One of the biggest challenges small businesses face is limited capital. Because of that, they face the hurdle of eliminating waste and finding ways to expe
Big data is at its best when tracking customers and potential customers. Generally, this is a very difficult area for small businesses. Either they don’t invest as much as they would like to, or they invest more than they should, but they hope to reap the rewards. Unfortunately, both ways lead to too much waste. If companies don’t invest enough, they miss a big opportunity to bring in new consumers and new revenue. If they invest a lot but don’t do it effectively, then they’re significantly limiting future growth. Big data helps companies gauge how much they should be investing in marketing and where that marketing money should be spent. Companies can be much more precise in who they target and what type of advertising they use. It’s extremely effective at monitoring social media, too, which is a great, cheap way to market.