Why customer data research is more important than ever
The rise of social media and advancements in marketing software has resulted in an increase in purpose- driven marketing tactics that have changed the way companies interact with consumers forever.
These tools have generated a wealth of information, based on actual consumer needs, which market researchers now use to develop more strategic marketing efforts.
No longer dependent on past projections and industry forecasts, market research can generate more accurate information based on consumer activity. These changes have allowed companies to improve their current marketing strategies, increasing revenue and growth, while also inspiring them to build a long- lasting relationship with their customers.
1. More room for flexibility
Growth in technology has allowed marketers to approach their audience in real time. Today’s increasingly mobile consumers value flexibility more than any other generation in history, making it essential that companies meet those needs if they want to stay relevant.
Big data has granted marketers access to a wealth of consumer information, from past and present that now allows them to go beyond past limitations that may have jeopardized their success in the past.
No longer limited to stagnant banners, billboards, and outdated commercials, companies can now tap into digital marketing research that shows them exactly what their consumers want. Detailed research has also increased the marketer's ability to prepare for certain changes in the market that may affect a company's growth.
Whether it’s seasonal trends, shifts in the economic landscape, today’s technology keeps markets on equal footing with their customer, allowing them to be more flexible without as much risk.
2. A more personalized approach
Marketing campaigns can now directly reach potential consumers while in the stages of product development through active engagement such as surveys and interviews.
Analyzing substantive customer feedback rather than just relying on past experiences and projections, has created space for businesses to adjust their customer services based on actual needs rather than observations.
Consumers today don’t just want to know if you are offering high-quality products, which of course still matters, they also want to know who they are buying from. Understanding the specific needs of consumers have allowed business all over the world to tell their thought leadership story and develop their brand personality through more personalized marketing campaigns.
3. Market research has become more diverse
The rise of big data has changed the role of the market researcher in significant ways. A professional analyst doesn’t just understand the history of consumer behavior, but now takes on the additional role of keeping on top of real-time data to provide a more accurate picture of consumer behavior.
This information can be sourced from various channels, like Facebook and Twitter, as well as from mobile research, and retargeting efforts.
In addition, technology has helped to cultivate a diverse digital workforce, increasing access to expert research analysts through an abundance of freelance platforms that specialize in technology-centric positions. Companies are no longer dependent on internal networks and traditional job platforms in order to find an experienced market analyst. The freelance economy has both diversified professional networks and increased a business's access to new knowledge, increasing their chances of staying competitive in an ever-changing digital marketplace.
4. When the going gets tough, the tough get mobile
Once upon a time, a customer that moved away would be a lost customer. But, with continually developing location-based technologies, businesses can adapt to a more mobile consumer base. For market research analysts, understanding consumer mobility provides a rich database of information that can help companies improve their services and keep up with the competition.
Not only limited to businesses that specialize in travel tourism, e-commerce, e-tailers also greatly benefit from this information. Knowing whether or not someone travels regularly or takes the same commute to work each day can help marketers create more strategic campaigns that provide tailor made offers based on an on their current or projected location.
Overall, market research has come a long way since the 1920’s when the term “commercial research” was first coined. The relationship between contemporary market research and technology has proven to be beneficial to digital marketers and advertisers.
Thanks to these advancements in technology, market research today have not only improved the consumer experience but has also encouraged businesses of all sizes to be more transparent and inventive.