Every startup needs ample help in organization and documentation in the beginning stages to move forward with systematic growth strategies. Big data provides this necessary structure to the startup no matter their size and helps them gather valuable information from the data recorded, stored, and analyzed regarding every single development in the startup.
Improves internal communication
Startups struggle to maintain solid internal communications among distributed teams, especially if they work in different locations. Big data helps extensively to integrate the workflow among various departments and provides real-time data for everyone to use in their work. HR can assess the performance improvement of a team after a specific training using big data.
The advantages are countless when it comes to data sharing for sales teams as companies like Groopit do a great job providing them the precise details salespeople need to coerce the customer. The salesperson can give data about the latest upgrade on their software, provide optimized price details and share real-time data regarding competitor impact with their customer using big data.
Finding the right target customers
The most significant advantage is finding the right target customers and channeling marketing efforts to make them buy more. Startups always struggle with a marketing budget, and they need to find the exact sub-category of customers to make every penny they spend on marketing count.
Big data helps them do it easily by analyzing the customer data in various ways, highlighting the customer expectations, and what type of marketing will be beneficial. Such data is valuable for the startups to maximize their return on investment and plan their marketing activities carefully. They can eliminate unnecessary spending on channels that yield less revenue.
Effective use of social media analytics
Big data helps startups conduct synchronized analysis in various social media platforms and find out which platform is most suitable for the target customers. The startups can also get insights regarding the other famous ads and marketing campaigns targeting their customer segment and do a practical threat analysis to improve themselves.
Besides, close follow-up and analysis of social media data provide numerous new ideas to increase customer engagement and understand the customer better. Brands can sell quickly to the customers if they know their needs well and create ads, set prices, and customize products based on necessity. Big data enables startups to create products that sell themselves as they come as a solution to a customer problem.
Paving the way for product innovation
Product innovation is not confined to the R&D team in some posh offices, and the customers decide what product they need. Big data analytics helps understand the customer’s pain points better and deal with the issue immediately. A veggie chopper launched in the South Asian market did not sell one piece after the initial pickup.
The consumer electronics startup used big data analysis to find out the target customers mainly purchased the product for its extensive chopping power. The huge blade made thick and long cuts that did not go well with South Asian Cuisine, which needed leaner cuts of all veggies and the brand succeeded once they modified the blade design.
Observing the customer’s buying pattern
Big data helps understand a customer’s buying pattern like never before, which allows the startups to release associated products for sales. A customer buying a mobile is likely to buy a Bluetooth headset, and the startups get to advertise such related products after each customer purchase.
Such activities are beneficial to the customers and the startups as consumers get to know about things they need without much hassle, and companies get more sales. Many startups use practical data analysis to combine multiple products based on the customer buying pattern and offer it as a combo.