Importance of Marketing Data

Depending on the size of your business and what stage of development you are in, the types of marketing data you collect vary. For a company that has just opened or will start operating shortly, you will want to conduct a large number of market studies on target markets, advertising and marketing options, consumer habits, local demographics, transportation and transportation costs, salary ranges, and anything else that may be relevant to your particular business.

If your business has already been established, you probably have previously collected most of this marketing information. But you must also collect more complete marketing data about your current customers. This includes information about the region that contains most of its customers, payment methods, and average expenses. You should also know your most popular products or services, your least popular products and the factors that can affect sales, depending on the season.

Together, all this information can help you sell your products or services better.

Also, it will be useful to know what your customers think about your products and services, as well as your business in general. This can help you evaluate customer loyalty and determine if you can lose a customer due to the competition. The more you understand about your customer base, the more opportunities you will have to provide them with expert service and profitable products.

marketing data

You should also gather contact information, if possible, to be able to easily communicate with your customers about upcoming sales or promotions events, or other information about your business that they may be interested in receiving. Knowing what publications your customers read and what social networking sites they visit will also allow you to advertise them more effectively.

The marketing prive collection is usually carried out in two stages. The first step in which primary data is collected is the first time you collect marketing data. The collection of secondary data is the second stage: they are usually data that already exist and are obtained from another source.

The primary data may consist of the simple customer contact information or more complete data taken from surveys and customer questionnaires. The purchasing habits of their customers also fall into this category, as well as fluctuating sales data in a daily, weekly, or monthly schedule.

Secondary data should never be dismissed as meaningless: it can often give you a deep understanding of specific areas and target markets. Also, thanks to the vast resources of the Internet, most of the commercialization of this type of data can be obtained for free as long as you have the time to investigate and know where to look.

Summary

It is useful to have a good network system to record and store all the marketing data that you collect and the data protection and backup tools, so you do not accidentally lose data. You must also ensure compliance with the Data Protection Act, which serves to protect the privacy rights of your customers and the data collected about them.

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