Entrepreneurship

What Data Will You Discover?

May 23, 2017

We live in the era of data.

Companies do all they can to collect “Big Data”; information from or about the people who use their products. This information shows researchers how users interact with products, who they’re connected with, and much more. Big Data is interesting because it’s so easy to collect data nowadays that special algorithms are needed to parse it.

This is important if you’re creating a product because you need to learn as much about your users as possible. This might mean tracking their usage of your technology product, or giving them a survey to complete. No matter how you collect it, it is key that you gain first-hand data.

Your companies’ unique edge should result in proprietary information.

No matter what you do, you can collect data about your users. If you have a website or app, you can learn about what makes users click. If you use social media for marketing, you can learn what kinds of posts have the best result.

This is what we’re facing right now. We’re trying to determine which of our users are leaders who are positive and sporty. Because we have access to a lot of their Instagram profiles, we can look at those. But how do we learn what we need to know solely through Instagram? When we figure that out, the information will be highly valuable to us and to other companies in the same space. But why should everyone do it?

There are many reasons to collect data, least of all monetization.

Whether you’re learning about your product, your customers or both, there will be information for you to discover.

  1. Discover what type of person uses your product
  2. Learn what your users like about your product
  3. Find out what your users want to see in your product
  4. Collect customer segment information to sell (if legal)

First, determine what your average and best users are like. Then, determine how your product can solve their problems. Finally, regarding the last point: conventional wisdom is that if you don’t pay for a product, you are the product. The information Facebook learns about you could be worth almost $60 per year to advertisers. Facebook learns about you from your usage, and people pay them to share what they’ve learned. Therefore, data might be your ticket to building a product you can monetize.

Your users can provide so much valuable insight. What will you learn?

 


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