Big data is a game-changer in the world of business. It provides powerful insights into customer behavior, market trends, and business performance, among other things. However, many companies, particularly small businesses, don’t have the analytics resources to take full advantage of this. Only 4 in 10 companies use big data analytics, indicating that more businesses need to find ways to tap into its power without breaking the bank.
The good news is that there are several steps you can take to identify and use in-house big data sources with limited analytics resources. This article will show you how to obtain data without costly investments and how to maintain privacy while doing so. But first, let’s explore why small business owners should use data in the first place.
Why should small business owners use data?
Analysing data has several benefits for small businesses. Here are the most important ones:
- Improve customer satisfaction, retention, and loyalty: Tracking customer trends allows you to understand their needs better and provide tailored customer service. This, in turn, can help improve customer satisfaction, retention, and loyalty.
- Develop and refine products or services: Analysing data helps identify problems within a product or service before they become critical, allowing companies to develop solutions quickly to prevent customer dissatisfaction.
- Uncover new growth opportunities: Data analysis provides insights into customers’ buying habits and preferences, enabling businesses to identify new growth opportunities.
- Enhance efficiency: By streamlining processes and optimising resources, data analysis helps to make operations more efficient and cost-effective.
How to find big data in-house with limited analytics resources
As a small business, you don’t need expensive structural investments to get started with data analysis. Here are some ways to get data from your desk if you don’t have access to analytics resources:
Identify existing sources
Start by identifying which data sources your company has available. This could include customer databases, financial records, employee surveys, social media analytics, or any other information that can provide insights into your customers and operations.
Utilise existing software
You might already be using some form of software to manage your daily operations. These tools often store a wealth of data you can use for analytics. For instance, if you use accounting software, you can extract data from it to gain insights into revenue and expenditure trends.
Establish and maintain transparency
The easiest way to obtain valuable consumer data is by being transparent about your information collection efforts. Customers are more likely to share their personal information if you’re upfront and transparent about how their data will be used and who will have access to it. So, make sure to establish and maintain transparency when collecting customer data.
Leverage external sources
You can also find valuable insights from external data sources, such as public records, industry reports, and online surveys. While these may not be as reliable or comprehensive as internal sources, they can still provide valuable insights you can use to improve your operations.
How to ensure privacy when collecting data
Most brands conduct some form of online tracking and monitoring, which doesn’t please many consumers. Customers are concerned that their privacy is being compromised and that they may be exposed to cyber risks. To ensure privacy when collecting data, here are some tips:
Obtain explicit consent
You must obtain explicit consent from customers to collect valuable customer data. This means informing them about the type of data you will collect and how it will be used.
Use secure systems
When collecting, storing, and transferring data, use secure systems that comply with relevant regulations, such as the Australian Privacy Principles. This will ensure your customers’ data is properly encrypted and protected from unauthorised access.
Practice regular monitoring
Regularly monitor your data collection processes to ensure everything runs seamlessly. This will help you detect any potential issues or breaches that may occur and take corrective action quickly.
Oracle Tree can help optimise your digital footprint
Data is the most valuable asset for businesses, and accessing it without having expensive analytics resources can be life-changing. However, to obtain business-worthy customer information, it’s essential to ensure privacy when collecting this. By following the tips above, you can ensure that your customers’ data is secure and their privacy is respected.
If you need help optimising your digital footprint so you can make more informed decisions, the Oracle Tree team can help. Our team of digital marketing maestros have extensive experience in helping SMEs develop effective strategies that leverage data to drive better results. We also take pride in helping our clients establish strong relationships with their customers, so you can get the most out of your data collection strategy.
So do not hesitate to contact us for assistance in unlocking the potential of big data and uncovering valuable customer insights.
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