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4 Innovative Uses Of Data In Business

More data is being created now than at any other time in history. In the world of business this has had a vast effect on almost every aspect of trade, marketing and strategy. Data analysis and exploitation are now key tools for business leaders as they try and get ahead of the ever-competitive market. Here are 4 innovative uses of data in business that have cemented themselves as essential modern methodologies.
Audience Segmentation
Read the room! Knowing your audience is the first step towards creating and marketing a successful product or service. Data can be a big help for businesses looking to figure out the kinds of people they want to market towards. Of course, human beings cannot really be pigeonholed into strict groups at all. Instead, good audience segmentation practice revolves around grouping a set of audience members by their actions and desires. People produce lots of very useful indicative data when they buy things online or allow cookies to be collected by websites.
There has been some public pushback against the use of personal data to create audience profiles, and the debate about the morality of modern audience segmentation by private businesses is likely to rage on for years to come.
Growth Driven Web Design
Growth driven web design is a design strategy that relies upon data analysis to inform constant changes being made to a website. Traditionally, web design would be undertaken to a well-researched brief but remain stagnant until a complete redesign could be commissioned. This would often leave websites looking hopelessly outdated.
Growth driven web design could not exist without the continuous analysis of market trends and customer demographics. For a closer look at how growth driven web design makes use of data to improve user experience and business success, check out Web Prescence here:
Trend Forecasting
Business strategy always involves a degree of speculation. The caveat, of course, is that this speculation has to be based upon factual evidence if it is to be considered worthwhile. The analysis of big data allows business leaders to accurately predict market trends. Trend forecasting is not an exact science. Data can indicate a rise in the usage of an application that is suddenly superseded by a rivel, for instance. In most cases, however, the larger the dataset that is being analyzed, the more accurate the forecast a business strategist can make is. Data analysts have a huge part to play when it comes to informing strategy.
Results Tracking
The metrics by which businesses traditionally measured the results of their marketing campaigns were inherently flawed. Results were usually measured in terms of profit – but this metric only gave short term insights into the effects of a campaign. In the digital age, data is being used to effectively measure the subtle society wide impact of marketing campaigns and product releases. By analyzing data on spending habits, online movements and almost every other factor imaginable, strategists are able to paint a picture of how their business has achieved hard to measure success or failure.

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