Will Big Data Destroy Small Businesses?

business market research

Information technology of today is revolving around big data, which is the central idea of debate for many businesses. Big data is the concept of coping too much structured and unstructured information, which needs management. Both small and large businesses are dealing with this concept in the best way possible. Experts also debate about the severity and negative or positive impact of this concept on business prospects. While many claim it to be the end of business market research and industrial opportunities altogether, others protest it to be the best source to utilize to get ahead with the business.

What Small Businesses should know about Big Data?

In the past few years, startups and small businesses have witnessed great revolution in terms of technological advancements and exciting opportunities. These factors have increased prospects for small businesses in order to improve their efficiency with thorough industry analysis and various marketing campaigns. The good news is all these things can get easier with the widely available big data. In other words, one can say that big data is advantageous for small industries. Various researching techniques like surveys, targeted emails and digital advertisement campaigns could be the apt solutions to these problems.

business market research
business market research

According to a report on Radiate Media, more than 90% of data available in the world is made within last two to three years, which is getting even bigger with increasing web presence of the world. All this data is making it difficult for the businesses to find, manage and analyze all this data. Hence, small or large, businesses need effective tools to deal with this information. it has the basic potential to be a great tool for the small businesses. However, researchers including marketing research experts and entrepreneurs need to be tactful in making its use.

Effective market research and gathering of useful business intelligence are the two things to come to the rescue of these businesses. Specially designed data strategies for small businesses, use of software as a service (SaaS) and detailed analysis of the useful information are some possible solutions. According to the experts, visualization, automation and access to the emerging technologies like time-per-visit and cost-per-customer productivity will help businesses segregate information into useful and useless parts.

Strategic market research is the trending technique for small businesses. It is the combination of the best practices of conventional research with web-based advanced technologies. Combination of software as a service with big data has become a dire need for smaller businesses, which depends on strong knowledge about the advancements and strategies useful for individual business needs.