We might get on the road without maps and directions. It's adventurous, right? A bunch of friends on a road trip without a decided destination, destination research, pre-booking of the hotel, of course, its overloaded dose of fun and adventure. Well, let this adventure be limited to the travel and not to the competitive tech world. Getting started with the business ride without market research, data survey, accurate analytic and predictive analytic approach are extremely risky. Even the one with adequate research also fails at times. Neither business nor its marketing should be done without research and data analysis.
It has been very truly said that ‘numbers never lie’. When you are in the marketing field, all your conversations and result measurement is in the terms of numbers only. Keeping aside your likes and dislikes, one of the major factor framing your marketing strategies should be data relevance. There is no surety that a data-driven strategy wouldn’t fail, but the non data-driven strategy would mostly fail. The highly essential data that your business needs are your focal customer base, online audience, competitors strategy and demand of the business. The more curate your data is, the more you will know about your audience and the more you will work in the right direction. A number of users interested in the sector, the list of such users, their working pattern and behavior, revenue generation capacity are some of the must-have data to initiate and proceed.
Mere data accumulation is enough, but accurate and reliable data is something that a business needs the most. The basic question that strikes your mind is how and from where will you be able to avail this data. There are many companies which provide data services to various businesses to generate better customer relations. IBCConnect is one such company that assists in providing data insights in various industries and as discussed above curate and reliable data. Here are some of the reasons why data should be placed at top-notch for framing marketing strategies.
1) Explore niche audience
Back in the date, the marketing was targeting a huge set of users or let’s say the entire crowd on a whole. There was no room for audience segmentation. But is this thing possible at the current time? Of course, not. The marketing strategies this date are is not for the mass, there is selected set of users to pay focus on and target them. Refined and first-party data is what should be preferred in such scenario. Such data are voluntarily shared by the users themselves, which makes them highly reliable.
2) Digital marketing
The world is at the outset of the mobile-first era. The marketing strategies for the web and mobile should be different. Which strategies to implement to promote your business on the web and that on the app should be also be formulated based on analytics. The curated for the digital marketing is very sensitive and highly fluctuating. If you already have some data and research from your end without hiring any data provider services, make sure to hire a data cleansing service to know that the data is latest and not stale. Your marketing strategies and even budget will go in vain if it is based on stale data.
3) Competition analysis
User analysis is not the only data to pay heed to, competitive analysis is also one of the integral chunks to store details about. Which are the similar business in the industry, whether they are profitable or not, how much revenue do they generate, what is their user base are some of the data you should be looking for?