Updated: Jan 7
The key differentiator between two startups is pace. Things need to be done at a faster pace for startups to be competitive against large companies. And, in order to react to market conditions and changing consumer trends, startups today rely heavily on data analytics. The power of being able to gather, identify, understand and execute upon patterns of data is critical for long-term success of companies as well as for advancement of humanity.
Any organization can leverage the exponential data growth but size is on the side of smaller businesses that are perfectly suited to act on data-derived insights with speed and efficiency, unlike large organizations that are often less nimble and hindered by clunky, legacy IT infrastructure. All that's required is somebody in the business that understands two key fundamentals: data analytics and data science. For example, for a startup organization, product marketing act as a growth catalyst in establishing brand value in the market, which is very costly and usually eats up a huge part of the budget.
However, while a business can be built on a combination of inspiration and perspiration, being able to manage analyses and interpret data requires a very specific skill set that will actually enable innovation and drive it forward. From predicting and reducing churn to winning business from new and existing customers, the opportunities are endless:
1. Data Analytics can help startups in identifying and reaching out the right target market for launching product(s) and providing better return on the marketing investments. Moreover, it can also help in understanding the customer needs and leveraging their requirements for designing or updating offerings.
2. Advertising and marketing without data based insight are akin to trying to hit a target 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, it does tell you the direction in which to shoot, so that your probability of hitting the target is higher.
Article Source: http://EzineArticles.com/9939181