Using data analytics and market research to support well-informed business decisions is a sure-fire way to see positive results. In fact, nearly nine out of ten companies (88%) use their event marketing data to inform marketing strategies and make tactical decisions.
Hear what business executives had to say in a recent study about the ROI of using data in business operations and marketing strategy. And, learn why it may be time for your business to do the same.
By using data analytics in its many forms, you can really understand who your target customers are and what they want. Data allows you to get into the customer’s mind and understand what motivates their purchasing decisions. Make sure you’re marketing the right products and services to the right audience, at the right price point.
There are many ways to collect and interpret data about your customers. For example, you could study your website bounce rate and then come up with better ways to keep people around. Try looking at social media engagements to understand what makes your audience tick. Or, conduct a focus group study to learn their reaction to your product.
Collecting data through market research offers useful insights for multiple teams, from marketing to product development and even the c-suite. Data saves you time and money by revealing ineffective marketing strategies. Similarly, market research in the form of customer product trials, “shopalongs”, taste tests, and in-home product tests show you how people interact with your products. User data from those studies helps create valuable products that are much more likely to convert your leads and buyers.
Any seasoned business owner knows that nothing goes perfectly all the time. Rather, things can go wrong quite often. But every setback is an opportunity to make better decisions for the future. And, with data, you can understand why things went wrong, so you can prevent the same mistake from happening again. Data lets you quickly pivot in response to feedback (through product, brand, or service adjustments) without sacrificing revenue.
We know that profitability is a major motivator for businesses. And, data can have a huge impact on profits. When you make decisions without considering the available data, you risk losing out on profits and damaging your brand’s reputation. Market research data shows you what’s working and what’s not, so you can focus on the areas of your business with the most potential.
Additionally, sales data, growth rates, and campaign impact reports can allow marketing teams secure a higher budget for the next calendar year. In fact, 98% of marketers rely on data to secure their budgets. With supportive data, you can establish clear business plans that will appeal to investors, accounting teams, and board members.
Regardless of what industry or niche you’re in, market research data can help you improve your business. But given the sheer volume of data and all of the possible ways to collect it, you may soon feel overwhelmed. You’re not alone.
Although most business owners understand the value of data, far fewer are confident in how to leverage it. Only 25% of marketers are confident in their reporting ability, including the ability to manipulate and interpret the data in a meaningful way.
Our team of professionals utilizes deep research techniques to provide data-driven insights–actionable insights to provide direction, confidence, and the power to make smarter business decisions overall. Schedule a free initial consultation today to discuss your project.