Data seems to be on everybody's lips these days. People are generating more than ever before, with 40 zettabytes expected to be created by 2020. It doesn't matter if you are selling to other businesses or ordinary members of the general public. Data is essential for companies and it's going to spell an era of innovation as companies attempt to balance privacy concerns with the need for more accurate targeting.
So why is data so important for companies and what's driving this new era of innovation?
The number one role of data in business is better targeting. Companies are determined to spend as few advertising dollars as possible for maximum effect. This is why they are gathering data on their existing activities, making changes, and then looking at the data again to discover what they have to do.
There are so many tools available to help with this now. Nextiva Analytics is one such example of this. Based in the cloud industry, they provide customizable reports with over 225 reporting combinations. You may think this is a first, but it's become the norm. Companies are using all these diverse numbers to refine their targeting.
By targeting only people who are likely to be interested in what you have to offer, you are maximizing your advertising dollars.
Every business should have an idea of who their perfect customer is and how to target them. Data can show you two things.
This is why data visualization is so important. Tomas Gorny, the Chief Executive Officer of Nextiva, said, "Nextiva Analytics provides critical data and analysis to foster growth in business of every size. Stakeholders can now view, analyze, and act like never before."
Data allows you to act on your findings in order to readjust your targeting and ensure that you are hitting the right audience again. This can't be underestimated because so many businesses are wasting their time targeting people who have little interest in what's available.;