According to data, 20 per cent of startups
fail in their first year, and only 50 per cent survive through their fifth year.
·
Data Work as a sixth sense for
prospecting sales
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Evaluate where your company stands
compared to competitors
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Data helps you make better decisions
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Data helps you to understand markets and customers
Startup businesses are a risky proposition. In order to stay
competitive in the dynamic business world, Sustained growth is the only way to
ensure the survival of your startup. This means that if things aren’t done in
the most effective way possible, businesses will never make it past the first
year.
One of the common mistakes owners make, while crafting a business
plan, is skip over big data. But the use of big data can be very influential to
the success of the company, as it offers a lot of opportunities and challenges
to the businesses and can be very influential to the success of the company.
Big data can give numbers backed by bits of knowledge on
consumer behaviour and can play a critical role in helping new businesses in regions
like marketing, advertising, operations, inventory management, customer
service, etc.
Big data and its
influence on startups
Big data can help new businesses in recognizing and reaching
out to the correct target market for launching product(s) and giving better profit
for marketing investments. Additionally, it can also help in understanding the
client's needs and utilizing their requirements for structuring or updating
offerings.
Why data is important
for startups..?
1- Base for target
marketing
Due to a limited budget for marketing, startups need to have an unconventional wisdom of marketing to achieve a high consumer conversion
rate. Advertising and marketing without data-based insight are similar to attempting
to hit an objective in an unfamiliar dark room with only 2 to 3 bullets in your
gun.
While Big Data science is evolving and is not fully precise,
but it provides you with the direction in which to shoot so that your probability
of hitting the target is maximum. So with the staggering help of big data, one
can without much of a stretch adjust to the market conditions and accomplish a higher
return on investment with increased sales.
2-Help in Tracking
Potential Customers
Developing a customer base is essential for any kind of
business success. In order to achieve success in the business world, it is
essential to completely understand the market and customers. Being able to
predict, fulfil and surpass the customer’s expectations, this is exactly the
thing that helps startups succeed and scale.
Big data analytics is one of the strongest tools available to
help manage a growing market share. Definite data and bits of knowledge help create
personalized consumer engagement strategies. Such methods can be helpful in
finding the areas for growth and product improvement, indicate trends and
buying habits of the customers or detect the currently underserved market
niches.
3-Data help to know
your competitors
Your competitors offer their products and services and
highlight their features, their customers leave feedback and highlight the
flaws, there are discussions and suggestions on various forums and online networking with respect to the direction such products and services should
evolve.
Analyzing this goldmine of data will help you identify the
room for improvement, underserved niches and various trends, avoid the mistakes
of your competitors and provide exactly the features and services with the target
audience wants.
4-Increase Productivity
Most startups carry out their businesses with a limited
budget and are very eager to earn maximum value out of it. Data allow users to
run the ‘Experiment-Fail-Learn-Repeat’ cycle pretty economically
It does not just help new businesses in reducing their
marketing or advertising expenses, yet in addition, gives an additional
enterprise-grade experiences like anywhere accessibility and unlimited adaptability supported by the highly reliable infrastructure.
This makes organizations more agile and enables them to
understand and react to the changing market requirements more dynamically.
Summary
In the quest for growth, it is important to know the
possibilities and go after very small tangible benefits. Startups can execute
different big data solutions over various areas. It can be beneficial when challenges are
clearly defined and applied to different tasks.
A full set of data also provides integration of the startup
into the purchasing company and it can help sway the interests of the potential
buyers because it provides the necessary data around the business’s success.
So Looking at the numbers can help greatly mitigate against
business risks, and ensure it will provide some ROI and not bring down the
company.
About Prakash Bhosale:-
Prof. Prakash Bhosale is the entrepreneurship consultant for startups. He is a serial IT, Media entrepreneur & leading business consultant He has Over 15 years of experience in education, corporate, IT, e-Marketing, Consulting domain. He is a columnist on business & entrepreneurship with newspaper, magazines, portals, published over 1100 articles. He is the writer of the 4 books on business, entrepreneurship, business ideas. He also guides PhD fellows, business plans, DPR preparation.
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