Planning great marketing strategies depends on collecting the right marketing data, no matter whether you are planning on advertising for small business or a large corporation. Obtaining sufficient data enables businesses understand customers’ needs to serve them better. It is used to predict upcoming trends and prepare for them in advance. Furthermore, the data can gauge the effectiveness of marketing campaigns. But, many times, business owners are at a loss as to which marketing data for focus on. To dispel this confusion, this post points out the five major market data types every business should collect and measure.
Collecting primary data requires thorough research to find out purchasing reasons, price and improvement suggestions from customers. Of course, these details throw light on present sales status. Also, this type of data helps in determining the efficiency of current marketing practices. Generally, businesses apply various techniques like telephonic interviews, online surveys and direct customer feedback for obtaining relevant data. All in all, primary data offers invaluable information, making it easier to create marketing strategies.
Customer Feedback Data
Customer feedback data is one of the most valuable types of business data. It is advice for business improvements straight from the source that is most valuable – the customer. You can source customer feedback using interviews, surveys, reviews or similar. These are some of the best strategies to collect customer feedback data. This information will be priceless for growing and improving business operations to better fit customer needs. It will also help you devise the best guerilla marketing campaigns that will deliver an experience your target audience will appreciate and interact with. That is why this is one of the most important types of business data to track.
Customer Identity Data
Before launching promotional campaigns, knowing your customer is crucial. Customer identity data offers an in depth understanding of your target audience’s lifestyle and habits. Start by collecting basic information like customer full name, gender, address, profession and contact details. In addition to this, you can ask for details like favorite food, color, number of pets or liabilities relevant to your business. Surely, the right set of customer data will assist in personalizing your marketing efforts, gaining better success for your business.
Another important part of market research is collecting competitor related data. First off, evaluate the marketing campaigns of competitors and their success rate. Next, list what you like about those campaigns or don’t in an Excel timesheet. Then, investigate their product or service features, pricing policy and customer service quality. Certainly, these details indicate competitors’ weaknesses, allowing marketers to develop marketing strategies around them.
Market Sales Data
Since market sales determines the chances of business growth, collecting this data is imperative to optimize local search marketing services. Examining the number of products similar to your business’s offers fair idea about market scope. Plus, survey sales quantity of such products, price points, usage frequency and longevity. Definitely, detailed market sales data will reveal size of market, providing clue on enhancing the efficiency of marketing tactics.
Operational data offers key insights about customer behavior and their interactions with your business. Moreover, this type of data informs marketers about recency, frequency and monetary value of customer transactions. Undoubtedly, tracking the number of purchases, cancellation and product returns can offer pertinent data. You can measure communication channels, click through rates, website visits, customer complaints and queries, analyzing their overall experience. On the whole, collecting operational data directs your marketing endeavors in the right direction, attracting more customers.
Knowing which types of market data are important to collect helps marketers proceed with a definite plan when conducting a segmentation analysis. Each type of data offers vital insight about a specific aspect of marketing like customers, demand, competition and market size. Additionally, obtaining operational data simplifies measuring customers’ satisfaction level. Obviously, these data play a key role in developing better marketing strategies and ensuring greater success.
Market Data Solutions
Market data is only helpful when it provides solutions. If you are unable to turn market data into real world applications for your online business, it is useless. That is where companies like Barchart and similar come in. These companies convert market data, financial data and news into solutions for any industry. Barchart, in particular, translates this market information into technology solutions for business including data feeds, on demand web services APIs, website solutions and software and enterprise data management. If you are inexperienced and unsure of how to translate big data into real world solutions, find a company like Barchart to do it for you.