In the last few weeks, we have discussed different topics regarding market research like market tests and surveys. The function to perform such activities is to generate data. But why is data important?
To answer that question, we will discuss three ideas: Marketing data and your brand, data to understand your customers, and marketing data to generate new opportunities.
Marketing data and your brand
You have invested time and money to build a brand. Yet do you really know how people feel about it? Do people like your logo? Do people recognize your brand against other competitors?
Making questions like that and getting the data to answer them will allow you to adapt your branding strategy.
Data to understand your customers
Do your customers really like your product? Or do they like only a part of your offering? Is there something missing?
Data could make your offering cost efficiently and your customer happy!
Marketing data to generate new opportunities
You’re a 3D printing company, you work in dental. COVID-19 has killed the industry. Or has it? Medical supplies are needed, and your printers can be a great solution!
That last example is a real-life case of a brand that I work with. And now we are saving lives.
Market data to become a market leader
As you have seen there are many questions, and there is a lot of data in the world. If you want to get to the top you are going to be efficient in getting the data and interpreting it. As the saying goes “Knowledge is power”.
I hope you enjoy this article; it was short and to the point. If you have any questions that need answering please leave a comment below!