How Big Data is Creating Opportunities to Serve Customers in SMB

This guest post is from Alisha Chistin, exclusively for StoryMiners.

In a previous Story Miners article, we shared insights about this year’s trends in customer experience. It was mentioned that innovations like AI, the IoT and virtual reality will change how consumers interact with sellers. That was at the start of this year, and many of those projections are happening already. Smart virtual assistants, augmented reality shopping and other similar retail advancements are now becoming mainstream.

But what do all of these innovations have in common? They are all run by data, or more specifically – big data.

Various businesses now have a powerful medium to better understand every aspect related to their customers. Big data makes it easier to use analytics in order to accurately predict or adapt to customer behavior.

The article ‘Unlocking the Big Data Goldmine for SMBs’ on Wired explained how SMBs can benefit from the utilization of big data. Considering that many companies in this category target specific customer groups, big data may be used to formulate marketing strategies. tailored for their clients. Plus, SMB proprietors can stay in the loop in terms of spending habits and buying trends through social media, product review sites as well as public forums.

Big data is also helpful in operations, like product procurement. Fleet operators which ferry goods are reducing their delivery times through the aid of sensors and electronic logging devices. Fleetmatics specified how these devices provide necessary information to drivers for them to increase efficiency, thereby streamlining the supply chain. The result for customers is faster and better service.

In relation to the previous section, Customer Think stated that big data may be used by SMBs in the automobile industry to aid customers when it comes to their vehicle maintenance or repair. The complexities involved in such tasks can be reduced to a customer-friendly way which may even enhance customer-seller relationships in the process.

While everything above sounds impressive on paper, there are actual examples of enhancing customer experiences with big data. Business Wire relayed how a US-based front office software provider for SMBs uses big data to assist owners in tasks such as monitoring customer feedback, analyzing comparative revenues, and more importantly, creating unique programs that deliver better customer experiences.

Furthermore, identified some SMBs that adopted fully digital solutions in terms of product processing and payment methods. The “checkout free” business model is now being explored by SMBs and big firms alike as it’s deemed to be the next revolution since scan/swipe payments. See StoryMiners’ article on Amazon GO for a leading-edge example.

The first thing #BigData should do is provide #CustomerValue!
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Most important of all, big data can let SMBs surpass the delivery of products and services. Now, SMBs can deliver true customer value. At the end of the day, that’s what makes your customers happy and your business thrive.


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About the Author

During 25 years in 25 countries with 400+ companies, Mike and his clients have co-created over $1.5 billion in measurable impact with his guidance on their experience and business designs . Under the Storyminers brand, he helps retailers design and deploy Store-of-the-Future initiatives that create new business opportunities and rekindle investor interest. Mike is a top 25 customer experience influencer (as ranked by SAP and MindTouch), a global speaker, and founding member of Global CX Panel and the CXPA.

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