Market research is the conversion of data into information. But then, there’s more to it than meets the eye.

Data-Driven Decision Making

Data-driven decision-making (DDDM) is the most crucial aspect in developing a marketing strategy in this second decade of the 21st century. No longer can teams rely on guesswork, chance, and gut feelings. The availability of vast amounts of data, whatever the need, is a reality today. Thus, guesswork is a thing of the past.

Consider sectors such as risk management, aided by financial data. A business enterprise today has access to extremely detailed financial information in real-time. Similarly, the availability of high-quality market data can help develop accurate models for cost estimation and competitor analysis. Customer analysis is another area where the development of detailed and reliable customer personas is the norm across industries. Multiple metrics in social media provide the opening for in-depth analysis of potential customers.

Manager’s Call

Decision-makers today can make confident decisions free from biases, relying on SMART goals developed through excellent business intelligence. However, the need is to obtain data that is clear and fresh. Rule number one in decision-making is the super-fast response to what's uncovered by the teams. Often, research yields real-time content, but a failure by upper management to quickly move to the next stage—that of information—can cause data to become stale.

The need in the age of information is flexibility to adapt to changes in the marketplace. Societal change is rapid and widespread across borders. International business has reached a new level, truly global, where adjusting to global market trends is increasingly challenging.

Own Primary Research

Despite the widespread availability of data online, organizations still need to utilize analysis from surveys and detailed research to correlate with digital findings. Keeping constant tabs on competitors is the norm. Analysis by a modern marketing team is constant and not seasonal.

Most managers who belong to generations before Gen Z are still coming to terms with the pace of change. Thus, it’s better to keep analysis independent from those who plan strategy. Intel updates on the market need to be a continuous action, not just a response to requests from the top.

Best Form of Data

Competitor analysis is key, along with the analysis conducted by competitors. This approach helps marketers begin where competitors have stopped. The best research comes from within the specific industry, conducted by experienced professionals. Data mined from elsewhere may contain a degree of susceptibility and should be approached with caution.

Loading oneself with petabytes of data from everywhere can create too much noise, potentially causing the most crucial bits to be lost. Information is what marketers need to generate, and the size of the data set has little correlation to the accuracy of the final outcome.