Should Small Businesses Invest in Big Data?
Big data can be very useful to a small business. However, big data is useless unless you know how to use it, how to analyze it, and how to implement your findings. For a small business or independent agency, big data may just be too big, and you might be better suited to spend money on traditional marketing research instead.
The difference between big data and traditional marketing research
Big data is big. Big data doesn’t aim to answer a specific question or marketing problem. Big data casts a wide net, pulling back all data available without a specific intention. Because big data lacks specificity, you must know how to analyze the data to implement its findings in a way that is productive and profitable to your business.
Traditional marketing research has a specific goal in mind. It will focus its data gathering on solving a specific problem or provide predictive insights into the minds of your clients, their likes and their dislikes.
When is big data good for small business?
With today’s advances in technology, big data information is much more accessible and affordable for small businesses, allowing them to get more information about what drives consumer behavior, and being able to implement this information to increase revenue and sales.
Marketing research is typically done on a much smaller scale and takes more money, and more resources to complete. Getting insight through traditional marketing research methods (surveys, polling, etc.) takes time, and the sample size is small. Often, by the time you get your answers, it’s too late, and the decisions have already been made.
The world is moving fast, and big data is uniquely able to keep up. Big data can be gathered almost in real time, and as long as you can analyze and implement it, big data can give big advantages.
Tools and technology for independent business owners
Affordable American Insurance provides tools, technology, and training for entrepreneurs and independent agents in Colorado, Arizona, and Utah.