Marketing Data

Marketing Data

 Marketing data is often used to enhance various aspects of products, including pricing, promotion, development, sales, and related strategies such as promotion and branding. Most organizations often use data such as social media activity, browsing patterns, and purchasing behavior, among other metrics, to understand the market and focus on effective marketing efforts. According to Beesley (2016), marketing data serves as the main core of a successful marketing strategy in any company. Organizations can use marketing data to optimize their brand communication and predict consumer needs, demands, and future behavior. Such data can also be used to develop personalized strategies in order to achieve the highest ROI (return on investment).

Marketers often use marketing trends to explore various predictive analytics by analyzing behavioral data of past consumers to predict purchase decisions of future consumers. Marketing decisions on patterns of sale can be made through the application of data to identify various points of failure or conversion. For instance, people who visit the website or click on adverts without making purchases can show a point of failure or conversion. When people place items in the cart without making a purchase, the company should investigate the payment system or the possibility of failure in the system (Hair, Celsi, Ortinau, & Bush, 2008). Marketing data can also be used to personalize and promote individual self-worth by curating messaging in line with personal preferences.

Marketing data could be biased such that it fails to be representative of the target consumer base, which makes the accuracy of consumer specifications dubious. Such data may introduce inherent danger to assume wrong consumer information (Riordan & Morehouse, 2000). Markets can overcome such limitations by conducting marketing research that takes into consideration different aspects of the consumers, including their tastes, age, and knowledge. Analyzing a large collection of marketing data can also help to overcome such limitations.

References

Hair, J. F., Celsi, M., Ortinau, D. J., & Bush, R. P. (2008). Essentials of marketing research. New York, NY: McGraw-Hill/Higher Education.

Riordan, J., & Morehouse, B. (2000). U.S. Patent No. 6,078,891. Washington, DC: U.S. Patent and Trademark Office.

Beesley, C. (2016, March 8). Conducting market research? Here are five official sources of free data that can help [Blog post]. Retrieved from https://www.sba.gov/blogs/conducting-market-research-here-are-5-official-sources-free-data-can-help

Beesley, C. (2016, September 9). Free sources of market data and how to use that data for business planning [Blog post]. Retrieved from https://www.sba.gov/blogs/free-sources-market-data-and-how-use-data-business-planning