There is so much data available online and offline, but if the data is not put to use, then it is not the right type of data for you. Identifying the right type of data is necessary, and even more important is to drive insights and predictive analytics from it to add value to any business.
Identifying data sources
In a company, small or big, every department can contribute useful information to help the business grow, mitigate problems, and create value.
Social media sites provide insights into customer ratings, reviews, and positive or negative feedback. Some websites give prices, product range, categories, and stock availability related information. All these sources put together both primary and secondary data. This is the key to optimizing customer pricing, product innovation, packaging, and enhancing the customer experience.
Research and Development
It’s time for every company to consider investing in research and development. There is cut-throat competition everywhere and only the fittest prevails.
Keeping our eyes open to things around us, realizing our strengths and weaknesses, and working on them, as well as innovating solutions that customers can only dream of having is very important. It’s also important to put the best foot forward when it comes to persona building and promoting brands differently.
These are just a few things that will give the inclination you want to see on your quarterly bar graph. All these facets are data-driven. Data collection, integration, analytics, and insights will only help surpass difficult roads ahead.
Automate data collection
Stressing over data is not good. Automate data collection to get an accurate and quick view of the competitor, online trends, and customer behavior.
Get to know who’s who in your industry from locations across millions of zip codes. Prepare master sheets of properties, products, services, people that matter to your business.
Creating databases has never been easy, but now with proper tools and services, large volumes of data can be easily mapped, gathered, and arranged in useful formats for meeting various business goals. Think about it as sending 100 promotional emails manually v/s using an email automation tool doing the same job.
It is important to understand big data from multiple angles – collection, storage, processing, and analytics. Every company has unique requirements, and it may not need big data solutions right on the onset, but looking beyond a company and data from various sources can certainly help a company add value and grab a bigger market share.
Some businesses are data-driven, like aggregator sites or vertical search engines monetizing data. Examples would be property listing sites or a one-stop solution for all pet-related needs to name. Such businesses rely on data mining services.
Understanding the need for data, managing data and its proper utilization is something new on the block.