In recent years the data have multiplied in such a way that analyzing them with traditional tools or processes becomes difficult. This large volume of data generated at high speed through different platforms and intelligent devices, requires new forms of processing. As a result, the application of new technologies in market research has become necessary. These technologies allow the discovery of patterns of relationships among hundreds of different factors, causes, interactions and nonlinear systems to understand how a certain outcome was achieved. The use of these technologies can be apply to all sectors. Moreover, the fact that is more and more common its application makes it affordable for SMEs as well.
There is no need to fear the new technologies. SMEs can learn more about their customers than ever before. All data obtained from your online store, purchase history and more can be used to enhance every aspect of how a company operates. The key is to receive high quality information in a timely and specific way for your business. For this you must ask the right questions to know how to make your business better and how to have the ability to predict future trends. This information enable you to anticipate the consumer needs.
Big data is the force that feeds and drive the machine learning. With these logarithms you can constantly learn about the company and / or consumers, then intelligently predict industry trends, customer needs and more. Its enormous development, power and capacity for interrelating the various resources involved, allows us to anticipate future events and, in some cases, to predict them with little margin of error. Having the ability to predict is of great value to companies. It allows you to design strategies related to your clients, both captive and potential.
The management and analysis of this massive and varied data (Big data) allows to know the profile or habits of consumption of its customers, perception of the product and the scope of their own actions. Capture customer experiences and behavioral information on any type of device, including laptops, desktops, smartphones, tablets and more. The data that allow you to know your customers better is accessible.
These data will translate into generate greater and better service to the consumer. You will know how to improve your products, which products to develop, what products to have in stock, etc. Generate simple, personalized and useful solutions for the real needs of each client, their preferences and behaviors. For the company, it translates into a substantial saving in costs, derived from a better use of the resources.
Big data lets you know exactly who buys your products, their age, ethnicity, location, etc. Also what drives them to do it or why they do it. Knowing this data will allow you to know whom, how, when and where to direct your marketing strategy. You will know the right message that would motivate them to buy again at your location. Or if you have different locations, you will know which strategy will be successful in each location. You can predict which groups of people will respond to the different marketing strategies you apply to your business.
Knowing your customers also includes understanding how they interact on different social media platforms. Knowing the platform on which they are, will allow you to decide better if you must be present on them and which one. Take advantage of the positive mentions and experiences they share. Maybe you find new ways to prompt your consumers to buy your products.
The business applications related to Big Data are innumerable. It helps SMEs to have instant visibility of what is going on in their business and to make immediate decisions. They can avoid costly mistakes based on information from past initiatives that did not work well. They can identify which parts of the business are most profitable and identify new ways of expanding those services.