Most of us assume that our business is not so big as to justify investments Data analytics. Well, it’s a common notion among the SMBs, so yeah you’re not alone on this. Delaying implementation of data analytics solutions has been a symptom of lethargic businesses for a while. Let’s try to understand more about this — and wake you from your sleep.
A decade back, Data and data analytics used to be terms reserved to be spoken only in big enterprise boardrooms or tech industry. The reason being the knowledge about the potential benefits were not sufficed, the price tags were scary for SMBs, and in-house IT capacity of making analytics a success story was a luxury that was limited only to big brands.
Today, we live in a world where two concrete forces have made data analytics solutions worth considering for any business regardless of their sizes.
Cloud computing – This enabled vendors to provide affordable, flexible, and scalable data analytics solutions that make it possible for small businesses to board the analytics platform.
Digital storage of business information – business now realizes that they possess assets (websites, e-commerce stores, process documents, customer and product databases, HR databases, etc.) that can generate insights for better business decision making.
So, if you have read this article up to this point, We assume that data analytics is a relevant matter for you to explore. In that’s the case let us give you several more reasons to consider in making a decision on a data analytics platform.
Personalizing your customer experience is inexpensive
Personalization of the customer experience of interacting or doing business with your brand is the best way to reduce customer attrition. Data analytics solutions make this possible very quickly. By setting up a few targeted campaigns, companies can easily identify customers that can be assigned to specific groups. By working with the master data management people from your IT department, you can easily have these new categories and identifiers assigned in each customer’s master data record.
Once this activity is done, you can easily organize customers in multilayered categories, and can easily deliver highly targeted promotions, highly tailored communications, and highly relevant product suggestions to customers, personalizing their experience without really investing much effort on individual customer-level planning.
This helps small and medium-sized businesses retain their customers and differentiate themselves from similar competitors who’re yet to use data analytics to plan on tailored sales and marketing experiences for customers.
Say “Bye Bye” for complexity in data analytics
Historically, data analytics has been known to be difficult to understand (kind of like listening to some of the complexed dialogue in “Big Short” or trying to figure out the plot of “Memento” on the first watch!), especially for SMBs that don’t have capacity to have their own in-house IT capabilities.
Today, data analytics tools come with extremely easy UI & UX that enables anybody with basic knowledge of computer applications to work using them. Moreover, with AI and machine learning coupling with data analytics solutions enable users to get insights and anomalies from their data that are merely hidden for the human site.
Identify the valuable insights hidden within your data
Surprise — data analytics is not just about your business data. Modern analytics solutions take things a step ahead and integrate your business data with open source and public domain data to deliver contextualized analysis that can help you make some amazing business decisions. For instance, analytics tools use macroeconomic indicators to measure consumer spending patterns and can easily report key patterns that can help you make smarter business decisions.
From planning on your sales geographies to deciding on the pricing mix for your new product line, these analytics tools help you with pretty much every business decision you can make based on data-driven insight.
Affordable Data Analytics platforms for small businesses
For most businesses, choosing an analytics platform, eventually, becomes a question of cost. This is where we urge you to look in the marketplace; there are analytics platforms that you can get started on for as low as around $69 a month. Yes, we are speaking of Zepto, a platform that offers monthly subscriptions with 3 different packages, priced according to the features included in them. Well if I’m to put that investment in a more understandable context, it like not spending your money for a ticket for the movie like ‘Robin Hood’ but a movie like ‘Bohemian Rhapsody’(A movie not to be missed trust me on this)
Even the most basic packages will offer advanced data analytics capabilities, compatibility with AI and Machine Learning integrated, customizable reporting to help managers make better decisions.
So that’s it. Within every aspect of your business, there are irrefutable benefits that data analytics can deliver to your company. Moreover, cloud-based data analytics solutions make it easy and affordable for SMBs to embrace the most advanced Data analytics. So, think it over, and use this guide to prepare your pitch for a portion of the IT budget to be kept aside for analytics solutions for your business.