If you’ve been listening to the clamour around digital technology in recent years, you’ll likely have heard the assertion that ‘data is the new oil’.
A precious resource, and one which can help companies shape their future strategies, marketing campaigns, customer experience tactics, and content plans, data is at the heart of many modern innovations in the world of business and commerce.
In this article, you’ll learn three key sources of data that’ll help you manage your business more effectively, collating and analysing data points to improve all areas of your operations.
Your staff happen to be one of the greatest untapped reservoirs of data, sitting right under your nose.
Members of staff are able to offer guidance, complaints, feedback, ideas, thoughts and theories about your business – all of which can be captured in employee surveys provided at Inpulse.com.
Some of the qualitative data that you collect here might go some way to make up the minds of managers as to where the company ought to direct its efforts in the coming weeks and months.
Meanwhile, staff are also your touchstone with the very base of your operations, and it’s staff members that are able to notice inefficiencies in your management systems, and work to offer solutions that can spread throughout the whole of your company, bringing about positive change.
Tap into this data reservoir to make excellent, insightful decisions in your company.
Next up are your customers. You’ll likely already be gathering data about them – including how they respond to your marketing campaigns, how they interact with your brand, and where they visit on your website to trade with you.
All of this data is of pivotal importance to guide your trial- and-error evolution into a brand and a company that offers your base customers exactly what they’re looking for on a consistent basis.
Meanwhile, there’s other customer data that may be more difficult for you to reach, and may come at a cost.
For instance, perhaps you’d like to know the specific demographic band that your customers belong to: you may have to look to marketing agencies and data brokers to provide the full answers to such queries.
Search for tips online as to how to make the most out of the data that’s available on your
customers in 2020.
Finally, you should always keep a keen eye on the data related to all of your top competitors – especially those that are competing with you for a market share in the digital space.
How many social media followers do they have? What search queries are customers using to find their website instead of yours? And what marketing insights can you learn from them to apply to your own business?
While you may imagine that the data from your competitors is under lock and key, much of it is publicly available and measurable on programmes such as Google Analytics.
As such, you can find ways to undercut your competition by using data as your starting point. Presented above are the three key ways in which you can use data to boost your company’s performance.