When you launch a new business, the number one thing you need to understand before anything is your customers. You need to know what they need and want in their lives in order to choose the right products and services to offer. This is why you need marketing data.
Marketing data is information that provides you with knowledge about your customers and competitors, and helps you make decisions on what products and services you should be offering.
What marketing data do you need?
Different businesses have different needs. For instance, a start-up will be looking at a wider range of data than a business that has been in operation for several years.
The type of marketing data you will be looking for will depend wholly on what your requirements are. So if you’re a new business owner, you may be looking at competitor product ranges, customer incomes, online vs offline offers, and anything else that helps you get a better perspective of what your customers need.
If you’re an existing business, you may already have scores of marketing data to work from, to which you may need more data to draw conclusions. For instance, forecasting next year’s sales targets based on last year’s figures and this year’s turnover.
How do you collect marketing data?
First, you need to understand that there are two forms of data: primary data and secondary data.
Primary data is information that has been collected for the first time. You can do this in a number of ways. You can create an online questionnaire, you can run focus groups, or even just ask people on the street. The choice is up to you, though it is always better to have focused questions for individuals to answer.
Secondary data, meanwhile, focuses on market research carried out by others. This research can often be bought or licenced for your own use through data mining firms. This data may not be as focused as your primary marketing data is, but it could also help bridge gaps in information that you may be missing.
If you can now see why you need marketing data, we could be able to help. Contact us today and we’ll help you create a cohesive market research strategy.