Marketing information critical to the success of your business.
Let’s start right away with a dry question: can your company’s success and strategies be based on improvisation, avoiding market research?
Certainly not. If you want to get real results, avoid missteps, and maintain (or gain) a good position in your target market, then you need access to a number of key pieces of information. What we will call market information in this article.
What is it all about?
This is indispensable data so that you can make timely and wise decisions every day-for example, about a product launch, an advertising strategy etc. – and so that your company can outperform the competition and please your target clientele as much as possible.
As you may have already guessed, market information is not static but constantly changing.
In order for your company to continue to grow and stay abreast of current and future trends, it is therefore a good idea to conduct periodic market analyses dedicated precisely to updating this information on an ongoing basis.
What is the market information?
Did you know that in 2018, Pope Francis uttered these words…
Strangely, we never had more information than now, but we still don’t know what’s going on.
That’s right: market information in itself is of little use if it is not projected to the achievement of a concrete goal. Without bothering with spiritual reflections, in the business world this means that the information your company needs varies according to the goals you want to achieve.
As you may have read, it is data derived from market surveys that enable companies to make well-thought-out, potentially successful marketing decisions built on precise objectives.
In the case of our online market research, marketing information is obtained from the web listening (“web listening”).
Are you wondering how we get them?
We’ll reveal it right away. It is no secret.
Questioning the Web. And doing so through the use of complex dedicated software. Not just any programs… Our software returns real results, which we analyze, process and translate into actionable information, that is, information that can be used by client companies to produce effective business and marketing strategies.
Among the indispensable market information for companies are three in particular that are vital for all companies. Here are what they are:
- Defining target customers and their needs (and preferences)
- Trends related to the target market
- The estimation of ROI
Let us see, below, how market research helps us find this information.
Read also: Market research & marketing: 5 (vital) data you could get today
Market information: defining target customers and their needs.
Knowing the target clientele is critical not only for start-ups but also for well-established companies. In fact, target customers update with time and vary according to market fluctuations.
You have certainly realized that the clientele you were referring to 10 years ago is not the same as it is today. Or, if he is, he has probably sharply changed his needs.
Remember: knowledge is power versus competition. And, for your business to succeed, you need to be able to answer these and other questions:
- Who is my typical customer? (How old is he, where does he live, what is his job, what is his income etc.)
- What problems and/or needs are my customers trying to solve with a particular purchase?
- What do my clients want and love?
- How do my target customers search and find what they need?
- Where do my customers choose to shop?
- When do they choose to go ahead with the purchase and when do they not?
The (correct and comprehensive) answers to these questions are the cornerstones of a company’s success… Supported by the other market information we are going to look at in the next paragraphs.
Knowing current and future market trends, changes and innovations helps you keep up with demand and maintain your competitiveness in your target market.
With this knowledge, you can better study business and marketing strategies and aim for success by playing ahead of your competitors.
Market information? Can’t miss the estimation of ROI!
Our market research can provide you with reliable predictions of the ROI, or Return on Investment of a particular stock. As you may know, estimating ROI is critical data to avoid making rash marketing decisions.
Not just another index but the profitability metric that measures your company’s ability to efficiently deploy the resources at its disposal and that measures the return on capital invested in a given strategy.
ROI is one of the most widely used budget ratios and is critical to keep track of in order to evaluate past management, monitor current activity, and make decisions about future strategies. It can be calculated not only at the company level (to evaluate business management and resource utilization) but also at business level to compare the operating profitability of a particular business area with other areas in the same company or belonging to competing companies.
Before launching a product/service, fine-tuning a strategy, and (most important) before starting a business we strongly advise you to identify ROI so that you have full knowledge of your possible earnings.
Read also: Marketing information: ways and systems of search and acquisition
In conclusion
As you may have guessed, companies that do not have access to the information that is obtained through market research are forced to rely on intuition and fate. Result? In the vast majority of cases, they end up not achieving their goals (if they ever set them) and, more importantly, investing large sums of money while getting, in return, little to nothing.
Don’t take that risk and choose to base the most important choices for your business on certain and reliable data by evolving your business into a data-driven business just like all the most successful brands.
Want to discover all the concrete benefits of market surveys for your specific goals? Contact us now !
