Why data plays an important role in startup success…? - 1

Publish Date: 13-08-2019 13:04:31 | Contact name: Prakash Bhosale | Location: INDIA | Place: Mumbai | 1 times displayed |









According to data, 20 percent of startups
fail in their first year, and only 50 percent survive through their fifth year.





·
Data Work as a sixth sense for
prospecting sales



·
Evaluate where your company stands
compared to competitors



·
Data helps you make better decisions



·
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
behavior 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 the 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 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, fulfill 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 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 helps 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.





Websites Browsed





https://www.grow.com/blog/data-important-business



https://towardsdatascience.com/3-ways-to-use-big-data-to-help-your-startup-grow-6fc81f264b80



https://insidebigdata.com/2017/09/22/startups-not-ignore-big-data/



https://www.entrepreneur.com/article/269511





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