SMBs May Run The Risk Of Being Overwhelmed By Consumer Data
When it comes to consumer data, today’s small business marketers have more than ever, due to the proliferation of interconnected devices and computers. Companies are capturing an enormous amount of data on a daily basis, and are running the risk of being overwhelmed with consumer information. Google CEO, Eric Schmidt, recently stated that today the global population creates as much data in two days as they did from the beginning of time until 2003.
Big data is expected to be truly transformative for future SMBs by offering insights into business operations, understanding competitive landscapes and driving informed decision making. SMBs have begun to recognize the competitive advantages big data technology offers and there are many aggressive SMBs that are willing to invest in such a technology.
The challenge is not capturing the data or data mining, but how small business companies can make sense or use of all this data; even with the most sophisticated dashboards and reports. In addition, implementing any type of strategic planning initiatives based on the consumer data can be a nightmare. Despite the increasing volume of large data sets, today’s companies are still struggling to see big data as a driver of real business value.
Small business marketers who are struggling to cope with the influx of data should focus on less and not more. Instead of splitting the data into very small granular fragments to identify patterns, companies need to look at bigger patterns within the data; which will help in making larger strategic decisions. Rather than crunching large data sets into tiny pieces, marketers should learn to spot the patterns that tell big important stories.
Some data can also be described as “bad data,” particularly data types that require an individual to key in the information into a computer. Such data should not be mixed together with data originating from transactional systems (online transactions, email, search etc.), as they can literately contaminate the information resulting in misdirected decision making. Drowning in too much of the wrong kind of data is just as bad as refusing to use useful data.
Cost of storage and delivery can increase tremendously as small businesses seek to store and deliver the information. Small businesses should utilize the power of the Cloud in order to reduce the software load and costs of delivery.
Today’s marketers have more consumer data than ever, making it harder to engage with the data in the same way as before. Spotting patterns is important and useful when planning a strategic implementation. In order to build stronger and clearer strategies, spotting pattern signals below the surface of the market is essential to any strategy.