A start-up can face loads of challenges, but collecting data is not one of them. However, it is not the volume of data that’s important; it’s what you do with it that really matters. You could use it to build buyer personas, understand what your customers want or segment communications. The possibilities are endless, and what you end up doing with the data depends upon the nature of your business. Here are five ways your startup can use data and leverage information for strategic business decisions.
1. Interact with Data Maps
Businesses use data mapping to integrate huge volume of data. The primary tasks are data mediation between the source and destination, and data conversion. As an HR consulting start-up, you can employ your data to understand where job opportunities exist by industry, location, domain or level of experience. If you’re a health start-up, create a data map highlighting the least healthy towns or places where colds are pretty common.
2. Use Infographics to Extract Useful Information
You can use infographics to simplify the available data so that it is easy to understand. Look for information that proves beneficial for your targeted customers. You can mine data to understand user behavior and answer specific questions like:
• What your consumers want?
• Why they engage in your content?
• What are the factors that will make your audience opt for your products or services even more?
3. Surprise Your Audience with Amusing Information
Use and collate data to surprise your existing and prospective customers. You can think of some fun facts that will educate your audience about something new. It can be anything like gardening, cleaning, designing and even writing emails. Research well and share an engaging write-up with your targeted audience.
4. Use Big Data to Personalize User Experience
Expect to reduce cost by 15 to 20 percent if you leverage big data to inform the consumer decision process. Get to know about what your consumers think of your products or which products they are buying the most. Analyzing consumer behavior will help you recognize your key prospects and offer personalized user experiences.
5. Reach Out to New Customers
Generally, businesses collate information from 3-4 sources. You can use gathered data to segment your customers and attract them with targeted promotions. For example, loyalty programs will provide you with valuable insights to understand a customer’s lifestyle, likes, dislikes and buying patterns.
Data for startup business helps to get actionable insights and understand how your company is performing. Use this information for improving growth prospects and identifying risks. We can give your startup the direction that it needs. Contact us here.