Tuesday, June 18, 2013

Public Data: What It Is and How Can Your Business Benefit From It

Public Data is any data on the vast online platform that is accessible by anyone. It is that data which is available to the public. In that sense, even social data qualifies as public data because it is available on the internet and is accessible to the public too. 

As businesses continue to create their online presence, they also create a lot of Public Data. Here is what comprises your Public Data on the social channels – 

  Face book posts
  • Tweets and Re tweets 
  •  Likes
  • Comments
  • Shares
  • People talking about your product/ page.
  • Favorites
  • Fans and followers
If this was about social channels, even your company blog and in fact your website itself are all sources of Public Data. The content on your website pages, external and internal links within the websites, blog content, blog comments and shares all constitute your Public Data.

Importance for Businesses

As Public Data is accessible and most importantly visible to anyone and everyone who visits your online pages, it acts as a public profile of your business. It tells your visitors and customers everything about you. In other words, your Public Data will give insightful information of your perspective to existing customers as well as to your competitors, about your business and how well or badly you are doing. 

Similarly, for you as a business house, Public Data is an essential and useful resource to learn all about your customers and competitors. If they can glean insights from your Public Data, so can you. Closely analyzing your customers’ likes and dislikes, product and brand affiliations, service requirements will open up a whole new world of opportunities for your business to explore and exploit for revenue building. 

In the same way, analyzing and understanding your competitors’ Public Data will provide you with actionable insights loaded with critical business intelligence on their product and service strategies, their marketing tactics and promotion techniques.

Public Data is here to stay and it is very important for business houses to make the most efficient and valuable use of it. In fact, I believe that the future of business will largely be defined by how business organisations use their Public Data. 

So, have you explored the benefits of your Public Data yet? If not, now is the time to do it.

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