Our electronics gadgets are gathering a lot of data every other day. What if we start generating revenue and profit with this data? Sounds like a great idea, then let’s get started to explore the tips to pile up data and generate revenue with it.
Business growth occurs with customer feedback, because feedback tells what the outside world is liking about your business and what areas need a change. The client survey also exhibits what sort of product can fancy your market. Now, if the data is answering these imperative questions, there must exist a trivial way to learn from patterns hidden inside data. Because manually it is nearly impossible and to resolve this issue there comes a concept of data analytics.
According to recent CITO research, it has been found that companies that move utilize business intelligence to grow in market are moving from reactive a proactive approach. They first utilize data to improve infrastaructure and then they deal with customer problems effectively.
Stages of Data Analytics
Here are the following stages of data analytics:
This kind of analytics entertains the questions regarding the products like how customers are using the product. Are they encountering some sort of issue to deal with it. It reveals whether the product you have designed and launched in the market is engaging or not. You may find the actual reason of less product engagement. Many people do write the constructive feedback for the product, these typical suggestion can help you make the things better.
This is the phase of visualization. After the collection of data, you have to find out what sort of response is hidden inside it. You can see whether the response is good or it is worst. Where the problems are residing and what sort of problems can be resolved. It gives you another imperative information of “Product Sustainability” in the market.
This is the productization phase. This is the stage when you like to share your data analytics with public. It can be the result of epiphany or it can be humble request.
Companies figure out their position and resources in this phase and they will know where embedding software inside the system that can perform automatic analysis can be beneficial for them or generating a whole new project by converting an analytics platform would remain feasible.
5 Tips to Grow Cash Crop with Data
Let’s discuss the roadmap for data monetization to enhance sales and generate revenue.
Internal Business Intelligence
Look at the usage of your systems are products. Create a dashboard that can show the graphs about product usage. Keep an eye on anomalies. And try to figure out the reason behind them.
Share Analytics with Clients
Share the results of the analysis with your clients. You can either embed a dashboard in your system which would tell your client what sort of reviews your product is getting. Or you can also show those in a social media campaign. There you can announce that you are happy to get the response and how you are trying to resolve any issues the public has told you.
You will realize the value of your data when others will demand to use it. If you are giving free offerings, people will ask about more views, new angles and can ask to white label your dashboard for their users.
You can apply the rule of benchmarking customers behavior. This way you can find what customers are behaving normally and what customers are showing less interest in the product. You may survey them to find the reason behind their changed attitude. The data aggregation can prove beneficial for your partners and consumers.
The more you find ways to make the analytics personalized the better you would be able to deliver it.
With this increasing age of technology, there are several ways to earn money and generate profit. Data analytics is one of them. So, go collect it and start finding ways to use it for business growth.