Data And Market Research

In the past, I was complaining about the use of market research or the use of data. With the mindset that data is the newest trend in the avenue, I decided to pay more attention to a “data-driven” implementation that uses just the market or marketing research. Later, I have to know that the data and Market research are complementary and nonexclusive from one another. Also, Data is part of the market research.  

Let’s talk about examples. Let’s think of a fitness studio or a gym that wants to open in a certain area. One of the first things that you should have thought about is to scout for the best location for it, and that would not be the first step. The first thing that the owner should do is take a survey of the locals and ask about their preferences about fitness or workouts. Maybe knowing that people love yoga more than weight lifting is an indicator to create a better experience for the audience or people that would consume that kind of service. Also, you can find that people wish to pay for a personal trainer instead of going physically to the gym. 

Some owners including marketing managers get carried away by the gut feeling or their instinct and probably that leads to no desired result or a failed campaign. That is the main reason that all the people who lead marketing efforts or anything else in life have to be data-driven. Being data-driven leads us to know or discover real trends or particularities of our clients or customers and don’t be general. Typically, some people confuse or use data from a general basis to start any campaign and say that it is “doing” market research and it’s not. Market research is deeper and takes real-time, your time. And that is one of the reasons which some owners or marketing managers or executives avoid doing research and gathering data because they are more dependent on magical and instant results than taking their time to do the best approach to their clients.

Let’s say that any trade association releases a report that says that the people love spending more time watching TV instead of using social media. That is a great start if you are seeking what kind of format of media you need to spread your message but you have to dig deeper with other variables such as the range of ages, household income, generation cohort and take that information and link it with your business. It’s not the same as the behavior of a supermarket consumer than a technology user. Here you can start with some surveys that cast lights or make an internet research that does the same. 

There are some many tools that can help you to start as Google Survey, Survey Monkey, Qualtrics, and more

Also, Tríptico can help you to plan and implement a market research execution. Let’s talk.