses. Research shows that tech-equipped companies experience an increase in profits and improved marketing ROI when using analytics. Additionally, an effective data strategy can help small businesses identify new customers and markets, improve customer experiences, optimize inventory, and build loyalty within their bases. Unfortunately, many small business professionals are left wondering how they can get started. In honor of National Small Business Week, we’ve rounded up some of the best resources for getting started with big data and analytics. From ideas for integrating analytics into your marketing efforts, to tips for using data for improving employee productivity, these articles offer insightful looks into how small businesses can put Big Data and Analytics to work today.

Small Businesses Drive Growth with Data-Driven Marketing via Business2Community

Small Businesses Drive Growth with Data-Driven Marketing via Business2Community

Marketing analytics can be a powerful tool for small businesses. In fact, data-driven marketing efforts can result in an impressive 224-percent lift in ROI. Author Larisa Bedgood offers a comprehensive look at how small businesses can stand out by using marketing analytics, including segmenting customers, linking up their data, and using social and email channels. Plus, Bedgood provides some useful examples of proper customer segmentation.

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Four Ways Workforce Data Analytics Can Drive Performance via Inside Small Business

Four Ways Workforce Data Analytics Can Drive Performance via Inside Small Business

Data isn’t reserved for examining your marketing, products, or customers; it can also be used to gain a complete picture of the efficiency of your employees and operations. For one, HR data can help eliminate emotions from workforce decisions. Using talent analytics, for example, small businesses can check in on productivity and performance based on data, instead of purely anecdotal evidence, writes author Leslie Tarnacki. Plus, workforce analytics can uncover skills shortages, scheduling best practices, problems in workflow and more.

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Social Media Analytics: 4 Steps to Data-Driven Marketing via Rival IQ

Social Media Analytics: 4 Steps to Data-Driven Marketing via Rival IQ

Social media analytics is a powerful tool for small businesses, helping them to better understand their customers, drive loyalty and build brand awareness. Yet, it can be overwhelming for many small business owners to get started. Author Tricia Mool provides a clear step-by-step guide for jumping into social analytics. The process starts with an examination of your audience, including your key influencers, demographics for your customers, and how your product or service fits into their lives. Then, you must determine your goals and the metrics you will be measuring, before finally, integrating your social tools into your marketing analytics strategy.

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Can Predictive Analytics Help Your Small Business? via Small Business Computing

Can Predictive Analytics Help Your Small Business? via Small Business Computing

Predictive analytics isn’t just reserved for large corporations with massive budgets; small businesses too can glean valuable insight from these tools. In this article, author Julie Knudson delivers a brief explanation of predictive analytics, as well as some specific ways these tools can benefit small businesses. One useful example: Predictive analytics tools – which analyze historical and present-day sales data and forecast future demand – can help SBs better allocate resources and optimize their inventory chains.

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Analytics and Business Intelligence for Better Customer Experience via Data Science Central

Analytics and Business Intelligence for Better Customer Experience via Data Science Central

Data can be a powerful tool for improving customer experiences, which is a critical step for driving loyalty, retention and ROI. In this article, web developer Jack Dawson provides useful tips for how small businesses can use Big Data for marketing and web design optimization. Specifically, Dawson lays out tips for how data can help you better connect with your digital audiences, understand their preferences, and gain insight into how they are engaging with your web content.

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TEAM CLUTCH PROMISE

No matter the size of your organization, data and analytics can have a massive impact on your bottom line. The key is utilizing the right technologies. At TEAM CLUTH, we understand this. That’s why we optimize Big Data and Business Intelligence tools to deliver maximum effect for your company.

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