Data are bread and butter for the market research industry and the digital world. People love being digitally connected because of speedy access to something very crucial and important.
In the meantime, there is another vital practice that is booming simultaneously. It is data extraction. Data make you smart enough to understand what your customer wants, why your competitors are ahead of you and how you can push them behind. These and a lot more secrets can be cracked through data extraction from the internet.
Here are five advantages that data extraction brings to you:
1. Monitor competitors
Being wired, the ecommerce market is growing by leaps and bounds. It shows a big scope to intertwine with remotely present audience. Moreover, e-retailers have a golden chance to become a cash cow. They can assume customer purchase behavior and their preferences by exploiting the real-time data via IoTs.
The data can act like a licence to enter the digital marketplace. But, the tough competition interferes with your seamless entry. You can leap across it if you know what business strategies are your competitor’s big tools to accelerate profits.
Let get through what information can top up to your business strategies through web scraping:
· Product information from the competitors’ websites to strategise your new product’s launch and discover a new business strategy
· Product and services ads to disseminate budget appropriately
· Social media insights to come across the audience and their contribution
· Know the fad to serve what is required for being competitive in the market
2. Optimizing price:
Deciding the price of a particular product is a challenge. With web scraping, it is like a walkover because you will have the price details that your competitors are selling at. With that information in your hand, you can increase or decrease it while maintaining a profit margin. Apart from that, the A to Z information about your competitor will create a scope to become failsafe where your competitors almost fail.
Focus on extracting these datasets of your competitor’s customers:
· Customer’s feedback to measure up to their satisfaction level
· Pricing to prepare a dynamic pricing strategy
3. For Leads:
The web is a mine of leads. Thousands of digital marketers sift them through a massive content list through a unique and dedicated to specific business strategy. Organically, lead generation is a time-taking marathon. But with web scraping, the leads can be filtered and aligned in less than an hour. What all you need to do is:
· To decide the persona of your target audience
· To identify your competitors’ website in your niche
· To extract keywords, email list and their traffic growth
4. Business Intelligence to foresee risks & opportunities
There may have certain scenarios that can let you encounter unconquerable challenges, for example, inflation. Like stock marketing experts, you can foresee such bearish or bullish trends. The data pertaining to your business, niche and market carry every minute clue that can help to estimate what’s next. In short, you can foresee the potential risks and opportunities through data analysis.
Have you thought about how weather forecasting takes place?
The Metrological Department rounds up the data about the wind’s direction, climatic changes and other associated facts. Their insight helps it to come across the risks and opportunities for peasants, fishermen and other agro-based industries.
Likewise, the primary and secondary data extraction is unprecedentedly valuable to underscore risks and opportunities in the market. In essence, it lets the entrepreneur know how, when, where and what to hit in the bull’s eye via business intelligence.
5. Product optimization
Product optimization determines the procedure or activities to measure, analyse, model, prioritize and effectuate actions that can refine the product.
However, a tester or auditor can do so. But, there are certain verticals that can be won through customers’ feedbacks. Their pain points have what improvisation can retrain your product from the risk of being flopped.
This is again a breakthrough that drives through reviews’ extraction. Your customers may love to purchase your company’s tile if it comes in a variety of neon colours. Or perhaps, they want a fabric that has the comfort of cotton, but the lustre of silk. Their reviews and queries in comments can help you to evaluate where your product stands in the market.