Data is now the most valuable resource in the world, beating out oil, according to The Economist. With 97 percent of businesses using data to power their business opportunities and 76 percent of businesses using data as an integral part of forming a business strategy, what does this mean for your business?
It means that more, now than ever, being smart and careful with your data is the most crucial step in order to start turning a profit.
What makes data so valuable in a business environment though?
- Data is literally customer information – Without a doubt, data is the best insight into your customers and potential customers that you have. As you’ve probably noticed just casually browsing Facebook or Google, ads are targeted towards your interests and buying habits.
Every piece of customer data, be it where on a website they’ve clicked, what state they live in, how frequently they “check in” to certain places or how long they spend on certain web pages, is an insight into what would appeal to them and what you can sell to them.
In the same vein, information, being your data, is the best way to tailor the way you market your product to a new customer’s interests. Without information, you’ll never be able to figure out how to personalize your campaign to your next most loyal customer or partner.
- Data is the easiest way to figure out what the target is for your business strategy – If you’ve ever felt lost in a campaign or sales strategy, chances are that you just didn’t have enough data. 79 percent of marketing professionals say that they’re going to increase their budget for marketing intelligence for better insight into what their customers are really like. Without that information, you would have no idea where to go or what to do in order to start turning a bigger profit.
- There’s a massive demand for tracking and supporting data – “Most valuable” means most valuable for a reason. Now, more than ever, there’s a massive demand for data, as it can do so much for both consumers and businesses.
With all this, it only makes sense that 76 percent of business decision makers anticipate increasing the resources that are used to store their data.
Thus, keeping your data clean, organized and up to date is more important than ever before. In comes the RingLead DMS suite. RingLead offers the only 360 full stack data management solution that cleans, enriches and deduplicates your data.
With data being more valuable than ever, there’s never been a better time to make sure that you’re getting the most out of it. Try RingLead for free today.