Small Businesses can utilize Big Data for CRM.

Article by SmallBizCRM Staff – Updated 30 September 2022

Small Business CRM relies on Big Data.

Every organization of any size or nature must have a method in place to mine data, analyze it, and make use of the information to strengthen their company.

What does Big Data mean?

Big Data has become increasingly popular in recent years. Organizations use huge amounts of unstructured, digitized data to make significant decisions and operate as a result of its large volume, velocity, and variety. This category includes text, video, and audio files, as well as data that is more difficult to process than conventional database data.

Such massive data analytics can significantly improve decision-making, reduce risks, provide timely insights into a company’s clients, and boost efficiency and competitiveness. Businesses can provide their customers with superior insights into customer needs by using this data.

Is Big Data here to stay?

The sheer volume of digital data is predicted to grow 40% annually through 20222, as mobile devices and the Internet become more widely accessible. According to IBM research, 90% of all data worldwide was generated between 2012 and 2014, including personal data, experiences, preferences, and thoughts. The information is a treasure trove for companies. According to Gartner, Big Data will be the next ‘disruptive technology’ and will transform customer relationship management technology.

CRM and Big Data are used together.

There are currently many firms that utilize CRM systems to manage their leads, accounts, and sales processes. Using these systems, the sales, marketing, and customer support teams can identify more sales opportunities and provide better service.

Even though CRM is commonly utilized as contact management software, it only structures the information that is put into it and misses out on the broader picture. Big Data may be integrated to offer a bigger picture of the situation. Social CRMs, for example, can capture human behavior and social interactions, resulting in in-depth information about consumers which can then be used to create customized and tailored services for them.

Is it worth it for small businesses to exploit big data?

There is no problem at all in matching Big Data and Small businesses.

Many companies are seeing healthy returns on modest investments thanks to Big Data initiatives.

Small businesses can benefit in several ways

  1. Superior customer understanding – The CRM solution can be applied to define patterns and correlation between various sets of data. This analytics will let a company track its most valued customers so that they receive preferential and targeted treatment to extend their lifetime value.
  2. Enhanced customer service – The right data can help you make informed and intelligent decisions on what type of content to write, what products/services to pitch and help you develop appropriate marketing offers that will drive sales.
  3. Improved efficiency – While the analytics will help in analyzing the performance of the organization in offering sales, marketing, and customer support services, it will also aid in determining the performance of products and services, and how to sell and market them better.
  4. Better decision support – Once the statistics are in place, organizations will be able to support their decision with appropriate data. Critical decisions can be made based on how to design better products, how products are performing, how to profitably sell and market the products and generate extra revenue.
  5. Spot trends and take necessary actions – The analytical insight will help businesses in understanding changing customer trends, needs so that they can plan accordingly.

The following CRM applications have Big Data capabilities built into their products.

Nimble is a great customer relationship management solution.

Unlike other CRMs designed for small businesses, Nimble has Big Data capabilities as well. Nimble can automatically pull your contacts into one place so you can reach them across any channel, whether that be through social platforms like LinkedIn, Twitter, Facebook, Google+, or Skype, phone, or email. It will automatically gather the information that will help build business relationships, deliver intelligent insights, and provide accessible signals.

PocketStop provides Social CRM services.

With its ‘BECKY’ methodologies, PocketStop’s social CRM is a veteran in social CRMs and can help turn data into actionable, immediate conversation starters and maintainers. In addition to transaction and lifestyle data, we also collect information on the demographics and characteristics of our customers.

A company’s social CRM can be fed with social networks for timely and relevant communication.