Question

Explain a few ways to obtain the data source and ways to utilize them to benefit an organization, or a business.

Answer 1

Data is one of the most valuable thing for today's business or organization. When you are starting a business, the main focus part will be your customer. To understand your customers better, you have to collect meaningful data. This understanding will help you meet your customer expectations and you will create the business you dreamt of.

Below are some ways to obtain the data and ways to benefit an organization-

1.To understand your customer better, you can conduct surveys in which you can directly ask them for information. You can conduct surveys in various ways: online, over email in person or over the phone.

2. You can use social media as another source of customer data. You can use it to understand who will be your target audience. You can monitor mentions of your brand on social media by regularly searching your brand's name or you can use third party social media monitoring software. Some social media provides with analytics of how your post is performing.

3. Offering customer something in return for providing their information can help you collect more valuable data. You can do this by requiring some basic information from customers who want to sign up for your rewards program and email list. The leads that you will get are likely to be converted because they have demonstrated an interest in your brand.

4. You can also collect valuable data through your marketing campaigns, whether you run them on search or anywhere else. You can import information from campaigns you run.

Collected data is very valuable because you can use them to make decisions. The more high quality data you have, the more likely you can make good choices when it comes to marketing , sales, customer service ,product development and many different areas of your business.

Collecting and analyzing data helps you see where your company is doing fine and where is the improvement needed. It can also help you to predict future trends.

Capturing large amount of data create the problem of how to sort and analyse all the data. Computer can go through this data more quickly and efficiently. Data analytics will be more powerful field for settling this.

Collecting high quality data is foundation for your business.