Without a doubt, big data has taken over. Not only has it been a significant game changer for large businesses but it boasts considerable economic and competitive advantages for small businesses. 

Chances are you’ve already begun incorporating big data analysis to evaluate exactly where your business is propelling in the face of cut-throat market rivalry. And that means you might have already started integrating a couple important big data analysis tools to harvest important insights and gauge market trends.

According to research posted by Nielson, it was conclusively identified that overall, more than half of the 2,000 businesses surveyed in the US incorporated big data tools to discover new trends and business opportunities. If you’ve yet to incorporate data analytics and add it to your business toolkit, forget staying ahead, you’re already behind.  

"A wolf pack: the first 3 are the old or sick, they give the pace to the entire pack. If it was the other way round, they would be left behind, losing contact with the pack. In case of an ambush they would be sacrificed. Then come 5 strong ones, the front line. In the center are the rest of the pack members, then the 5 strongest following. Last is alone, the alpha. He controls everything from the rear. In that position he can see everything, decide the direction. He sees all of the pack. The pack moves according to the elders pace and help each other, watch each other."

"We have no choice but to think together, ponder together, in groups and communities. The question is how to do this, how to come together and think and hear each other in order to touch, and be touched by, the intelligence we need."  - Jacob Needleman

I've recently picked up the book Collaborative Intelligence: Thinking with People Who Think Differently by Dawna Markova, PH.d. and Angie McArthur in the hopes of gaining a better understanding of what I call "Diversity of Thought".

The 8 People You Need On Your Team:

CREATORS

Your inner circle is weak without creators. Creators are builders. Builders motivate. They help you maintain hope for the future. They help you build an unshakable faith in yourself and your dream. They help you become conscious of your strengths, skills and talents, and they advise you on how best to nurture and use them.

CHAMPIONS

Fighting to reach your dreams is like running a marathon for a medal. It’s only champions who get the medal. Championship is contagious so you need to have champions in your inner circle. Champions stand up for you and your beliefs and they praise you to everyone else they know.

COLLABORATORS

Collaboration is a success secret. You therefore need to have in your inner circle persons who share similar interest with you. With these friends you can create a common destiny. Collaborators are the kind of friends you are most likely to spend most of your time. 

Your mission. Be able to articulate how PR and marketing efforts support the organization’s mission. How do your daily activities help accomplish the mission, be it raising money or finding volunteers?

Stakeholders. Nonprofits have many stakeholders, including volunteers, donors, sponsors, employees, and the people they service. It’s essential to concentrate measure results involving each category of stakeholder.

There is a wealth of data that small businesses can and should be tracking in order to ensure that they are properly armed to make better business decisions.

But which metrics should you track?

All of them?

No!

According to McKinsey research, by 2018 the United States will experience a shortage of 190,000 skilled data scientist and analyst. While most small business are not able to employ a full analytics team to manage the large amounts of data being collected during the day-to-day operation of their business, many have the ability to hire a consultant to complete specific tasks as needed. What tasks can a Data Analyst/Scientist assist you with?

Despite this, more than half are ‘only just starting’ the process of giving it a central role in their marketing. 

The study is based on responses from 32 companies with a global annual marketing spend of $35bn. It found that 31% of companies described themselves as advanced or highly advanced in the adoption of data-driven marketing (DDM). 

Return on Investment (ROI) or Return on Marketing Investment (ROMI) equals the gain from a program minus the cost of the program, divided by the cost of the program.