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Data-Driven Business

8 Important Roles Data Plays In Business

July 16, 2020 by Markitors

8 Important Roles Data Plays In Business

We all know that data plays an important role in business. In fact, data plays a role in just about all of our lives. But what role does data play in your business, and how do you know what to prioritize?

We asked eight small business owners, marketing professionals and experts about what piece of data is most important to their business. Learn how they segment their data and use it in their decision making to help further their organizations.



Prioritize By Time

At first, look at all files for which might be of similar importance. There is one question that helps to segment and prioritize them: “How long can you be without these files?” The most time-critical need specific protection, like a failover or cloning solution, where no restore process is necessary. Less time-critical files can be protected with a regular backup to disk, tape or cloud. There is also data that has a tolerance of one or more days to be restored; this is a candidate for long-term archiving to tape or cloud. Archiware P5 helps to protect all categories offering archive, backup and cloning in one solution. 

Dr. Marc M. Batschkus, Archiware



Driving Sales

Ecommerce revenue and Conversion rates are what matters most to my business. Is something working and driving more revenue to my business? Or is my marketing campaign or blog post content falling short of driving sales or new prospect sign-ups? Regularly reviewing and using data in Google Analytics not only helps you become a better marketer but a better business owner as well. 

Vanessa Molica, The Lash Professional



Customers Segmentation

We’ve developed internal metrics to help define which customers are the most engaged users. This number is based on the number of job postings they have made with us. If they have one job posting, obviously they are a “new” customer. If they have posted several times on numerous occasions, then they are a “sticky” customer because they come back. But, if a customer has posted jobs at a certain level, then they fall into our “super sticky” category. Having data and measurements enables us to segment customers, and align our messaging to achieve our objectives. 

Zack McCarty, Qwick



Commonalities

Standing alone, data is not very useful. But when data is combined into sets, then someone can come along and use data to identify commonalities within their organization. If you want data to play an important role in your business, make sure that data is combined with similar sets and analyzed for key performance indicators. 

Francesca Yardley, Threads



Predict Consumer Behavior

When the pandemic hit, we knew our clients in rentals and events were going to be hit hard. But we also knew that our clients in other industries would benefit. Analyzing industry trends and data enabled us to shift focus on industries where equipment financing deals can take place. For any business looking to shift focus, I’d recommend taking a look at industry trends to help predict consumer behavior. 

Carey Wilbur, Rental Equipment Financing 



Website Traffic

The most important piece of data for my business is website traffic. We are a company that generates revenue by channeling our audience to our affiliate partners. We thus need our website to attract massive interest and increase our audience. Once we get the data, we segment it by channels of traffic. Which channels of traffic (e.g., organic search and social media) are bringing adequate traffic and which channels are failing. We then proceed to implement strategies to boost the failing channels.

Reuben Yonatan, GetVoIP



Discovering New Campaigns

As an eCommerce business, our website data is critically important to our success. The difference between sessions and users is quite significant. Simply put, a user is a unique visitor, where a session is simply a visit. We can use data from sessions to understand what landing page is working the best by measuring the bounce rate and conversion rate. User data helps us understand what the user wants, by learning what pages they are most interested in. This helps us understand if we have an opportunity to create a campaign that lands a customer on a high converting page with a low bounce rate. I believe a session is a more important metric to measure because it shows us the return on our marketing investment.

Brian Lim, INTO THE AM



Missed Opportunities

Being successful is sometimes a result of recognizing where others are falling short. Data brings those shortcomings to light. If you look in the right places, recognize the trends, and do something about it, you’ll be able to capitalize on the missed opportunities from competitors. 

Brett Farmiloe, SEO Agency

Filed Under: Career Advice Blog Tagged With: Data-Driven Business, Marketing Professionals, Data Experts, Small Business Owners, Thought Leaders

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A good friend told me of her success using Career Connectors networking.  She landed an interview and later, a job in her field, after attending one networking event.  So, when it was my turn, I had to check it out. I was starting to get the blues about being unemployed but the speaker lifted me out of the dumps and put my life back in perspective. So many people were there to help and offer support!   Just by networking that day, I was given a job lead that has led to two interviews and a… Read more
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I started a FT position back on June 3rd.   Thanks to you and your organization for helping me to stay motivated and focused during my job search.   Getting out weekly to your events was terrific.
George M.
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Maggie D.
Career Connectors made the pivotal difference in my search for employment after a layoff lasting a full year. Their dedication to providing a consistent, local and no-cost program and venue to search, network and learn, ultimately provided not only an excellent fit in a new job, but also the ability to regain dignity and the ability to achieve financial independence once again. I am forever grateful to all of the volunteers that produced a program so vitally important to our family
Anonymous
Navigating the world of career transition can be an overwhelming experience.  In addition to the mechanics of transition (updated resume, career search strategies), there is the deeper need to connect to people who are in the same situation as you are.   For me, all of this was answered by Career Connectors!  Had it not been for this organization, I might still be sitting in my house, wondering what to do next!  At just one Career Connectors meeting you can be inspired by great speakers, … Read more
Iris M.
It was amazing, you guys did a great job! I found several potential companies!
Irene
I would like to share that I landed a contract position for 6 months with possible conversion to a permanent position on the team after those contract periods complete. I work on a team as an Instructional Designer and the team is virtual, which means I am able to work from home 100% of the time! I am very excited for the future of my career! I wanted to share that I sadly won’t be seeing you at Career Connector events for the next 6 months at the very least, and we’ll see how my performance … Read more
Bill T.
Thank you for all you do! I’ve been nine loooong months looking for a full-time position and Career Connectors was a real life-line. I was pretty discouraged by the time I found your organization on-line and first visited. The speaker provided some great information but most importantly, encouragement and hope. The panel discussion on resumes was incredibly helpful! Last month I had the opportunity to sit with Brenda and she suggested I really pare back all but the last 10 years of experience an… Read more
Robin C.
I wanted to take the time to write you to express my sincerest gratitude for all that you and those who work with you do for so many of us!I lost my job due to our medical office being closed. Your company came highly recommended by an HR person who worked with us as employees to help give us a hand up to become employed again through a very generous program provided by my employer. I am employed again in a job that I really love. It came with wonderful, kind, encouraging management and coworker… Read more
Ann Marie H.
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