Making BIG data accessible to SMALL Businesses

source: www.socmedsean.com

For Businesses, Big data (or Data Analytics) is about analysing data from different sources such as CRM, Social Media, Email Marketing, Public domain, and inferring insights that can help you grow your business by selling more.

Traditionally, Big Data has been within the realms of large corporations that have the resources to collect and mine this data, but gradually there is a trend towards democratization. Rather than being intimidated by the Big D, small businesses can leverage it to provide better customer experience, and ultimately sell more.

How can data benefit small retailers? The insights derived from data analytics can be applied to:

1. Tailor products and services to individual customers by examining the past purchase behaviour.
2. Offer relevant promotions and advertisements.
3. Identify fast and slow moving items, which leads to better inventory management
4. Monitor social media to identify consumer trends, and scale up production accordingly.
5. Shape the word-of-mouth narrative, and be responsive to customer feedback across multiple channels.

Here are 5 tools (which I have come across) small businesses can use to mine this data and generate actionable insights:

1. GoogleAnalytics: If you are an online business, you can use GA to track where your users are coming from, how much time they are spending on your website, and host of other useful info about your visitors.  Another tool is Google Trends to identify what people are talking about.
2. Analytics tool built into Facebook, Twitter and LinkedIn provides useful info about how company is perceived in social media. Also, businesses can monitor what is being talked about them, and shape the opinion by active participation.
3. SumAll: They call it the best analytics tool on the planet. It is empowering over 100,000 small businesses, and is 100% free. It lets you connect all the services such as social analytics, store sales data, Google AdWords, and Paypal.  
4. Looker: It is a 100% browser-based platform, which puts people and cross-functional collaboration at the centre of data analytics. It uses a data modelling language that’s quick to learn, and promotes a curiosity driven approach to analytics within the organization. It offers a free trial too without requiring a credit card. 
5. Fivestars:  It is a US based loyalty solution that is rich in analytics. It easily integrates with existing POS. It offers a social touch by letting customers brag about retailers to their friends with an automated social media integration to drive more likes, check-ins, and word-of-mouth referrals. The customers carry a FiveStars loyalty card that has to be swiped at the till to earn loyalty points.