![]() ![]() The first example involves Twiddy & Company, a property management company for the Outer Banks islands that noticed their rentals dropped off the week after the Fourth of July year after year. Inc Magazine provides several great examples of how real companies use big data trends to make adjustments to their businesses. Once you have a better sense of your customers and their patterns, you can identify trends to help with your forecasting, ordering and supply chain management. Use Big Data to Identify Trends and Enable Better Forecasting You can’t make sales if you don’t provide your customers with what they want. Once you understand these aspects about your customers, you can better develop your products, services, stores, online shopping carts and other operations within your business. Some of the most useful customer information you can gather from big data is: ![]() When you amass together all of the information you have from paper and digital files, analytics tools and social media, you can get a good idea of your target market and where you need to improve (and where you might be strong) with certain sections of your customer base. For example, you can see if website visitors keep abandoning their online shopping cart at the same stage of the sales process. You can look at patterns in your sales records, leads, online shopping carts and website analytics to learn who your customers are and what they want from your business. You have a ton of information about your customers whether you realize it or not. Your Customer Information is a Great Source of Big Data Here are just a few of the many ways your small business can make use of big data: While it may seem like only large corporations with hefty budgets can afford big data analysis tools, small businesses are beginning to find ways to take advantage of data analysis. Even though big data is not a new concept, for small business owners, how they can use all this information is just starting to be explored. Smartphones, tablets, computers, internet searches, online shopping carts, social media and the Internet of Things (IoT) are all part of big data. ![]()
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