The importance of Web Data Extraction for your Business
“The goal is to turn data into information, and information into insight,” thus go the insightful words from the first-ever woman to lead a Fortune Top-20. Yes, we are speaking of Ms. Carly Fiorina, the former CEO of HP.
We heard the wise words of the peerless Ms. Fiorina on data. Now would be a good time to deep drill-down into what exactly connotes data extraction…so shall we? Simply put, web data extraction or web scraping is the process of collecting or retrieving dissimilar types of data from various sources onto a single platform. In all likelihood, most of the aforementioned data would lack structure, coherence or even order. With data extraction, consolidation, processing, collation and scrubbing have to be step two. Web data extraction is the process of automating the extraction of data in a quicker and better way. Yes, speed needs to be the operative word today! Subsequently, the scraped data needs to be stored in a centralized location for final transformation. The locations could vary from being on-site, cloud-based, or maybe, a hybrid of the two.
Here are the Top 5 Reasons for Web Data Extraction
Competitor tracking: Need to understand how the competition is making headway in limited time? Time to scrape the data! By having a close watch on what your competitors are up to, you understand their hits and misses. Their new products would have undergone many beta versions before finally hitting the market. Extract the good points, add your own points to it for the best workable products & solutions. Furthermore, with data extraction Learning about the competitors, new players in the market, similar products or services, and the steps that the competitors are taking can prove to be hugely beneficial for enterprise growth. With web data extraction, you also get to monitor their digital activities.
Pricing strategy: “Price is what you pay. Value is what you get.” You heard it from the doyen of business himself – Warren Buffet. Like in most businesses and verticals, price is deciding factor for any new venture or business idea. But that shouldn’t be the only dynamic. Check competitor rates via web data extraction. Does your service or product offer more value or benefit to the consumer? Great! Then there’s no reason he won’t cough up more bucks. Decide on a competitive pricing approach while rolling out your product.
Lead nurturing: How does a prospect turn into a customer? Do you know your end customer well? Asking yourself these questions make for better business. With data extraction, you’d be easily discovering new content; target audience profile and consumer touch points. Your new customers are out there… waiting to be wooed. Be prepared and ace the game while you’re still ahead. Thanks to web data extraction, you could also analyze existing customers to ensure stickiness and retention.
New markets: Did you know that web data extraction is a big boon to enter new markets as well? Get the complete lowdown of the rising trends, target groups and on new and emerging markets where you could make an entry.
Item optimization: Consider this scenario. You need to purchase 10 best-performing laptops for your team. You’d be aware of the basic parameters – i5 processor, 8 GB RAM, 1 TB memory and so on. But how would you proceed in the busy marketplace? That’s right, you check for reviews! Optimize your product such that it doesn’t get missed regardless of the number of competition.
Riant Data provides quick and accurate data entry services and assures 99.95% (Character level) quality for our services. Trust the best for precise and meticulous data extraction. Drop us your notes below!