Big data isn't just for the heavyweights in business these days. Increasingly, small businesses are analyzing data to help them understand their relevance in the consumer market. Consumer analytics show small business owners how and why customers may (or may not) be purchasing. Additionally, that data provides commanding information about consumer behavior. In turn, this information influences small business decisions about how to build their brand and gain trust from potential clients or customers going forward.
While all this is integral to developing and building your brand, big data can be prohibitive for customers purchasing your products or services. For example, you may notice that more regulations and disclosures are required to capture consumer activity online or on your website. Perhaps you've seen GDPR notifications on competitive websites or pop-ups announcing how companies use cookies during your own online browsing. These notifications may prompt twitchy trust issues with your audience, but they don't have to.
Wise-minded consumers are starting to get privy about how companies track and analyze their online activities. They are aware that this data can benefit corporate objectives and propel small business growth. Nevertheless, there are ways you can still use big data, build your small business brand and retain your customer's trust.
Whether you've just started a small business or you're a veteran, data analytics are crucial in the game of sales and profit. Read on about how you can use big data, maintain consumer trust, and energize your brand.
As a small business owner, your brand is your north star. It guides your design ideas, motivates your customers to buy, and can make or break your business. In the old days, big moguls relied on hunches or vague market trends to choose their business brands. That's not the case in this modern information era when data and details are easily accessible.
Today, information enables businesses of all sizes to scale and adapt to their customer needs. Furthermore, big data is now a huge influence on brand strategy. This is because it reveals deep insights about consumer demographics and website user behavior. It provides supportive information about the how, why, what, and when customers buy.
As you know, there is a growing awareness among savvy consumers about businesses analyzing their movements online. Consequently, this may plant a seed in your customer's minds about violations of their privacy. There is merit in this burgeoning concern among small business customers. Currently, smart online shoppers want the freedom to buy without feeling like companies are monitoring, or analyzing their shopping behaviors. Therefore, it's vital now more than ever for small businesses to do everything possible to build trust.
Trust among your customers is built in a myriad of ways. Of course, a recognizable and identifiable brand is key, but there's more to it than that. Studies show that over 70% of consumers are more likely to buy if the business or service supplier has high reviews.
In short, online reviews matter. They are essential to building trust in your customer base and demographic. In fact, many consumers in your industry may learn how to leave an anonymous review on Google to boost your quality rating while preserving their privacy. It is certainly a feather in your cap that your customer took the time to review your excellent service or product. However, if consumers feel the need to do this anonymously, that bears attention.
The onus of protecting customer privacy associated with your business and their online purchases is on you. As a small business owner, you must ensure your clients and customers feel safe and free to leave candid reviews that applaud your product, brand, and business.
You can do this by staying transparent in your online activities and business practices. Remember that reference made earlier about cookie notifications and GDPR pop-ups? That kind of honesty is appreciated by the smart consumer today.
Let your potential clients know that you may collect some of their data. Furthermore, tell them how you're using their data (and how you're not utilizing it) in a way that assures them that their privacy is not compromised. This one simple act has been shown to boost brands and also garner trust among online shoppers.
While big data might seem intimidating or even distasteful for the modern consumer, it can yield tremendous results for your small business and your buyers. Leveraging analytics to see how your potential customers make their purchases does not have to be viewed as a violation of trust. Instead, it can be an essential tool for augmenting trust, building your brand, and establishing a high-integrity message for your small business growth.
