The Benefits of Big Data for Small Business
Don’t let the size of big data scare you: small businesses can enjoy massive benefits by leveraging its power to make data-driven decisions. By analyzing online and offline information, you can grow your business and build a solid foundation for future success.
Big data is gathered from various sources, including social media channels, user comments, website testimonials, results of polls, surveys and more. It’s then analyzed to reveal patterns, trends, and associations, usually as they pertain to human behavior and interactions.
Here are five key benefits to mining, understanding and using big data:
1. Customer Insights
The value of knowing customers better is one of the biggest benefits of big data. By analyzing customer behavior, you can better understand customer problems and expectations and then deliver the product or service they really need. In this way, big data helps convert customers into loyal clients.
2. Consolidated Data
Big data provides one place for information that agents can easily access to more efficiently serve customers, which goes a long way to helping improve customer experience. What’s more, big data is constantly updated, so leaders can base business-critical decisions on quality data. By harnessing disparate sources of data from a variety of sources, quality analysis can uncover hidden issues with current products and provide clues for further improvements.
3. Proactive Practices
By analyzing data, you can move from merely reacting to customers and market changes to anticipating needs and trends. This proactive approach can lower costs while building your brand and increasing profits. Data analytics can help you make your existing products better while designing additional products your customers will want to buy.
4. Reduced Costs
Data can also reveal opportunities for cutting costs. For example, a recent Knowledge Rhino client used speech analytics technology to analyze 100 percent of customer calls as opposed to 5 percent. The larger data set provided a clear picture of where improvements were needed, resulting in a savings of more than 50 percent in labor costs. Big data can similarly reduce costs in other areas such as recruitment, training, product development, overhead and more.
5. Greater Marketing ROI
Big data can help drive more targeted marketing campaigns based on customer behavior, while providing an improved method for gauging campaign effectiveness.
Knowledge Rhino brings high-quality data analytics solutions, including speech analytics, to a diverse range of customers. For a FREE consultation contact us today to learn how our solutions can help drive business improvements like CSAT, churn, labor costs and more.