Any serious business strategy relies on market research. Whether a company wants to learn the current effects of its efforts or is preparing to launch a new product, market research can provide essential data that will make that business competitive.
Companies mine different datasets to perform market research. In many cases, this data is put into different research templates through which dashboards are created so that key stakeholders can extract valuable insights.
In other words, these datasets are essential raw data required for performing market analysis. At the same time, companies also need to perform corrupt data cleaning to ensure their data within the organization is reliable.
Here are some of the different types of data used for these valuable insights.
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Data about customer journeys
One of the essential goals of data gathering is to build better relationships with customers. One of the critical pieces for solidifying relationships is to know the buyer’s journey of your customers, especially when it comes to the B2B industry.
In most situations, big-ticket items must be approved by multiple people. Those decision-makers aren’t always the people who are evaluating products. Many companies use surveys and interviews to understand the buyer’s journey and create marketing strategies.
In the B2C industry, companies usually learn about customer journeys using data analytics and address their shortcomings on the websites and within different touchpoints. For example, e-commerce customers might be leaving their carts too quickly.
It means that the whole checkout process is poor or too long. On the other hand, it also might mean that the store isn’t offering adequate payment options.
Data about user engagement
Companies gather important engagement data, including shares, comments, and likes, giving important insights into how connected customers are with a brand. Many businesses launch social media hashtag campaigns to increase awareness while extracting insights from branded #.
Another good place where companies can measure user engagement is their website. For example, even though initial data can show that there’s a lot of demand for services or products, the landing page can have a small number of conversions.
In this case, companies either need to do data merging and get more info, or it simply means that the landing page is poorly designed and doesn’t have clear messaging. In many cases, analysts create campaigns using customer data but measure effectiveness using engagement data.
Changes in user engagement can point to important trends that affect the overall results of a company. For example, some older campaigns can have lower engagement because newer demographics require a different tone of voice.
Data about competition
All organizations have their competitors, and to ensure success in the long run, they need to monitor competition. Competitors can win over markets by offering new products and making other products or services obsolete. A typical example is the iPhone that destroyed other phone manufacturers when it first came out.
Even though such innovation doesn’t happen very often, companies make constant improvements to slowly take over markets. That’s why data like efficiency ratios, profit margins, and revenues can tell a lot about how a certain company operates.
Social media monitoring
Social media monitoring is a popular option where analysts track essential metrics and activity to get insights into what works and what doesn’t. Things change quickly on social media, and different platforms have different groups of people with different interests.
However, conversations and narratives evolve constantly. If a competitor changes its strategy on social media, this might mean that they’ve noticed new trends.
Companies need to compare their performance with competitors to benchmark losses and gains. For example, if a business has sold 1,000 products while its competitor sold 3,000, this is a cause for concern. With this kind of benchmarking, the data gets context, and it’s essential to use the data of your competitors.
Data about customer behavior
With digital sales channels, companies can gather large volumes of data that can help them learn about customer behavior. Different analytics data can help analysts learn how customers behave on the website.
It’s important for all companies and especially those that sell products online. For example, if many people visit product pages but don’t add them to their carts, analysts can figure out the reasons for this by separating UX components of the page, including copy and design.
They can work with different page versions and run A/B tests to see what works better. Another important component is keyword search data, as it can tell organizations what their potential customers are searching for. That lets companies tailor their pages and content for these searches while presenting their products/services.
With quality market research, companies can increase their bottom line. Analysts need to use the right data to get valuable insights into various aspects of the market and the business itself.
Another vital thing that experienced analysts do is set up corrupt data cleaning processes to ensure none of the data they use is duplicated, incomplete, or corrupt. Knowing which data to use is crucial, but you also need to ensure that it’s reliable.