What Is Little Data and Why Is This a Thing?

The tech industry is obsessed with creating, using and understanding the next big, complex and exciting devices and solutions. Whether they are focused on the internet of things (IoT), advanced machine learning or big data, it is easy to assume that bigger is certainly better. Despite the obvious benefits of big data, Forbes explains that big data on its own is essentially useless without little data.

What’s little data?

little data is a thingBy most definitions, little data are the small pieces of information, such as traditional performance metrics, that illuminate a broader topic. Essentially, little data makes big data more digestible and accessible. For example, an organization may wish to create advertising and marketing strategies based on customer data. However, without having access to the small pieces, such as customer satisfaction, profit margins, social media engagement and more, the company will never be able to truly know if its efforts are paying off.

It’s always been a thing

Your company is collecting little data now. In fact, most companies have been collecting little data for a wile and doing it well. Your web traffic, sales information, number of leads — this is all little data. It’s just that little data is a new buzzword describing it.

Big data depends on little data and vice versa – you simply cannot have one without the other. While big data will paint a broad picture about a specific situation or business pattern, the little data will fill in the gaps and blanks in the form of key performance indicators. These key performance indicators (KPIs) can make gathering data more personal, moving beyond the big picture and targeting specific individuals or groups.

The crucial element of being successful when analyzing your little data is ensuring that you establish the best KPIs for your business. After all, if you are focused on gathering and examining the wrong sets of data – big or small – it is not likely you will achieve the results you want. And seeing things from the micro and macro level are both helpful. If your revenue is down, but leads are up then you know something’s wrong with your leads or the sales process. If customer satisfaction scores are up, but customer retention is down, it may mean you want to take a closer look at the numbers. Or it could be pricing.

When little and big data are in concert, you can find out a lot about your business.

6 Things to Consider When Launching a Product

6 thing to know when launching a new productYou might be working on a product that you believe will be the next big thing in your particular industry. Congratulations! While you may have a great idea, you need more than that to be successful in a highly competitive marketplace. Therefore, here are six things to consider when launching your product:

1. Timing is everything

You want to start early preparing for a product launch, but also be careful about precisely when that launch will be. Analyze your market carefully to determine the right season to release your product to the public.

It sounds silly, but timing is everything. Think about when consumer companies announce a new product (like the iPhone). It’s usually before the Christmas rush, but in enough time for people to understand it and buy it.

2. Good branding is essential

Many consumers are highly visual people, which is why you want to ensure that your packaging and branding is appealing to the eye. Meanwhile, your product’s name should be catchy yet simple to promote good brand recognition.

3. Are you targeting the right consumer base?

Maybe you assumed your product would be best for a particular age group, but quickly discover it’s more well-suited for a different demographic. If this is the case, don’t force your product on a consumer base that doesn’t want or need your product. Roll with it and refocus.

4. How will you market it?

Maybe you will make use of social media marketing or prefer more traditional advertising approaches. Whatever the case, carefully strategize exactly how you plan to get word out about your product before the launch date draws near.

5. What about your competition?

You don’t want to release a product into an overcrowded marketplace unless you have something revolutionary to offer. Make sure you know what competition you’re up against and how you should best handle their competing sales.

6. Don’t forget to be patient

While you might be expecting a highly successful release, remain patient if this isn’t the case. Sometimes, good ideas and products take time to catch on and you need to remind yourself not to grow discouraged in the meantime.

Speaking … or writing … of new products. We know a lot about new products. This year, we’ve launched unified communications, our cloud communications offering called ReadyTalk Hosted Voice. We also launched our new replay feature with a platform, ReadyTalk Illuminate. FoxDen, a ReadyTalk product, continues to innovate and release new features. And we’re not slowing down. In following weeks, you can read from our product managers who make it all come to life. (They’re awesome.)

It’s All About Video

Video killed the radio star.

I’m old enough to remember the day MTV began. Although I was in my tweens and my parents wouldn’t spring for the extra money to get the deluxe cable package that included MTV, the Finlands down the street did. All the neighborhood kids were at their house, watching MTV during the countdown, waiting for the first video to appear — the beginning of MTV. I remember it well. The first video played was, “Video Killed the Radio Star.” I was totally blown away. All of us were mesmerized.

video killed the radio starMy parents eventually got the extended package that included MTV. It was amazing, I watched all the events, including the “Thriller” premiere. It ushered in the end, or so I thought at the time, of the radio and spurred every band to ensure they also had a video.

I’m sure Baby Boomers and the Silent Generation remember the introduction of television. Millennials probably recall their first YouTube video. Why? There’s magic there. You can see, you can hear … and you can do both together. Although the radio hasn’t vanished, video has only become more important. We use video to talk with loved ones these days. We even use video for work, to collaborate even from our home offices or cars. If you’re in Marketing, you know video is key to content strategy.

How important? According to recent HubSpot marketing statistics, simply having a video on your business’s landing page can increase consumer conversation rates by an estimated 80 percent. Meanwhile, 43 percent of users expressed that they wanted to see even more videos from marketers. If you want to improve your company’s sales or online engagement levels, you need to begin integrating video into your marketing strategy starting today. Here are a few more statistics to convince you even further:

1. Nearly 50% of users view videos about a service or product before going to a store.

webinarThis statistic shows that if you want to bring people into your store or to your e-commerce website, you should be using videos. After all, another statistics indicates that as many as four times as many consumers would rather watch a product video than read about it. Today’s world is visually driven, which is why your organization should begin taking advantage of this fact.

More people are viewing videos from their mobile devices, too. In fact, 46% of all video is viewed on a mobile device. It’s not just for fun either. More people are on the go, in their car even, and need to communicate. Work should accommodate video on mobile devices.

2. Users collectively watch around 100 million hours of video on Facebook each day.

If you are not using video marketing on social media, you are certainly missing out on a large target audience, as the video consumption of Facebook users makes clear. Additionally, because 82% of Twitter users watch videos on the platform, you need to start leveraging the power of video soon.

3. Execs would rather watch a video than read.

Time-crunched execs have expressed concerns in having the time to read, sometimes even executive summaries. Instead, they listed video as the way they’d prefer communication.

4. Video in an email increases click-through rates by up to 300%.

Email conversions are hard. You don’t have much space to convey why someone should take a look at your marketing much less your product. Video though gets more click-throughs.

5. People recall video … even up to 30 days.

People recall video, even up to 30 days. Some videos, like poor Charlie who bit a finger or Gangnam Style, stick with you long after they’ve been seen. That’s the power of video. HubSpot also noted that comedy, news and music — in that order — are the most popular.

 

Get more info about video and its communication power

View Video Conferencing

4 Things to Know About Conferencing and Collaboration

You’ve probably been hearing about conferencing solutions since the mid-90s when they first rose in popularity. While this communication method has been around for a while, rapid advancements in broadband technology, online security and other innovative features have propelled web conferencing into the 21st century in full force. Now, web conferencing allows you to hold real-time meetings with hundreds of participants over the internet easily.

Conferencing and collaborationWhether your business needs a way to instantly connect with 1,000 participants or wants to have interactive polling for a smaller audience, web conferencing is your best choice. If you’re still unsure about whether your company would benefit from using this technology, here are four reasons why this powerful tool is right for you:

1. Manage meetings with ease

Managing a meeting effectively is never without its own set of unique challenges. However, with conferencing tools, you may find it easier than ever before to kick off and manage your meetings successfully. With web conferencing, you can send out automatic reminder emails to participants ahead of time, record meetings and present anything from slides to pre-recorded videos. You will also be able to grant control to any participant and even use voice over IP audio.

2. Share and collaborate with participants

Solid communication is the key to running a impactful meeting. With an online conference, you can quickly and easily share documents, promote your message over social media, conduct interactive polls and even enable audience members to raise their hands and participate. If you have a staff of remote workers or have offices on the other side of the country, web conferencing will give you the ease of collaboration you desire.

Recording and archiving options also make it simple. With the right product, you’ll be able to easily record, edit and share your recordings.

3. Quickly measure your progress

How do you know if your meeting is running well? Or if your message is being clearly conveyed? With web conferencing, you can send out post-meeting surveys, track attendance and use polls to see what you’re doing right and what you might need to improve.

4. Customer service

Here’s what sets many conferencing tools apart: customer service. Some providers never, ever pick up their phone. In fact, you’re lucky if you hear from your provider at all. At ReadyTalk, customer service is part of the package and we have award-winning customer service. We also have account managers who provide proactive information to our customers. Even if you’re not a customer, you can receive ideas and best practices.

Get more details

Find out why ReadyTalk’s conferencing and collaboration platform is better than our competitors.

Sources:
https://www.readytalk.com/products-services/web-conferencing
https://www.readytalk.com/products-services/web-conferencing/web-conferencing-all-tools-you-need
https://www.readytalk.com/sites/default/files/docs/support-training/How%20Web%20Conferencing%20Can%20Help%20Your%20Company%20Grow%20v2.pdf

7 Sales Trends for 2017

Sales is a constantly evolving field due to continual shifts in the world around it. As it is constantly changing, it’s important to realize key trends that may be shaping it in the near future. Here are the top seven to think about for the upcoming year as we look forward into 2017.

1. Leverage big and little data

Sales has more access to accurate and meaningful data than ever before. With this heightened availability, sales professionals should expect to see even more emphasis placed on analytics and data interpretation in the future, according to Salesforce.

2. The adoption of social selling

While social selling might merely be a buzzword to some at the moment, this strategy is actually incredibly important for salespeople to learn more about the people they are selling to. With this model, you can target companies and even know more about the pain points these individuals and their companies are experiencing.

3. More connection between sales and marketing

This disconnect between sales and marketing will likely lessen in the next few months and years as people began to see the benefits gained from working on the same page. Whether it’s called sales enablement or just doing business, these two departments will interact and engage more.

4. Consumers will want a voice

People want to know who they are buying from nowadays. As a result, consumers want human interactions with the companies where they shop. While automation is beneficial, companies shouldn’t replace meaningful human interaction with it.

5. Content is king

sales trends for 2017Thought leadership content is a huge trend in generating leads and making sales today. For cold prospects, it can warm them up. For people in the funnel, it can provide more ideas and information. Consumers want to know more about what they are buying from perceived experts, and successful content marketing strategies helps sales teams achieve this goal. This content comes from a variety of places, but one of the best converting: webinars.

6. Cold calls will become more irrelevant

With thousands of new solutions and selling strategies available, cold calling is likely to fade in the near future. Consumers rarely are persuaded by cold calls and prefer being wooed over social media or through more personal means.

7. Discounts and loyalty programs will draw in more sales

Inc. reports that an annual survey from the consulting firm BIA/Kelsey of 500 small to medium-sized businesses found that 26 percent of their sales would come from discounts. The average consumer is far likelier to purchase goods or services if they are offered an incentive or discount.

Sources:
https://www.salesforce.com/quotable/articles/biggest-sales-trends/
http://www.inc.com/christina-desmarais/7-emerging-trends-in-sales-that-will-disrupt-your-business.html
http://www.business.com/sales/danny-wong-b2b-sales-trends/