How Small Businesses Can Use Big Data
- Ask each new client who visits or calls where they heard about you (ensure everyone who has direct contact with customers does this and reports).
- Provide different coupon codes in different publications to understand the ROI for each. Once customers come back and redeem coupons, note the details of items purchased and total sales generated. This will give insight on buying patterns from different offers, publications and types of buyers.
- When advertising on radio, use unique phone numbers or separate landing pages with different coupon codes. By tracking these sales, you can capture the ROI from this channel. You may find an audience with needs that vary greatly from your other customers. For example, a restaurant that normally caters to business executives for lunch could start getting students from nearby colleges for dinner after advertising on a pop radio station. Then the business could offer fun menu options at lower price ranges for this segment.
Share relevant offers personalized to suit different needs
Small businesses may not have the huge volume of data compared to big businesses. The key is not the volume of data you collect; it is the volume of data per user. The more you know about your customers, the better personalization you can provide for their interactions with your company.
If you collect data from leads generated through various channels and then track business generated from each each lead, you can connect all the data points to better understand the core audience each medium serves and share more relevant offers and deals.
The 2014 IKEA Catalog app lets users virtually try out furniture for size. It lets customers furnish their homes digitally 'to enable them to find the perfect fit' making the catalog relevant and customized for each individual. When small businesses use various media to share their best deals, holiday discounts and special promotional offers, campaigns will generate more sales if they are in line with the expectations of target groups.