Data is a key to most operations in the 21st century, but it’s often thought of as simple analytics. While analysis of basic statistics is an excellent applications of data, it’s only a small percentage of what data can do for you. Data is valuable and despite how much of it is out there, there’s still some confusion about its more practical application. It seems no matter how much we learn about data, there’s always more to know, but that’s why it’s such a fascinating field.
Data Visualization
We need to think beyond the graphs and charts created in Excel – data has become a living and breathing thing. Data is interactive and anyone can learn from it, whether you’re a small business owner, a CEO, or an independent blogger. Remember – data visualization is visual and it’s becoming more than just a science, but an art form. A brilliant mix of practicality, ease of understanding and readability, visualization is getting more advanced as years go by. Whether it’s graphs and pie charts or advanced polar or geomapping, data visualization has a place in every business. Because it’s in such great demand, sites like Wolfram|Alpha, Processing.js and JpGraph are just a few examples of free data visualization tools out there. Give one of them a whirl and see what they can do for you and your data!
Data Analysis
A common sentiment to those new to data is “we have all this data, but we don’t know what to do with it.”
Analytics have come a long way from days of simple pageview charts and basic user demographics. With deeper data analysis, we can now interact with our data and truly understand the audience behind it. Regardless of the size of your community, knowing who engages with you and interacts with your content is important and analysis technology gives us more and more to work with.
Once you have your raw data, it’s important to begin to understand it. You could use some of the tools mentioned above, which could help you graph it, or perhaps you have your own methods of analysis. What analysis does is show us the trends we need to know to make the most of the data we have. If most of your visitors turn out to be big sports fans, it’s something to keep in mind as you craft your content. If they prefer to visit your site on a Monday, maybe it’s time to plan your schedule around that fact. It’s not difficult to glean little tidbits of information that can greatly help your strategy and for more in-depth analysis, well – that’s what our Analytics Dashboard is for.
Data Monetization
Monetization is really the big ticket. Data itself is how Facebook makes money, how Google can tailor results for each user, and why everyone, big and small, is jumping on it.
Once your data’s been captured and analysed, whether it’s by graph, or using a specific program or tool, it’s time to process it and figure out how you can begin to earn money from it. You have a myriad of options:
- Sell adspace
When you can tell advertisers exactly who the users are that they’d be appealing to, that makes your adspace incredibly valuable, since their data tells them that there’s a higher chance that those users will enjoy their product or service. Everyone from Facebook to independent bloggers employ this method and it’s no wonder it’s one of the most popular kinds.
- Optimize your own ad campaigns
Customizing your own ads for specific audiences is just more efficient. A tailored ad, speaking to people much like the audience you already have, has more potential to strengthen the bond between you and your current users, as well as bring in more.
- Improve your SEO
We’ve discussed it before, that SEO is a great organic way to get exposure for your site. Knowing what your users searched to find your site and what devices they’re on, you can come up with a better SEO strategy to play on your strengths and cut out your weaknesses. Find out what keywords they use and begin employing them yourself if you don’t already. Make your website mobile compatible (in fact, Google insists) and watch your audience multiply.
You could follow the lead of some of the largest companies and consider your mobile strategy. You could also begin to think outside the box – never be afraid to experiment and always keep learning.
What’s the most creative use of data you’ve seen? Feel free to comment and let us know!