In the modern world, it seems like an overused word. It’s been thrown into marketing, sales pitches and business jargon so often that it has lost its meaning. But data is more than just a catchphrase. It can provide your client acquisition and retention efforts a huge boost! The introduction to this post will go into more detail about the benefits of data for businesses as well as how to use it correctly.
Data can be an incredible resource for any business because it provides information about patterns in consumer behavior, past mistakes and successes, and trends that are sure to come across the radar soon. ElectrifAi recommends the following process for handling and utilizing data effectively:
Knowledge Before Data: Before diving headfirst into acquiring or interpreting data, companies should have a firm grasp on what it is they want to accomplish with the data and why. This will give you direction on which metrics to focus on. Determine what metrics are most driving your organization’s goals, e.g., productivity, profitability, etc. Setting these objectives will help focus your organization on the right things throughout all stages of the data acquisition process.
Acquire Data: Once you have laid out the objectives for data collection, it becomes easier to set up an acquisition plan that can be molded to those specific goals. Use data easily attainable from internal sources (e.g., employee training logs) or various external sources (e.g., Google Analytics) to gain insights into consumer behavior and their interactions with your brand. ElectrifAi suggests two important steps for collecting data:
Capture: This step is simply using the tools that are designed to collect the data.
Processing: The process of organizing, categorizing and interpreting the data after it is captured. Think of it as a step before you can start pursuing your business goals through insights.
ElectrifAi can help businesses get the most out of their data. Data is raw material, and like raw material, it takes experts to make it valuable. ElectrifAi specializes in turning data into insights that businesses can use to optimize operations, maximize revenue, and grow their brand.