• Nigerian/African Tech
  • Start Up
  • Internet
    • App
    • Mobile
    • Software
  • Gadgets
  • Money
  • Video
Tech News, Magazine & Review WordPress Theme 2017
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Business

5 Benefits Of Using Big Data For Small Business Growth

Contributor by Contributor
July 13, 2020
Share on FacebookShare on Twitter

In contrast with the common myth, small businesses need to make data-driven decisions just like big companies. This brings most of the benefits that are explained in this article. Big data is a large dataset that is analysed through various computations to reveal trends, patterns and associations. With the growth in smartphones, wireless networks and social media and cloud computing, a data revolution has taken place. While big organisations work with data scientists and data-mining firms, small businesses can still utilise the data with various tools without breaking the bank. Here are some of the benefits of using big data to a small business.

Also On TechBooky

How To Create A Stellar Buyer Persona

How Entrepreneurs Can Stay Happy And Healthy While Launching Their New Business

Important Cybersecurity Tips For SaaS Startups

We Need A New Way For Startups Valuation And We Need It Fast

The Importance Of Buying Data For Businesses

1. It helps Increase Efficiency

One of the major drivers of business growth is linkages and relationships with partners in the industry and the target market. This requires extensive travel and research on both publics before making your moves. However, with big data, you can cut the costs involved in market research and prospecting. It gives you the market trends, best methods to engage your customers and the right touch-points to engage so that you pull these publics to your business. This, in turn, helps you engage your market fast and use the existing resources efficiently.

2. Big Data Helps Cut Costs

Cost is one of the variables the inhibit business growth. Small organisations cannot engage markets, tap into bigger resources and increase their capacity. Therefore, anything the enables you as the business owner to cut costs is welcome. 

Big data helps in cutting costs using several methods. First, it allows the business to compare its costs with similar businesses in the industry so that you can get the best pricing from vendors. 

You can also automate the maintenance cycle of your equipment such that you do not suffer from unexpected breakdowns and reduce costs of maintenance. Besides, you can also streamline your purchase process and eliminate errors in the invoicing process.

3. It Helps Grow Customer Loyalty

With everyone researching and buying online, the digital footprints that are left behind give a comprehensive view of our personality and shopping preferences. Therefore, a company looking at this data will know the customer likes and dislikes, beliefs, purchasing power, colour, aesthetics and capacity choices for a given market. 

It can then use the information to tailor their offering to meet the need and wants of the market. This leads to increased sales. If the customers love the offering, they keep coming back and become loyal. Such customers are brand ambassadors who can help bring more clients to the business.

4. It Helps in Focusing on the Target Market

A business may have several target markets for a given product. In most cases, it repackages the product to appeal to a specific market and not the other. Unfortunately, the process of building a buyer persona is exhausting and may take up a significant amount of resources. However, with data housed in a VPS server, the business can focus on a local market or type of customer and determine the buying pattern fast. This enables the business to give the market a personal touch and gain a competitive advantage over the competition.

5. Businesses Can Use Big Data to Hire the Right Workforce

Recruiting new employees is no longer just about academic qualifications. Businesses need a candidate that can fit into their company goals, core values and drive their aspirations. Big data for small business helps small businesses identify such candidates on platforms like LinkedIn by using the right keywords. They can filter out candidates with variables such as market knowledge, experience, personality, personal goals and the previous market that he or she has served. These businesses can reach out to those candidates with offers or invite them to apply for opportunities in the organisation. The right employees are one of the major drivers in business growth.

Big data reveals the little market secrets that you may not point out in your normal research. It also helps you tap into the industry-wide data and data generated by the competition to your own advantage. As a business owner, consider utilising big data for small business to enjoy the benefits listed above.

About the Author

Patrick Watt is a content writer, writing in several areas, primarily in business growth, value creation, M&A, and finance. Other interests also include content marketing and self-development. Say hi to Patrick on Twitter @patrickwattpat.

Related Posts:

  • 5 Benefits Enterprises Can Take From Big Data Analytics And Dot NET Integration
    5 Benefits Enterprises Can Take From Big Data Analytics And…
  • Enterprise AI Platform - Debunking The Common Myths
    Enterprise AI Platform - Debunking The Common Myths
  • Top Four Applications Of Cloud And How They Are Going To Benefit Businesses
    Top Four Applications Of Cloud And How They Are Going To…
  • 8 Ways Big Data Can Make You The Entrepreneur Of The Year
    8 Ways Big Data Can Make You The Entrepreneur Of The Year
  • Here Are 5 Signs You Need Cloud Computing For Your App
    Here Are 5 Signs You Need Cloud Computing For Your App
  • Nigeria's Prospa Secure Africa's Largest Ever Pre-Seed Funding Round
    Nigeria's Prospa Secure Africa's Largest Ever Pre-Seed…
  • What You Can Learn From Your Data During Your First Year of Business
    What You Can Learn From Your Data During Your First Year of…
  • 5 Tech Strategies That Every Modern Startup Can Benefit From
    5 Tech Strategies That Every Modern Startup Can Benefit From
Tags: analyticsbig databusinesssmall business
Contributor

Contributor

Posts by contributors. You can send in a post to be reviewed and published to info@techbooky.com

BROWSE BY CATEGORIES

Receive top tech news directly in your inbox

Loading

Recent

Twitter Appoints ‘Grievance Officer’ To Comply With India’s New Rules

How To Boost A Twitter Account In 2023: One Tool That Always Works

March 20, 2023
How To Create A Stellar Buyer Persona

How To Create A Stellar Buyer Persona

March 18, 2023
Microsoft 365 Copilot, An AI Solution For Word, Excel, PowerPoint And Teams

Microsoft 365 Copilot, An AI Solution For Word, Excel, PowerPoint And Teams

March 17, 2023
The “Tech” Company Behind Pornographic Sites Like Pornhub Gets Acquired

The “Tech” Company Behind Pornographic Sites Like Pornhub Gets Acquired

March 17, 2023
Space Travel In 2021: Bezos, Branson, And The Future of Space Tourism

Space Travel In 2021: Bezos, Branson, And The Future of Space Tourism

March 17, 2023
Overwhelmed by Data: When Wearables And Digital Banks Take A Toll On Our Mental Health

Overwhelmed by Data: When Wearables And Digital Banks Take A Toll On Our Mental Health

March 16, 2023
Change In Communication: Top Trends Of Telecommunication In 2023

Change In Communication: Top Trends Of Telecommunication In 2023

March 15, 2023
Meta Is Giving Up On NFTs For Facebook And Instagram

Meta Is Giving Up On NFTs For Facebook And Instagram

March 14, 2023
Microsoft Teams Is Rolling Out 3D Avatars In May.

Microsoft Teams Is Rolling Out 3D Avatars In May.

March 14, 2023
Microsoft Spent Millions Of Dollars On A ChatGPT Supercomputer

Microsoft Spent Millions Of Dollars On A ChatGPT Supercomputer

March 14, 2023

Browse Archives

March 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Feb    

About Us

TechBooky

TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

Subscribe to TechBooky

Enter your email address to subscribe to TechBooky and receive notifications of new posts by email.

Join 17,655 other subscribers.

Receive top tech news directly in your inbox

Loading

Popular Tags

AI (266) amazon (95) android (286) app (616) Apple (476) artificial intelligence (281) business (356) china (114) cloud (135) cryptocurrency (159) ecommerce (110) enterprise (243) facebook (473) gadget (454) gaming (160) google (552) government (385) guest post (109) instagram (138) internet (357) ios (249) iphone (211) microsoft (266) mobile (285) new feature (295) nigeria (279) privacy (136) research (134) samsung (142) security (378) smartphone (240) social media (679) software (420) startup (271) streaming (141) telecom (159) tips (346) transport (105) twitter (220) united states (193) users (137) videos (115) website (162) whatsapp (130) youtube (108)

Quick Links

  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips

Popular Post

  • Trending
  • Comments
  • Latest
Download Free Editable Resume Templates – Word / Docx – 2022

Download Free Editable Resume Templates – Word / Docx – 2022

July 25, 2022
The Best Free PC Games

The Best Free PC Games

July 29, 2022
Recover Permanently Deleted Emails From iCloud Manually

Recover Permanently Deleted Emails From iCloud Manually

March 5, 2022
How is Technology Changing Our Definition of What It Means to Be a Human?

How is Technology Changing Our Definition of What It Means to Be a Human?

April 1, 2018
Microsoft 365 Copilot, An AI Solution For Word, Excel, PowerPoint And Teams

Microsoft 365 Copilot, An AI Solution For Word, Excel, PowerPoint And Teams

March 17, 2023
How Can We Unlock VBA Project Password Without Hex Editor?

How Can We Unlock VBA Project Password Without Hex Editor?

December 23, 2020
Twitter Appoints ‘Grievance Officer’ To Comply With India’s New Rules

How To Boost A Twitter Account In 2023: One Tool That Always Works

March 20, 2023
How To Create A Stellar Buyer Persona

How To Create A Stellar Buyer Persona

March 18, 2023
Microsoft 365 Copilot, An AI Solution For Word, Excel, PowerPoint And Teams

Microsoft 365 Copilot, An AI Solution For Word, Excel, PowerPoint And Teams

March 17, 2023
The “Tech” Company Behind Pornographic Sites Like Pornhub Gets Acquired

The “Tech” Company Behind Pornographic Sites Like Pornhub Gets Acquired

March 17, 2023
Space Travel In 2021: Bezos, Branson, And The Future of Space Tourism

Space Travel In 2021: Bezos, Branson, And The Future of Space Tourism

March 17, 2023
Overwhelmed by Data: When Wearables And Digital Banks Take A Toll On Our Mental Health

Overwhelmed by Data: When Wearables And Digital Banks Take A Toll On Our Mental Health

March 16, 2023

Recent News

Twitter Appoints ‘Grievance Officer’ To Comply With India’s New Rules

How To Boost A Twitter Account In 2023: One Tool That Always Works

March 20, 2023
How To Create A Stellar Buyer Persona

How To Create A Stellar Buyer Persona

March 18, 2023
Microsoft 365 Copilot, An AI Solution For Word, Excel, PowerPoint And Teams

Microsoft 365 Copilot, An AI Solution For Word, Excel, PowerPoint And Teams

March 17, 2023
The “Tech” Company Behind Pornographic Sites Like Pornhub Gets Acquired

The “Tech” Company Behind Pornographic Sites Like Pornhub Gets Acquired

March 17, 2023
Space Travel In 2021: Bezos, Branson, And The Future of Space Tourism

Space Travel In 2021: Bezos, Branson, And The Future of Space Tourism

March 17, 2023
Overwhelmed by Data: When Wearables And Digital Banks Take A Toll On Our Mental Health

Overwhelmed by Data: When Wearables And Digital Banks Take A Toll On Our Mental Health

March 16, 2023
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact us
  • Privacy Policy
  • Disclaimer
  • Login

© 2021 Design By Tech Booky Elite

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips

© 2021 Design By Tech Booky Elite