What is Marketing Data?
In layman language, the data that is reckoned for the purpose of marketing through various means can be defined as marketing data. The data recorded can be first-hand data that the researcher has recorded himself or through others as well as through sources. Conventionally, it’s recorded through research, customer feedback, questionnaires and modernly through digital surveys and interviews, artificial intelligence, click baits, etc.
Types of Marketing Data:
- Customer Data:This includes the basic information about the customer such as contact details, address, to just name a few among many.
- Market Trends:What’s hot and what’s not in the market is an essential to-know for the marketers. The existing trends and fashions in the markets precisely describe the term.
- Customer Feedback:Customer feedback is very important for the former, talks about the tastes and preferences of the customer in terms of pricing, quality, quantity. This type of data is an essential consideration for future planning strategically.
- Competitive Analysis: Another type of data that is vital to understand. Analyzing the strength and weaknesses of what’s there in your competition’s platter is a must. Based on which a lot of business strategies are planned and executed.
- Strategy Analysis:The previous strategies that have been planned, executed and their results are also classified under types of marketing data. The conversion rate is achieved as planned, increased or decreased sales figures, revenue calculations, ROI, spent on the marketing cost, all these records are an important analysis to be made and noted.
Marketing Data Management:
Going by the nomenclature of the above term, the process of managing through planning, execution and recording the deviations, if any, of the marketing data will fall under marketing data management.
Why is this management, important?
- Develop a strategic approach: In order to develop a strategic approach towards any market-leading strategy, understanding of the already-implemented strategies is the fundamental step. Once those strategies and their results have been analyzed, planning of the future strategies becomes easier and helps one working efficiently. One will not try to introduce the strategy all over again that has once failed to give desired results. Following such a process, saves time and gives rather effective results.
- Plan Competitive campaigns: Competitive analysis, as discussed above helps to attain the understanding of the prevailing competitions of your business. If you have compiled and sorted marketing data, you have a precise estimate of the competition, on the basis of which you plan your best to give the user something different, unique and that makes you stand out from the rest and something that your competition may not have been able to provide.
- Understanding of your Target Audience: a detailed market study on the tastes and preferences of your customer or the end-user, his feedback on the existing products and services will make your reach closest to the specific and properly targeted customer base. This also helps you reach your loyal customers and focusing on them would lead to an increase in revenue.
- Resulting in quantitative metrics:Till now, its quite evident, that proper and efficient marketing data management has given us quite qualitative results, however, quantitative metrics are also achieved through managing the data. In terms of calculating and measuring the ROI, the cost to revenue ratio, conversion rate, etc. are a few attributes of quantitative metrics that are generated through the marketing data management. All these figures help you plan your pricing, your share of marketing spends and customer reach.
- Efficient Marketing:With understanding the insights available through the marketing data collected, the organization can plan better and take a better charge over the deviations. With a deep understanding of the do’s and don’ts of any marketing related strategy, one can avoid wastage of resources, be it the cash outflow, human resources or time, resulting in the efficiency overall.
Management is a vast term. For any business to flourish, its management must be effective and efficient. This is an inevitable rule for any and every sort of a business organization. Along with the overall management of the business goes hand in hand with the department-wise management. Marketing is one of the most essential departments because if your products/services are not reaching the end-user, the business wouldn’t make a profit. Hence, comes in the picture, the importance of marketing data and its management.