How can data analytics help smaller companies compete with bigger competitors?
Data analytics helps you make decisions based on principles rather than emotions. I’ve found that making decisions based on principle yields me better, more consistent results rather than decisions made based on emotion. Typically, smaller companies can make decisions faster, so having data at your fingertips to help make those quick decisions based on principle can give you the upper hand.
The other thing that I find interesting is that if you’re a smaller company and you analyze the data in your industry, you can often find a few niches that are being underserved. It’s not always about competing with the bigger company right away. Sometimes a better strategy is to dig into the data and find the niches that are underserved and dominate those first. Dominating those niches will help build your brand and get you significant traction to start chipping away at the bigger companies' market share in other areas.
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