How Startups Can Leverage Big Data for Business Growth

Not every time you need the petabytes of data to build up a Big Data Strategy. In fact, for optimum business growth you would always need the data that works. According to the leading business consultants, startups must leverage the exponential data growth the world is currently experiencing.

75% of startups say that their collection of data has increased significantly in the recent times. Unfortunately, 35% of them haven't even considered leveraging a Big Data solution, which clearly is a missed opportunity for them in the current data-driven scenario.



Why Big Data is Everything?

Big Data offers multiple advantages for startups. Analyzing it leads to reduced churn and increased predictability of the business scenario. It gives entrepreneurs better vision while targeting and retargeting new and existing customers. Cherry on the top, most of the Big data solutions are user-friendly and comes with seamless access. And, not all of them are expensive in the true sense of the term. So, why not leverage a Big Data Strategy as a startup, when the opportunities are endless, believe majority of the business consultants in India.

Let’s put in how Big Data actually helps

  • Identify key customers and help you personalize customer experience with customized messages, products, and services.
  • Predict customer behavior and reduce churn by evaluating when a particular customer is about to leave.
  • Streamline your sales, supply-chain and staffing processes when you analyze the knowledge present within your startup;
  • Targeting and retargeting customer base
  • Use social media for better understanding of the customer behavior.

Leveraging Big Data Strategy is one of the primary jobs of the startup business consultants when you are seeking help from them as an entrepreneur. Here’s a precise look at how a data-driven approach can be an winning strategy for your business.

Personalization of Customer Experience

Big data platforms can easily measure your customers’ digital footprint from what they are saying or buying online. It definitely offers you a clear calculation of who are your key customers and what they are looking for. This way, it would be somewhat easy to personalize their experience and building a loyal customer base. In fact, Big data strategy reduces almost 15 to 20% of the total cost to identify customer decision process.

Predict & Reduce Churn

Data is nothing unless you act on it. And, acting on the insights help you reduce the churn by 10 to 25 basis points. Secondly, you can measure your customer behavior from the purchase and predict the lifetime value of your business. Obtaining an average lifetime value can help you identify where the customers are leaving and work on improving their experience.

Simplify Sales, Supply & Staffing

It’s not always the financial performance or the size of your business. Statistics reveal how small companies, even without a physical existence can reach a height. But, depending on the data, you can always reorganize your human resource, operations, and finances to notch up the highest productivity level. Recent times, business consultants in India are extremely dependent on the big data Analytics when it comes to analyze business performance.

Targeting & Retargeting Customers

Big data analytics always take you through a clear and precise customer behavior analysis. Usually, companies collect customer data from several channels and evaluating them thoroughly can help businesses run promotions for targeting and retargeting. The idea is to notch up a successful plan for profitable customer acquisition.

Gain Insight from Social Data

It’s not always about operations and building strategies for customer acquisition. At the end of the day, it also involves comprehending your customer’s response. More than 50% of website use social logins, in their website to measure footfall in their website.

Big Data offers multiple advantages for startups. Analyzing and managing large data sets allow startups to predict and plan ahead their future roadmap. 

 

Location: Towr B IThum tower, Block A, Industrial Area, Sector 62, Noida, Uttar Pradesh 201309, India

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