When you have your own home Internet business, you want to cover all of your bases when it comes to market research.
And you may be hearing the term “Big Data” tossed around a lot, especially in the big business world, and you’re wondering whether you need to be incorporating this into your market research and branding and business intelligence efforts.
First of all, let’s try to define big data.
According to Forbes, big data is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis.
It’s also comprised of unstructured data and multi-structured data.
Unstructured data is the information that comes from social media and sources similar to that, and it’s not as organized as multi-structured data which is derived more from web applications and social networks.
Some other information used when it comes to big data is sources like software, mobile apps, websites and documents.
So what can you get out of big data market research?
As the following article looks at, what about big data vs. market research: Which can increase your business intelligence?
A good approach is not to separate big data from market research, but instead, try to bring them both together.
There is tons of information both online and offline, and any business, no matter the size and budget, can benefit from it.
There are a few solutions that are more amenable to small business and using big data, like Google Analytics, InsightSquared, and IBM’s Watson Analytics.
Others are CanopyLabs, which uses information from customer behavior and sales trends to give you valuable information, and Qulatircs, which works with customer insights, market insights and employee insights.
All of these help smaller businesses garner information for the best goals and plans based on real, data proven information.
The more data you are collecting, the more it can be analyzed, right?
So with good data management, you’ll be able to use big data even more.
Algorithms and predictions are applied based on the information gathered. That’s why the programs are usually necessary for small business owners, or those with home Internet businesses.
Don’t be afraid of big data, though it does tend to sound intimidating.
Look into some of the above solutions to see if any work for you and your business, and get started with it. It’s probably worth it for your market research and can improve your visibility and goal setting.
All of this will set your home business off on a great plan.
Photo credit: Image courtesy of Stuart Miles at FreeDigitalPhotos.net
About the Author: Heather Legg is an independent writer covering topics related to small business, working from home and social media.