Data is definitely driving online business, whether you believe it or not. If you are still making decisions by the seat of your pants, then you are missing out on sales, goodwill and ROI. There is definitely something to the Big Data Revolution and the Specific Data Revolution that followed it. Here are just a few of the top ways that data is driving online business today.
1. Organizing a niche landscape
Audiences are becoming more and more segmented as we speak. There is no such thing as a mass market anymore unless you have millions of dollars to put into this marketing endeavor. Otherwise, you need to focus on a target market that is specific to your core competency and localized to your geography. There is simply no other way to market. Because markets are so specific, data becomes even more important.
The creation of a niche audience does not mean that your audience has less choice. The consumer has the same amount of choice that he or she has always had – actually more. You can only market to a niche audience, but any audience member can move into a different niche any time he or she wants. This is definitely a consumer driven economy, and it behooves you not to forget this.
If you plan to keep your audience where it is, then you have to market to them more specifically than ever before. This requires a great deal of data about this audience. You have to know exactly who they are so that you can tailor your solutions to the problems they have specifically. The closer you drill down into the needs of each individual, the better you will do overall. The more that you localize your search engine optimization strategy, the more that Google, Yahoo and Bing will help you expand into the wider international market.
2. Making better decisions
Data helps you make better decisions. This is a point that may seem like common sense, but you may be surprised at how many companies actually do not pay attention to hard earned data. Many companies, especially within their marketing departments, prefer to make decisions from gut reactions rather than hard data. Marketing is still considered a soft skill, and as such, it does not require analysis. Big data changed all this.
Profisee is one of the companies that an in depth look into data. Because of this, it continues to be one of the leaders in its industry. If you are looking to raise your status in your industry, then you definitely need to get into the habit of letting the data make your decisions for you rather than going with your instincts.
3. Moving customers to data driven companies
Companies are not the only ones that are looking at master data management tools and the proliferation of big data. Consumers themselves are also taking the initiative to move into rewarding companies that can showcase a data driven policy set. This is especially true in highly technical industries such as IT, finance or STEM industries.
Most customers are finding that companies driven by data are making better solutions. When they find these companies, they are patronizing them loyally. Believe it or not, younger patrons are the most likely to look into the way that a company makes its decisions before they make a purchase. These are also the people who are most likely to look up products online before they buy. Social media and review sites are also creating a great deal of customers for companies. Part of the data that companies must take into account includes this new conveyor belt of content.
4. More data drives more organization
We know that data proliferates more data. There will be no about-face into some gut instinct economy where data is looked over instead of elevated into a key spot. People are looking at an economy that is going to be driven by data more and more in the future, and companies should get used to that right now.
The more data that shows up, the more organization there will be of that data. As data is organized, companies like Profisee will be able to drill down more deeply into the ways and means of certain audiences. Algorithms that are created have the ability to mirror the behavior of these audiences quite closely today. One can only imagine how accurate they will be in the future. There is absolutely no reason to go back to gut instinct marketing when master data management tools create incredibly precise solutions. As these software platforms become accessible to everyone, you can bet that even the small and medium-sized businesses will get into the fray. In short, there is no turning back.
