5 Sources of Essential Data That Can Inform Business Decisions

Making informed decisions is critical to your business success. Compiling and reviewing essential information allows managers and workers to say “yay or nay” with less worry about making a judgment error. Today, scores of different data sources make it easier for someone to perform critical research before making any decisions. Overlooking any of these sources could be an incredibly unnecessary mistake. The data is right there. There’s no reason to miss any of it. If you are wondering what data sources to check out, here are five easy-to-find ones.

Customer Reviews

The opinion that matters most is the one from a customer. It matters not whether the customer liked or disliked a product or service. Both positive and negative feedback provides business owners with the essential information necessary for making improvements. Customers provide reviews without any prodding, so online reviews become quite cost-effective. With a little strategizing, your Google reviews can serve as de facto survey responses.

Be mindful of one unfortunate fact. Customers are more likely to leave negative reviews than positive ones. Displeased customers like to vent. Happy customers don’t always take the time to say how they feel, so you have to work a little harder to target them to get their opinions.

Surveys

A tried-and-true customer survey gives business owners specific feedback about equally particular topics. A review can often veer into different subjects. When you craft a survey with definitive questions, the completed survey gives you sought after, targeted information. Of course, this outcome is only possible when you put together an excellent survey.

Think carefully about the information you seek. Make sure all the questions on the survey appear with clarity. This way, the customer won’t have any trouble responding accurately.

Competing Products And Services

Keeping up with competitors can be a little perplexing for some business owners. Some may not want to check out the competition because they don’t want to become copycats. Ignoring your competitors is a bad plan from many angles including a data collection one. Researching a competitor’s products and services could prove eye-opening.

Has a competitor decided to perform an upgrade to offerings? Have prices dropped without warning? Actions such as these tell a tale. You can only learn the lesson of the tale by following what a competitor does.

YouTube Channels

YouTube is home to millions of videos that entertain people all over the world. Entertainment, however, isn’t the only purpose of various videos. Quite a few intend to inform and promote. Businesses find video production serves as a reliable means of informational marketing. Find as many quality channels related to your business as possible. Subscribe to them, and stay on top of all the new videos.

This research process might be the least difficult of all. Playing YouTube videos while you work allows you to absorb info while performing other tasks. If something catches your eyes and ears, review the footage once again at a later time. YouTube represents such “low hanging fruit” for data collectors that some may ignore it. Don’t make that mistake. Important data is right there on YouTube. Watch those channels and their related videos.

Government Entities

Various government agencies compile a great deal of information about enterprise and commerce. Government websites publish the not-so-secret information federal employees acquire. Several government offices exist solely to help business owners or consumers. Check out these websites and read through them. The amount of available information on them may prove surprising.

And don’t look solely at domestic websites. Someone in the United States may find Canadian, Australian, U.K., and other countries’ government websites loaded with interesting data.

Data is out there. The data exists for business owners to take advantage of what it reveals. These five sources are just that: five. There are many more, and all are worth discovering.

Need a hand making the most of your data? If you don’t have the resources or if your resources are already too busy, our team of Yurbi experts can help you get the benefits of data reporting and dashboards quickly and affordably.

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