John Jantsch recently posted an article titled “5 Ways for Small Business to Jump on the Big Data Train” on his website – Duct Tape Marketing. His article continues the trend we discussed about “Big Data” at our February Open Circle. And, as John does – he offers great ways on how Small Business can take advantage of it now!
5 Ways for Small Business to Jump on the Big Data Train
By John Jantsch
The idea of something that’s being called “Big Data” has definitely reached the trend tipping point. Tech firms like are all about it. PR firms are forming teams to promote it and consulting firms have their business technology teams all over it.
Well, maybe in a very roundabout way! Our own Sasha Westin of Fabuliss and member of Circle 3 was featured in a Fox9 News story that looked at the popularity of Pinterest – what it is, who is using it, how it is being used, etc.
Click below to watch the story!
This phrase has been around for a while. I’ve heard it used in context with new technology or IT firms selling software to “non-techies”.
There is no doubt we are a high tech world. As mentioned earlier – screens will become a way of life. Customers will find the info the need to justify their purchase or how they feel about it or the company.
Because of technology though – we are in danger of creating “non personal” interactions, “virtual” everything, paperless, text versus calling… While all good and desired – there is also a desire for experiences, for the tactile, for the physical, for the “real deal” – be that a person, an object or live experience.
A term called the “Retail Safari” has been identified. It speaks to the idea that customers expect to feel or experience something they can’t get online when they are in a physical space. This might be a compelling spectacle, exclusive products, ability to test and feel things or learn how to use the product.
Here are some things that are happening in this area:
So consider how to deliver that “High Touch” experience no matter your business model. How do you ensure that interactions with you, your company, your web presence has a “personal touch”?
Novel brand buy-backs, exchange schemes, online platforms and mobile marketplaces offer smart and convenient options for consumers keen to ‘trade in to trade up’, alleviate financial strains, or quell environmental concerns.
These ideas are also affecting consumers’ initial purchase decisions. Consumers are factoring an item’s resale value into the cost of ownership for an ever-wider range of purchases.
Here are a few things that are driving this “recommerce” mind set:
So what does this mean for you?
Keep in mind, with today’s consumer – value is still top of mind even as we start to come out of the economic times we have been in.
This is maybe less of a trend and more of a medium through which everything will be available. It ties tightly to the Reputations are Exposed trend.
How many have seen the YouTube video of the 1 year old who is growing up with screens? The mother writes at the end – “For my 1 year old daughter, a magazine is an iPad that does not work.”
Consumers will care less about the screen and more about what’s being accessed through them. This opens up opportunities to inform, engage and motivate consumers as never before.
It’s important because of “Infolust” – an insatiable desire for the most relevant information.
Consumers are lusting after detailed information on where to get the best of the best, the cheapest of the cheapest, the first of the first, the healthiest of the healthiest, the coolest of the coolest, or on how to become the smartest of the smartest. Instant information gratification is upon us. You know about infolust – you’ve done it – googled that person, pulled up a handbag review, or checked prices.
When 8 out of 10 consumers research purchases online – over 1/2 buy in-store. Because of smartphones – some customers will even research while in the store and buy online while still there if the price is better! Information and knowledge give consumers power, control and certainty (or illusion of).
So think about it – Can your customers find you? What can they find out about you? How do you share information about you and your company? Being able to answer these questions will help ensure you can inform, engage and hopefully motivate potential customers to work with you.
Adoption of consumer driven health plans, especially HSAs continues to be a leading trend.
Shopping for alternative insurance carriers still paying off as underwriting competition will remain fierce until 2014.
Premiums are projected to increase 40-70% for individuals and businesses.
For companies with <50 employees – Small Employer Tax credits were made available thru the Affordable Care Act of 2011. Be sure to check into this.
There are Federal Penalties as well as Federal subsidies for Individual and Businesses – talk to an expert to navigate through this!
Fed has stated they will likely hold rates down into late 2014.
Bank deposit rates will remain low. Now is the time for a financial check up. Consider other non-bank products for a better rate of return. Healthy banks will pay similar to other banks – proceed with caution if a bank is paying above market rates.
Re-fi your mortgage if you haven’t done so already. 30 yr 3.87%, 15 yr 3.15% as of 2-7-12.
Know what your credit looks like and work to improve your credit score – re-fi once you do, rates will stay low for a while.
Lock in long term loans at today’s low rates.
Women’s wages have risen 1.2% over men’s.
The Gender Gap between employed college grads has widened – 37% of women vs 35% of men in 2010. Widest gap is in 25-30 age group where 36% of women vs 28% of men. This translates into more women in Senior leadership roles, CEO, boardrooms down the road!
78% of jobs lost during recession were held by men.
Women have adjusted better to challenges presented by recession – used to multi-tasking, feeling like they have to perform better than men in their organizations, work well in collaboration.
Challenging times encourage entrepreneurial activity, many women take less risks and prefer to work for themselves. Now there are more than 10.1 MM women owned businesses.
Trend – given the likelihood of working longer, women are seeking more meaningful work or meaningful volunteerism.
Long term – 78MM baby boomers will be replaced by 46MM Gen Xers – work now to keep your best performers.
Reputations more visible and vulnerable than every. Social media amplifies all.
Reputation can be promoted or trashed in moments. As a result companies are pushing reputation management emphasis. Think about all the Top 25 lists that are being featured.
There are no secrets because of Social Media. Irritators are amplified – think about what happened when Netflix changed it’s pricing packages.
Reputations can also be trashed in a minute.
One billion people are associated with a social media vehicle. Reputation measures will make visible those who are the best companies and products.
There are new power brokers:
One million company profiles on LinkedIn. Place for people to find you and for employees to find you. A place to verify that you are what you say. It requires that you differentiate yourself in a way that is real. That what you say is really what you do.
We can’t keep up on the knowledge we need and use – because it is evolving so quickly.
What you need is access and connections to people who know more than you.
Small businesses are now able to draw on low-cost skilled workers to extend their capabilities and grow faster. We can now call on freelance talent to generate ideas and content for us.
Freelancer.com and oDesk.com are both Temp providers that have already placed $1 billion of work. They are USA based. 65 percent of Temp placement will grow in 2012. Two of the WPO companies I work with who do Temporary placement are flourishing.
Consider the following:
As a business owner you benefit from this trend because you don’t need to hire, you don’t necessarily need a desk or office for this individual and you pay for the work as you need it. Plus – it is getting easier and easier to find the talent you need, when you need it.