It is so important to know how to use data collection and analyze it for your own good.
In every market research and before starting any business, you will definitely see what the market is looking for, and data collection is the key that guides you through your business journey. In fact, there is a lot of available data on the digital world, unlike traditional business; you must use it for decision-making to improve your business.
In addition, you have to be accurate in selecting and sorting the information according to what you need the most.
Therefore, you obviously need to understand data types, so you can know how to select and use it.
There are two types of data, qualitative and quantitative.
The qualitative data is the observable information which cannot be quantified to express numbers, but to express categories, such as, traffic' location and product feedback.
It can be conducted through focus groups or one to one interviews and other methods. Furthermore, qualitative data helps you to know who your customers are? What issues that needed to fixed in your business? ...etc., and on this basis, you can solve your problems and develop your product or service.
We move to the quantitative data, which we can express numerically. It answers questions like, how much? How often? ...etc.
For instance, it shows the number of visits to a website, how many purchases have been made per day? Which item is most sold? ...etc.
Knowing how to use both data collection qualitative and quantitative at the same time will help you to better understand your data and to analyze it in a clear way. Moreover, learn how to choose which data to analyze and ask yourself the following question, what are the data that shows me a direct and an effective situation to focus on it. Then, ask yourself the following question, what are the data that affects the situation indirectly and place it in the 2nd category and keep it under your eye watch.
Data should always be compared against the same time of year and your competitor. If possible to detect discrepancies and learn corrective or preventive decisions based on it.
Additionally, your website can provide you a lot of data showing the situation of your business where you can collect this data directly from your website or from other tools like Google analytics. All you have to do is just paste a code on your website that is provided from your Google analytics account, and you can know almost all things about your visitors.
Finally, your online data is inseparable from your "on the spot data", because they are overlapped.
As a result, data collection and analysis is extremely helpful in your business’ development and in problem-solving.