The importance of first-party data for small business
These days, many small businesses store an abundance of data electronically. If you are able to accumulate data from an incredible number of customers and businesses, then you have a relatively massive set of data.
A crucial thing to keep in mind is that although your small business doesn’t have enough customer data, you can add in other data sources as well. Some small companies may have adequate information to become qualified as “big data”. However you also can have access to more general, large-scale data on what customers in your business or target demographic preferences. Or even, you possibly can make wise decisions even using smaller sized data sets.
Many businesses are gathering a considerable amount of data about how exactly their clients use their services, their customers use their products, after which crunching that information to show experiences that allow them to make improvements to those products. (more…)