Data can represent everything. Information, numbers, facts, instructions that are helpful to understand an object or an entity that exist within an environment. In a business environment, data means any information related from the production to the consumption process that acts as archives or records, beneficial to the significant future action to achieve better business results, be it the efficiency for productivity or to obtain better revenue. There is a valuable thing that can be figured out from a set of data.
According to the World Economic Forum,
To operate effectively and efficiently, economies need reliable, continuous, and affordable access to data.
The existence of data can drive a company’s decision and concerns regarding the planning and marketing. With the right set of data, companies can determine to channel their products promotion to their target audience. This action will lead to cost efficiency in marketing strategy. By targeting the exact market that is highly likely to consume the products offered, companies are able to promote directly and the conversion rate of the marketing channel are more likely to increase.
Relevant data allows companies to discover market needs. Setting the data to the most specific way is one way to understand the market. Use case that is closest to be applied to market the products is the product dispersion based on the geographic level. From one city to another, the company can measure the acceptance of their products. By driving their product distribution to the highest receptivity, companies can expect higher revenue and income. Therefore, companies can also expect lower excess products that are stuck in stores and retailers.
Every company in general, has the budget allocation for marketing and promotion. With this budget, companies will test the market in terms of product receptivity by the conversion measured from the marketing strategy. But, the downside of this method, the audience is unknown. If only the companies have the insights in advance about their market, they can allocate their budget to the right market for better targeting which leads to better conversion and revenue.
These use cases are applicable to the marketing allocation of the brand companies and manufacturers. Answering all the needs, the role of data in business is better targeting, so the companies are allowed to channel their marketing cost and expect better result of conversion and revenue in return.
Now the question is, how to acquire the data, and what kind of data that are best to give the desirable result? The answer is, listing of business profiles. Specific business profile covers business sectors, location and value demand from a particular range of time. This specialized set of data are possible to obtain from business transactions. To make the purpose of data collection and pooling is possible, Tokoin engages to the transaction of business existing in any online trading ecosystem.
Tokoin works by crediting the data set; the business profiles that are registered in the Tokoin platform, with the transaction information validated as well. Therefore, data users can be assured that the data compiled are accurate, as the data providers are the participant of the ecosystem. In the ecosystem of data in Tokoin, the MSME as data providers are able to maintain their data and receive actual data request. The transaction history that is done within the Tokoin platform is also recorded to provide such market overview which is beneficial to gain insights about product demands from their buyers.
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