To do better business and understand customers, you need data. Accessing the data is no easy feat and you need to collect it in a smart way that isn’t slow or overwhelming. Real-time market data will keep you alerted to events as they unfold. This allows you to fix problems and capitalize on opportunities as they arise because real-time data comes in quickly, so you might have to make quick business decisions sometimes.
Of course data without analysis won’t help, but this article will help you access real-time data, so let’s get started.
Define the research
Collecting real-time market data begins with research. Researching for market data is a process where real-time data is part of every step of the process. The process begins with defining what your research is about; in other words, state what the problem is that you are carrying out a research for. It’s important that when doing this you neither be too broad or too narrow in how your research will go. Too narrow might not yield the results you need, and too broad can result in overwhelming information.
Automation
A manual means of collecting data is costly and time consuming because you need to be merging different data from different platforms. One definition of a successful business is to collect the data and analyze it in real-time quickly. Manual collection of this could extend into days or longer, making the data you collected nearly useless. Before deciding on the tool to be used, make sure that it provides solutions to automatically bring in the data from different platforms.
Accessible tools
It’s crucial that every department of your business gains from a data collecting tool and this means putting into consideration the needs of different departments. Having a spreadsheet of data will not be as quick or easy to access as taking a glance at a chart, for instance. This makes processing information easier on the user. But remember to stick to core, such as knowing how your team access reports. Because there is a surge of people working out of the office, solutions also need to adapt to different devices. Ask yourself what type of tool do you need, and then check ecrawl.com where you will get a clearer picture of just how data collecting tools work and how to employ them to gain a better understanding of your clients which could generate more sales, not to mention create better communication among employees, and between employees and customers which will give you more foresight into making future decisions.
Website activity
Though it might seem obvious, many businesses do not keep a close enough eye on what is happening on their website, especially if the activity on their website does not directly lead to conversions. But knowing how long a person stays on your site, which pages they tend to go back and forth to, and if they ignore your links or use them, are all sorts of website data activities to know about and to take seriously.
Referral source
When you make a sale, it’s easy to only focus on the sale and closing it. You can often neglect what is the referral source that got you to that deal. Without data, it’s difficult to know how to reach to clients because you don’t have the data of existing clients or where that data is coming from. You need a data collecting tool to quickly access information when needed.
Eliminate the guess-work
This is the era of speed and facts and not the era of snails and guesses. Real-time data gives you the information at the time you want it, allowing you to address your business issues and adjust your techniques and tactics. The question is no longer when does data come in, but rather how fast does it come in. It’s a fast-paced world, especially online, and your only option is to access your data quickly and reliably.