Using Data To Your Business’s Advantage
Big data is the new way doing business amongst some of the biggest organizations in the world. So your small business should probably get in on the action too, right? Not so says a recent article on the Fox Business.
The article picks the brain of Steve Weber, a professor at UC Berkeley’s School of Information, says that turning customer interaction into data points doesn’t offer much benefit for small business. There is cost benefit to big data on a large scale that simply doesn’t exist on the micro level.
What is more important for small businesses is properly utilizing the data that they have at their disposal. Below are some tips Weber says can help small businesses make the most of their data.
Determine the needs of your customers.
Weber says to use your intuition here. What value-added service would your customers want that could employ data. Weber suggests, in the case of a restaurant, the example of providing customers the ability to view past orders so that they can review their favorite dishes.
Determine what data you will need to provide the service.
In the example of the restaurant, in order to track orders, a business owner would need to keep up with names, orders and customer reviews in order to put the new service into action. This can be accomplished through a mailed or emailed survey.
Understand your data.
Understand what you have and where your data is falling short. Perhaps you have everything that you need, or perhaps you need to contact your customers for more information. Either way, surveying your data will help you to understand what your capabilities are.
For more information on this topic, and ways to incorporate date To read the original article, head over to Fox Business.