With the advent of technology and increasing connectivity in the last few decades, the world wide web is growing exponentially. According to multiple sources, more than 2.5 quintillion bytes of data are generated daily. An even more staggering fact is that more than 90% of data is generated in the last 2 years. There are now many available platforms that we can leverage on the web to make research more incisive and accurate.
There are many web platforms now that give us incisive business insights
If you are a restauranter operating in a specific part of town, you can now go to different platforms such as Yelp, Hungry Go Where to find out more about how your competitors are doing. You can look through their customer reviews, compare and even rank every viable competitor in an easy manner. This is particularly helpful if you are planning to open a food store in an area and want to offer a differentiated product or cuisine type.
Social platforms allow us to capture trends and predict consumption patterns
Facebook and Twitter have completely changed how consumers and users are influenced. Perhaps one of the most noteworthy incidents arise from the Cambridge Analytica scandal. According to the Guardian, the firm worked with Donald Trump’s election team to influence decisions at the ballot box and more than 50 million Facebook profiles were harvested. Social platforms do not just influence politics, but also businesses. By keeping track of what users are talking about you or your brand online, you can find commonalities to expand your user base or resolve trending crises quickly and effectively.
Web platforms now offer a range of interesting datasets that can be used for business. Leveraging on data effectively will allow you to leapfrog your competition and provide differentiated products/services.