Why data plays an important role in startup success…?

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Why data plays an important role in startup
success?
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• According to data, 20 percent of startups fail in
  their first year, and only 50 percent survive
  through their fifth year.
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• 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
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• 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 arent 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.

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• 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.

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• 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
  customers 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

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• 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 businesss 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.
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• Websites Browsed
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• https//www.grow.com/blog/data-important-business
• https//towardsdatascience.com/3-ways-to-use-big-d
  ata-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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