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Does Data Influence Your Business?

The contemporary marketplace is heavily reliant on data. For businesses, the role of data in the marketing research process is crucial for stakeholders to make decisions based on customer data such as order history, preferences, incidences, customer service tickers, and more.

According to a study done by Deloitte on The Analytics Advantage, nearly half (49 percent) of all the respondents feel that data analytics helps them make better decisions, and 30 percent say that it has fairly improved their competitive positioning in the marketplace. In a world where trends in disruption, technological advancement, and customer evolution have created uncertainty in the marketplace, such trends and many others have motivated business leaders to employ data in decision-making.

As such, the collection of good quality data that is thorough is important for any market research activities to be considered successful.

 

Why good, quality data is important for your business:

Increases efficiency: Traditionally market research activities can involve a variety of methods to run and analyze surveys for gathering market data, and depending on the type of research study in question, finding a “one-size fits all” approach is not entirely easy, often costing a lot of time and people in the process. Acquiring good data helps to identify a re-occurring pattern as well as any specificities that align with the businesses’ objectives, allowing the decision-makers to replicate the same research study again and again, quicker and more efficiently.

Cuts cost: It is not just a large corporation, even small businesses are being overwhelmed by the constant increase in expenses, making expenditure control an important factor in maintaining business growth and continuity. As an example, using insights derived from customer data, a business can make strategic decisions to eliminate unwanted marketing costs by employing strategies that are most likely to convert customers to sales much faster and cheaper.

 Reduces risk: Having access to good quality data makes it easier for a business to organize and manage the same data in one location, which ultimately helps the business in the long run. But most importantly it reduces the risk of a data breach as a result of data duplication, inconsistencies due to lack of organization, and inadequate security.

 Enhances customer relations: Understanding the connection that data has with customer brand affinity can help a business double down on the aspects that can enrich a businesses’ promotional campaigns. As an example, data from Google Analytics can help you understand how many users prefer to shop using mobile, tablet PCs, or laptops allowing the stakeholders to optimize the shopping experience of their stores for the devices that have the highest usage from customers.

 Make the most of the information: maximizing the value of data is a necessity in the age where data is considered digital gold, an underlying factor that can provide very profitable returns for businesses that are established and informed about the value of data. Maximizing data can help businesses predict consumer behavior, and establish meaning from correlating data, everything from identifying the best customers, and charging the right prices to cost allocation, some of these insights help businesses embrace and maximize the spirit of innovation.

 

For businesses to benefit from the advantages of good, quality data, the stakeholders must ensure that:

  1. The information collected from the data sets is complete, with no partial answers, break-offs, or gaps.
  2. The participants providing information are all unique and different. The same individual should be taking the survey more than once.
  3. The participant should take an appropriate amount of time taking the survey, not too long and not too short.
  4. The information is accurate and reflected in the right areas of the survey.
  5. The information passes the guidelines of the data quality requirements.
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