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, Business.com 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! Click To Tweet

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.

 

By | 2017-09-18T07:54:09+00:00 September 18th, 2017|Blog, Trends|0 Comments

About the Author:

Since 1998, as IBM’s eVisionary, he has been designing and developing experiences that differentiate brands and deliver bottom-line results. Mike has worked on over 700 client engagements in 26 countries. He understands first-hand the value of properly translating across cultures. As a facilitator, Mike has been used as a board-level facilitator by LeasePlan (Europe and Mexico), Habasit, TELUS (Canada), PartnerTech (now Scanfil), Meeting Planners International, the Institute of Management Consultants and other organizations to develop strategy, articulate vision/direction, and encourage alignment. Mike founded StoryMiners, one of the world’s first experience design consulting agencies, in 2002. The firm is known for its ability to find the essence of a company, brand, or service and translate it into a compelling experience that helps clients shape their futures. The value of his work is estimated at over $1.6 billion in sales won, expenses cut, and brand value added. Mike is the world’s only working speaker, consultant, and experience designer to have earned the top designations in his chosen fields (CSP, CMC, CCXP). Mike earned his MBA from Thunderbird School of Global Management. He works in English, Portuguese, Spanish, and gets by in Russian ;-)