16 Aug What data should startups collect?
Most startups understand the importance of data, particularly in the digital age where everything can be processed and stored in a virtual environment, but understanding exactly what data to collect is a different matter. When companies are first starting out, they have to ensure that whatever information they collect can be leveraged to help the business grow.
Figuring this out can be difficult, so an article in Mashable set out to answer the question. Dani Fankhauser, the article's author, gave examples of various startups and examined how they were able to use data collection strategies to fuel their early growth. One case study was Fligoo, a gift recommendation app, and its co-founder Juan Cruz. The entrepreneur shared what worked for his company and ultimately came up with one universal principle every new company should follow.
"All startups should be collecting data generated by their own product," he said. "Knowing what actions users do frequently, or not at all, allows a startup to improve the experience every day."
In the case of gift recommendation application, this would include the number of times users log on each day, what links they click in the app and any other action they take once it's open. This principle can be applied at virtually any company and those that understand how to collect and use data will be able to both improve that specific item and create more refined products going forward.
Of course, the only way this information can really help is if it is processed in a way that creates compelling, real-time reports. A custom database software system will fulfill this need at any startup.