So by now, there’s a good chance that almost all of you are acquainted with the concept of Big Data—the name for comprehensive information gleaned from numerous interconnected, ubiquitous devices. The common misconception is that data projects are a lofty, corporate concept, and that only big businesses with dedicated analysts can create and make use of them.
This is, of course, untrue; the growing prevalence of cloud computing and data networks means that any company can adopt some sort of analytics program without need for specialized training or extensive resources. The key is finding a program that fits your business.
Before analyzing any data, however, you’ll need something to work with. Now, this can vary depending on your business, but common useful data can include lead metrics, ROI statistics, social media engagement or, in the case of a Washington zoo, weather patterns. The goal here is to cross-examine multiple factors and create a picture of past trends in your business, allowing you to extrapolate future possibilities.
Don’t worry; this isn’t as complicated as it sounds. All you need is solid analytics software.
For e-commerce businesses, multiple viable options are available, including Google Analytics, which is customizable, easy-to-learn, and, perhaps most importantly, free. I mention GA because, for businesses that lack any sort of data specialist, choosing an analytics suite that can be easily used and interpreted is key. Google’s Analytics certification also provides an inexpensive and quick way to train employees on the basics of web metrics.
As for gathering the data, there’s no need for modern devices monitoring every facet of your business to make it work; things like POS systems will generally already have the information that you need. Your small business objectives are similar yet distinct from larger businesses, as you will likely be attempting to drive sales and improve your web presence, but through smaller promotions and with less capital to dedicate toward marketing material.
But, on a more practical level, what do you do with these analyses once you’ve seen them? Part of using Big Data is making an actionable plan based on your findings. Some data is completely useless on its own and must be compared with similar data to get a better picture of how your business is doing.
For instance, online click-through rates are nice, but you’ll need separate figures from ads, email campaigns, and social media posts to really get a sense of how to best reach your audience. The bottom line is that no data exists in a vacuum; you will always need to compare all business channels to create a useful picture.
I wish I could tell you that there was a magic bullet for small businesses to take advantage of the data boon, but there really isn’t. That said, I’m far from pessimistic about data usage. It’s certainly easier than ever for small businesses to make use of data, but the really tricky part is figuring out what your business wants to measure and how to use it in the long run.
