Startups

How B2B Startups Should Use Big Data for Growth

big data startups

Challenges can be outlandish if your target is to sell products to a business rather than an end-user. And going frantic with the big data, generally related to customers, business opportunities, competitors etc., can further be a big roadblock in your startup growth, especially if it falls under the B2B segment. Therefore, a careful analysis of the big data and its judicious implementation on the growth path is something mission-critical for the startups like yours; else it will suffer for sure! Hence, you are advised to wisely extrapolate the big data to ensure that least pain points cross your way and you successfully deliver the best value to your prospects.

Big data is ubiquitous and using it on your growth path is a bit tricky, yet fairly possible. Thus, you needn’t worry. Just pore over the systematically arranged points, I have discussed below and learn how your startup can pick up growth.

#1 Know your industry

Growth is the primary objective for any entrepreneur and achievement of a steady growth demands sweat and effective strategy making. Maybe you’re ready to sweat blood to achieve the desired growth, but until you make the right strategies, you won’t be able to translate your efforts to success. Therefore, it becomes very crucial to know the industry you are working in and gather data attributed to its multiple dimensions for learning the extra, you can offer in addition to what your competitors are already offering.

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Ensure your repository contains sufficient data related to:

  • The market you are trying to cater to
  • The competitors within your targeted market. Knowing the methods they are adopting to serve the customers will be an added advantage
  • The tastes and preferences your prospective customers have and may have
  • What is being sold and what are the crucial price points
  • Product lifecycle etc.,

#2 Arrange the collected data

As the name suggests, big data is something sizeable in nature and scope, and by nature, it is characterized by the complexity of management, interpretation etc. When you deal with data in plenitude, you are likely to confront both disparate and structured data. And if you have not orderly kept it, you may be confounded and not be able to tap its benefit at the time when you need it, thus hamper your b2b startup growth. So no matter how big and complex data streams in from your industry, never be afraid of it, rather heed the individuality of each stream to gain a competitive edge.

A fine arrangement of data streams will facilitate its retrieval for a quick decision-making.

#3 Analyze, devise, and implement the right moves

The next step in the systematic process for growth achievement is the analysis of the data you have collected from various sources. Make sure that not even a minuscule part of such data is left unattended, and you sift through it to dig deep something sensible & valuable. No doubt sifting through the big data is a process of hardship and toil, but it is worth it. It will empower you with hundred ways you can taste the fruits of your B2B startup’s most desired success. However, picking up the ways to success can be a matter of preference for an entrepreneur.

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#4 Measure outcomes for celebration or improvement

The entire exercise to your startup growth can be futile if you omit this step. Remember, all successful entrepreneurs always spare some time for weighing up the outcomes of their investment, energy, and efforts, no matter they led to success or failures. A dedicated and timely review of what went wrong provides you crucial insights for the improvements. Similarly, a quick review of the measures that played the key role in achieving success will further strengthen your journey on the growth path. So measuring the outcomes gives you reasons to be happy both the ways.

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