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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

Can Small Businesses Benefit from Big Data?

Written By: Catherine Morgan | Comments Off on Can Small Businesses Benefit from Big Data?

big dataAll businesses generate data. In fact, it can feel like we are awash in data. We hear a lot about big companies trying to gain insights from data, but small businesses also can benefit.

Carol interviews marketing expert Marina Erulkar in a recent post on entrepreneur.com titled “The Big Deal About Big Data for Small Business.” Carol begins:

“We know that ‘big data’ is a big buzzword for big business. However, with all of the data sources that entrepreneurs have available, what are the promises — and potential pitfalls — for small business owners?

To come up with a strategy and process for small business owners to make the most from big data, I talked to customer-centric, data-driven strategic marketer Marina Erulkar, founder and principal of Hampstead Solutions LLC.

Here are eight steps that Marina says that you should be taking to harness the power of big data for your small business.

1. Have a laser-like focus.

To make the most of big data, small businesses must be laser-focused on their intentions and goals, being selective about what they consider, and disregarding the rest. As Marina shared, discipline is key to harnessing the power of big data and without it, it’s too easy to become overwhelmed by the metrics that can be generated. Just because you can measure it doesn’t mean that you should.”

You can read the rest of the post here.

 

Article written by
Catherine Morgan is the founder of Point A to Point B Transitions Inc., a virtual provider of coaching services to individuals who are in business or career transition. She specializes in helping entrepreneurs transition to corporate jobs they love. Catherine is the author of the eBook Re-Launch You: Discovering Your Point B and Embracing Possibility. An experienced independent consultant who was employed by three of the former Big Five consulting firms, Catherine speaks frequently on topics related to career transition, small business, productivity, and mental health. She doesn’t take herself seriously, but takes her subject matter very seriously.