Data management is a fundamental activity for any business that wants to remain competitive in the market, regardless of its size or segment. The reason for this is that today companies generate a large number of data, at an ever-increasing speed, never seen before. This data can come from internal sources of the company itself or from external sources such as emails, comments on social networks, among others.
Now, you will see the main advantages of performing data analysis and extracting extremely useful information for decision making and strategizing from this analysis.
Knowledge of the target audience
Understanding the problems, needs, wants and expectations of your target audience is essential to the success of your business. In this way, any and all data left on the internet by users can be processed and analyzed, providing relevant information that will help build a profile of your potential customer’s behavior. Your online store’s purchase history, blog comments and other interactions on the company’s social networks are examples of data sources.
Besides a better understanding of the target audience, the data can also help the manager to have greater clarity about the brand’s positioning in the market. Identifying what potential customers expect and expectations not met by competitors makes it possible to create products or services with a difference. Finding an unexplored space in the market or a competitor’s weakness can be the company’s chance to stand out and conquer an unprecedented position in its trajectory.
Identification of trends
In a world in constant transformation, being agile and able to adapt to new scenarios is one of the strategic factors in business management. Therefore, companies that collect and analyze data from all environments and elements involved in the business are able to predict risks, new patterns of behavior and new trends. With the right information coupled with data management, you can respond more quickly to market changes and stay ahead of the competition.
Data Security and Quality
Low quality, inconsistent or outdated data can cause serious damage and harm to the functioning of an organization, especially in decision-making. In a world in constant change and continuous technological advancement, the updating and rigorous analysis of data is essential to ensure the quality of information. Furthermore, failures in a company’s database can seriously affect security procedures. It is important that the record of this information is subjected to periodic verifications and analysis.
Optimization of marketing strategies
Some tools like Google Analytics are very useful to study, develop digital marketing strategies, manage data and plan sales campaigns. The problem is that they have certain limitations that affect the quality of the data and information extracted. These tools are not able to distinguish the exact origin of visits to the company’s website and cannot filter internal visits. Performing this filter is important so that data analysis is not affected, as well as tracking the origin of accesses, to understand which actions are bringing good results or not.
Therefore, analyzing your business data allows you to better understand your target audience, new market trends, optimizes strategies, differentiate yourself from competitors and gain competitiveness.