The magic of combining internal & external data

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Imagine unlocking a secret recipe that skyrockets your business to new heights. It won’t happen overnight, nor is it without initial effort. But the transformative power that emerges when you put this dynamic duo together is undeniable. We’re talking combining internal company data with external intel. Let’s explore the infinite opportunities that await when you embrace data-driven decision-making in this way.

Where Are You On the The Data Maturity Spectrum?

Did you know that the world of data-driven companies encompasses a spectrum of maturity levels? On one end, businesses rely exclusively on internal data. On the opposite end, they merge internal and external data to make informed decisions. This second group – let’s call them pioneers - gets to enjoy an explosion of intelligence, leading to smarter business choices, true competitive advantage, increased sales, higher revenue and better margins. In fact, a recent study by Mckinsey found that data-driven companies outperform their competitors by up to20%.

We’d like to unveil the secret of how they do it and discover if you could be one of them.

The Limitless Potential of External Data

For us data fans, there is no better way to describe it -> external data sources are hidden treasure troves waiting to be discovered. If you’ve never given this much thought, let’s dive into it a little deeper.

Firstly, you can find everything your competitors are doing online. What’s their pricing like in different channels? Are they running campaigns or promotions anywhere? You can find their portfolio information, customer reviews, search engine rankings, product availability, digital marketing activities and social media behavior. Sounds like an overload of intel, right? Nope, because extracting all this information from the internet is done automatically. By us. Because we love tech and data. We can also help you scrape weather forecasts, location data, financial statements and contact information. Whatever you need to base decisions on, we’ll find it and deliver it to you.

Secondly, once you have obtained these must-have data sets, the trick is to connect them to your internal company data. This isn’t as easy as 1, 2, 3, because what you label ‘red’, the competition might label ‘crimson’ and the data sets become incongruent. You’ll need to add a layer of data normalization that ‘neutralizes’ it, if you will, to fit your own data systems. Since we pride ourselves on not asking tech skills from our clients, we won’t ask it of you either. Just leave it up to us, we’re really good at this stuff.  

Anyway, once you combine the external gold mines with your internal company intel, you’ll truly start getting the most out of your business. Here are some examples to inspire you.

Outperform competitors on pricing

  • Monitor competitive pricing and promotions from various websites, resellers and marketplaces
  • Access real-time competitive pricing and receive alerts for price changes
  • Adjust your pricing based on competitive moves and track the impact on your business performance

Improve your products based on reviews

  • Monitor consumer reviews for your products and competitor products
  • Apply machine learning to analyze content and derive clear ideas for product improvements
  • Discover how to improve your products based on consumer reviews

Improve sales at resellers and marketplaces

  • Scrape resellers and marketplaces for relevant data such as brands, ranking, product specifications, communication, customer reviews, pricing and promotions
  • Access a personalized dashboard that combines external data with sales performance insights
  • Utilize the dashboard's actionable recommendations to improve your positioning against competitors, resulting in better sales at resellers and marketplaces

Remember, these examples are just the beginning! The opportunities for leveraging combined data are endless and we’re more than happy to share our insights. So, are you ready to elevate your business to new heights? We’d love to standby your side, harnessing the full potential of internal and external data and helping your company outperform the competition. Don’t miss your chance to compete and dominate the market! Feel free to reach out and help us brainstorm on what data you need to excel.

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