The advance of Technology has made the world a ‘Global village.’ Besides bringing the world together, Technology has created a plethora of employment opportunities, as a myriad of startups is growing around the planet. Be it healthcare, entertainment, sports, mobile app development, education, online shopping, travel, etc. you will find a startup which has now become a market leader. We have many examples of such startups as Uber, Zomato, Amazon, Byju, Practo, etc. While all these startups started on a minuscule note, with their advancement, Big Data has come in handy in maintaining their work and conducting essential analysis in a synchronized manner.
Big Data is a systematic way to maintain information on a vast scale, thus helping the startups to store all the essential data at one place. More than half of the business enterprises around the world use Big Data, and by 2020, the magnitude of Big data will rise to 44 trillion gigabytes. Thus, for Startups to not fall behind the trend, they need to include Big Data into their system for sustained growth.
Here are a few ways to understand how and why Big Data is essential for the growth of startups:
Making your Startup a ‘Marketing Star’
The Startup needs to reach its target audience faster, to expand their business. With Big Data, the startups can analyze their customers in a more detailed manner and thus save money on marketing by not approaching those sets of customers who are not their target customers. The businesses can also include social media analytics provided by Big Data to catch the pain points of the customers and design & develop the product according to their feedback. With a better understanding of the consumer’s sentiments, the startups can have a diverse yet vectored approach, thus helping them in better interpretation and staying ahead of their competitors.
In addition to this, Big Data assists the businesses in conducting holistic data analytics for marketing, thus helping in achieving product innovation which ultimately improves the brand’s reputation and relationship with customers.
In-depth customer analysis
There is no rocket science required in understanding that a strong base of loyal customers is mighty essential for the growth of any business. Previously, startups would lure their users by providing them gift coupons, discounts, privileges, etc. But now each of these has become a thing of the past. By incorporating Big Data, you can always keep an eye on the buying pattern of the customers and thus provide them the product according to their choice in the future.
Moreover, with Cloud computing, Big Data has become a very important aspect and allows the startups to work only according to customer needs. By analyzing the buying patterns, with Big Data, you can also predict what the customer will buy in the future, how often they buy, etc. Thus, entrepreneurs can modify their approach according to the changing consumer behavior. The startups will also be aware of the customer’s opinion towards their product, thus guiding them to improve their product regularly.
Threat Analysis and better collaboration
For any budding startup, the biggest block would be not analyzing the possible threats, either internal or external. Big Data analytics helps the businesses to build a robust framework which ensures to the point study of all the potential dangers beforehand. Big Data will also keep the sensitive information secured, thus allowing the Startup to focus on other things without having to worry about data security. Apart from the threat analysis, Big Data helps the business to keep pace with all the latest happenings in the business world by continually scanning the relevant information that is required.
After negating the threats, the next thing that Big Data analytics does for the Startup is to accelerate smooth internal collaboration among the team members. Communication plays a crucial role in driving all the process in a startup or any company and helps them in achieving better productivity. At TopDevelopers.co, we bring in top Big Data Analytics companies that will leave ‘no stones unturned’ in providing all the necessary things to your Startup.
The partnership with cloud computing allows Big Data to cater its users to save their work at a destined place which is available to all the team members.
Knowing the XYZ of the industry
We all are aware of the fact that there are many publicly available platforms where companies and other organizations submit or post their annual or quarterly reports. Within this data, many might be useful for your Startup to find out the rival companies and also the status of the industry the Startup will be working in. Big Data analytics collects all the information for you, thus reducing the time and cost that is required for conducting a market study. The collection of data also keeps track of the services that your competitors provide: their weaknesses and strengths, customer feedback, etc. This data can prove to be a goldmine for the startups as it will know the scope of improvement, take note of the missed trends, and modify the product exactly according to the customer needs.
Big Data Analytics will act as your eyes and ears towards the outside industry as it will keep you in check with everything, allowing your Startup to react smoothly according to the situation.
Impact of Big Data
The most significant effect Big Data on a startup is its ability to churn out data in higher proportion and speed through which it does it. It has all the ingredients to highlight the not so known potential of the product so that your Startup can work actively in that direction to bring the best out of that quality. Coupled with the Internet of things (IoT), Big data will have a notable impact on every business-related infrastructure industry and many more. With high-quality data analytics at their disposal, the startups can harness every possible opportunity of growth that comes their way.
Big Data is and will be a deciding factor in shaping the future of any startup around the globe. And as we know, the usage of big data is not limited to just the market leaders but to the budding startups as well. Information is the most treasured possession a startup can have in its journey, and indeed, Big Data will be the apt ally in making that journey worthwhile and successful.