What is Data Management?
By Ben Ward
There is a lot of talk around data management for businesses. In today’s ever changing digital world, businesses are accumulating far more data (even unconsciously) on consumers than ever before. It’s becoming critical for businesses, regardless of size to manage the data collected for analysis to decipher specific consumer habits or trends to ultimately increase profits or reduce cost.
How Can Data Management Help My Business?
Consumer Product Assessment and Feedback
Imagine this scenario:
You broadcast the new release of a product on social media, your friends, family and consumers are all digitally reacting to the launch of this new product using actions such as Like, Comment and Share. Do you have time to sift through the comments section and pull out specific keywords left in the comments to identify how the product is being perceived by consumers?
By utilizing data management, a business can set up metrics and key performance indicators on the data gathered through social media and perform analysis to decipher whether the product is being positively or negatively perceived by consumers. Proper data management can assist business comprehend how target consumers perceive products or services.
Allocation of Marketing Funds
In this day and age, any business that has a website really should be utilizing the power of any analytics platform. If you are one of these businesses, then you’re already one step ahead! Data management occurs in analytic platforms such as Google Analytics, however if you don’t know how to act upon the data displayed inside of your analytics platform, then what’s the point in even having it? Let’s take the Referrals section of Google Analytics for example, Google Analytics does a fantastic job of displaying the channel that each of your referral visitors come from. Let’s hypothetically say that your business purchased ads on Facebook and Twitter to announce the launch of your new product. After analyzing the number of referrals received directly from the ads hosted on Facebook and Twitter, we see that Facebook produced far more referrals that directly lead to product sales than Twitter. In this case, we would look to reduce our marketing spend with Twitter and allocate that money to Facebook advertising.
New Revenue Streams
Adding to the example above, Google Analytics may even display referrals from an organic source that you were not aware of which could contribute to a surprisingly large amount of sales. You may find that more people purchase products from your site when they search on Microsoft’s Bing search engine instead of Google. This type of information would not be easily accessible or available without a proper form of data management.
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