10 Reasons to Adopt Big Data f o r Yo u r S t a r t u p
10 Reasons to
Adopt Big Data f o r Yo u r S t a r t u p
Big Data is so crucial in today’s world. Though the term has been around for quite some time, very few understand its real significance. If you are convinced about the power and potential of both Predictive Analytics and Big Data, then you must know what it can do to your startup as well.
Here are 10 reasons that say why you should use Big Data in your startup 1. A Direct Line to Your Customers Today’s customers are a lot different from what they were two or three decades ago. They have evolved to be tough nuts to crack because they talk, discuss and research a lot before they buy something. Since they have the resources, they will research on everything they can get their hands on. With Big Data, you can profile the likes and dislikes of your customers and even have a one to one conversation with them. Through Big Data, you can actually treat your customers well because if you don’t, they will leave you in the blink of an eye.
10 Reasons to
Adopt Big Data f o r Yo u r S t a r t u p
2. Adapt Your Products and Services according to Customer Insight
Thanks to Big Data, you can modify and adapt your products according to customer interests. It is true that social media data would be unstructured, but an analysis of those would definitely bring to light, the sentiments of your customers and compartmentalize them on the basis of geographical location, age, gender and more.
10 Reasons to
Adopt Big Data f o r Yo u r S t a r t u p
3. Big Data Helps to Keep Your Data Safe The entire data landscape of your company can be monitored through Big Data, thereby enabling you to analyze any internal threats, if they arise. If there arises any potential sensitive information that should be brought to your attention, then those would be instantly detected and flagged.
4. Calibrated Growth As mentioned earlier, Big Data can reveal a lot about your customer’s preferences. Similarly, sales and marketing data can also tell you a lot about customer requirements. However, unorganized data is not useful at all. Big Data helps you keep all those data organized and curated so that you have a full view of customer requirements. It helps you to reach out to the target segment faster, and at the same time, enjoy increased returns on your investment, both in terms of infrastructure and marketing.
10 Reasons to
Adopt Big Data f o r Yo u r S t a r t u p
5. Generating Revenue from the Collected Data Big data actually helps you create new revenue systems because the data that you collected can be sold as non-personalized trend to other industry players. By monitoring user dynamics, you can actually sell the information to other key players in the industry who will find the information equally useful. And they would be ready to give you financial benefit for this.
10 Reasons to
Adopt Big Data f o r Yo u r S t a r t u p
6. Customizing the Date based on Customer Preferences Have you noticed the trend Amazon indulges in when you browse through a particular product of interest? When you click on a particular product and scroll down the page, you can see that Amazon incorporates item based collaborative filtering in real time. This is done through “Customers who bought this item, also bought”, and “Frequently bought together”. Even LinkedIn suggests “Companies you may want to follow” and “People you may know”. With Big Data, you can customize your website in real time and manipulate the content on the basis of customer interest.
10 Reasons to
Adopt Big Data f o r Yo u r S t a r t u p
7. Cities are becoming Smarter More and more cities are leveraging the facilities provided through Big Data tools to improve the lifestyle of the citizens and protect the environment. The police department in Memphis recently made use of Big Data to reduce the serious crime rate in the city by 30% and in Portland, Oregon intelligent technology is being used to reduce carbon dioxide emissions by more than 157,000 metric tons (in a time span of 6 years). Similarly, cities around the world are doing their bit to enable smarter living and clearer environment.
8. Spot the Buying Patterns The automated process in Big Data churning would help you track the needs of the customers instantly. Sales report study, social media tracking and competitor analysis are collected to check their buying patterns. Here are some simple examples that you probably would be using now: ‘SproutSocial’ or ‘Hootsuite’ to check social media activity and its reach, the consistency of using mobile apps through ‘MixPanel’ and understanding website traffic through ‘Google Analytics’.
10 Reasons to
Adopt Big Data f o r Yo u r S t a r t u p
9. No Room for Error, make the best use of every Penny You have Startups usually run low on funds and would like to use every penny judiciously. And this is the exact same reason why you should make use of Big Data technologies. Through proper usage of Big Data, you can control marketing and advertising costs and use the information produced from social media in a more useful manner.
10. You can Leverage the Power of Big Data without any Extra Resources Another reason why you should start using Big Data to its biggest advantage! There is no need for extra investment or resources and you can rely on low cost cloud enabled solutions to implement Big Data strategies. Initially, Big Data technologies were expensive, but now things are changing.
10 Reasons to
Adopt Big Data f o r Yo u r S t a r t u p
Conclusion These reasons prove that Big Data is not relegated to being a buzz phrase, it has a serious commitment to various industries by providing valuable insights into business trends, understanding customer behavior, delivering market projections and much more. The power of analytics is harnessed to its full potential and startups can leverage it to predict individual customer’s interest, how they prefer to shop and pay. The collected data can be constantly reviewed so you and your team can learn several key lessons from it.