When it comes to immediate data, the value that it contains for your business has quite a brief shelf life. You gain valuable insight from information in the short term, but unless you act upon it immediately, does this mean that it becomes stale and useless forever? The answer might surprise you.
Although immediate data can only be acted upon within a certain time frame in order for it to provide any value, there is a point after the stale period where it can become incredibly valuable to you. Take a look at the graph below, created by our very own Harry Bott, which illustrates this point:
As you can see, the value starts off being quite high, but then quickly drops and enters a stale period. Then after some time passes, the information’s value ramps up again – which is what we call “evergreen trend information”.
If you buy today's newspaper, it will have great value for the next 12 hours or so, but by tomorrow it will be useless. However, if you wanted to get info from that same newspaper 3 years from now, the value will be much greater and might cost you a lot to acquire. Such is the way with evergreen trend information. So how can this help you?
How Evergreen trend information can improve sales and operations
It's likely that you rely heavily on the telephone to generate an inbound response, so technology such as missed call alerts can be incredibly invaluable for generating data with immediate value. For instance, looking back on the last week, which members of your customer service team answered the most calls and which let too many slip through the net?
The valuable evergreen trend information here would be looking back at the past month, quarter or year and identifying insightful data such as time of day most missed calls occurred, days of week where most calls were generated and which team members missed the most calls overall. This kind of information can help greatly in directing the future of your internal operations.
The same goes for your sales team – you can see who made the most phone calls throughout the day and how long the calls lasted. This is great immediate data, but what about the long term trend information? You can see, over a certain period of time, who generated the most sales calls, what time of day had the longest lasting calls and much, much more.
This can even be applied to your digital marketing efforts; which PPC keywords have bought in the most clicks, leads or inbound calls over the space of 3 months, for example? Which of your print advertising efforts have been most successful in generating a response and for what period of time have they been most effective?
The importance of this is you see how short term data doesn't die after you've made short term use of it. Any form of data can be evergreen if it serves a specific purpose, you just need access to the right data and make smart decisions based on the trends you discover.
What ways have you used evergreen trend data before? Have you surprised yourself with what information your long term data has reaped? Share with us in the comments below.