With the world become even smarter, data is the new currency that can give your business a competitive advantage. A business that can implement new technologies, apply analytics and leverage data better than competitors will rise to the top in its space. The International Institute for Analytics claims that the businesses that will adopt data and analytics will improve productivity by as much as $430 billion by 2020. As such, data extraction is one of the most important things you could ever do to revitalize your business.
In a nutshell, every business now needs to be a data collection and analytics center regardless of its size or scope.
How to Leverage Data Extraction for Competitive Advantage
Companies collect a lot of data and hence data extraction is a very important activity that will help your business take advantage of one of the most powerful tools when running a business. Businesses need data extraction and analytics so that they can make better decisions at the right time. The following are some of the most important benefits of data extraction for your business.
1. Content Analysis
Any modern business now has an online presence and with a website and social media profiles, your content is one of the most important things you need to enhance visibility. Data extraction helps you understand the current business climate or gain valuable insights into the moves the competition is making. Data extraction tools such as Ahrefs or Buzzsumo, you can find the most popular content. You can then reverse engineer the content since you know that it is working. This can help you determine the popular tags, topics, and pieces that are popular so that you can come up with a targeted marketing campaign. With data on the most popular or best-converting content, you can come up with a strategy to attract the best clients that are likely to convert.
2. Pricing and Advertising for E-commerce Sales
If your neighbor upped and left you with his huge collection of Nintendo Switch consoles he could not find a buyer for, you would be looking to sell. The best way to sell the consoles would be through posting them on your online store.
You could realistically go online and research the different prices for the items you go either on Amazon or eBay. However, this is a mind-numbing and boring exercise that would waste a lot of your time. With data extraction software you can get all the raw data from the internet faster and more accurately. You can then use such data to price your items accordingly. With data extraction software, you can determine what times people are watching your ads so that you can advertise to them and get them to buy more from you.
3. Improve Industry Research
One of the most important uses for data extraction and analytics is to conduct industry research. With the best web scraping technologies, you can get access to digital content that is typically time-consuming to copy or impossible to download. If you are online, you can use ecrawl to perform extensive research on your industry, including new deployments, industry benchmarks, industry trends, industry threats, and opportunities, opportunities and threats and technological developments. By always being up to date on all the fundamental data that impacts the business bottom line, you can attain a competitive advantage.
4. Helps in Updating Product Offerings
The business world is in a constant of flux and without data, your business will lose its competitive edge. If you are in a business that sells e-commerce products, a great data extraction system will inform you what goods are moving fast so that you can increase your stocks and vice versa. You can also make use of data extraction tools to scrape other competing websites in your space that have new well-converting products that you do not stock. You can also use the same to change prices accordingly so that you do not become the most expensive shop, which can erode your competitive edge.
5. Perform Client Research
Getting the right kind of customers can help explode the revenues of the business. One of the most important ways data extraction helps the business is that it allows you to segment and categorize your visitors according to their interests, age, financial situation, buying habits among others. With the right software, you can pull information about your clients from their personal blogs, business pages, and LinkedIn profile among many others. Data scraping is also an important way to determine what your clients think about your products and your brand. By getting this information, you can then find your weaknesses and strengths and work to improve your goods and services. You can also scrape data and find your competitors’ most popular strategies and then adapt them for your own business.
6. Lead Generation
Compiling a big enough lead generation database is not only about getting a few snippets of data here and there. You will need to collect valuable information about your prospects from their resumes, personal or business blog posts, status updates, and LinkedIn connections. Extracting relevant, high-quality data will make it possible to target better prospects that are more likely to convert. You will spend less money and time trying to sell them on your services and products and this will make your business more efficient and profitable.
Data extraction is an important component of modern business that will give you more control over the business. With more data, you can expand and scale your business without needing to hire more people or spend more money. With the world overflowing with critical information, you stand to gain competitive advantage by taking advantage of data in your business, in the industry, and the competition. You can then use that data to improve your processes and make more informed decisions on how to compete.