Like Dan Zarrella wisely said, “Marketing without data is just like driving with your eyes closed.” The database acts as a support for any marketing activity. It helps you aim at people who are genuinely interested rather than unambiguously targeting your goods and services towards people who may or may not be keen on what you have to offer.
Let’s start with what a database is? A database is an organized collection of information, specifically of individuals who are interested or hold a need or demand of your service. Therefore, to run a successful marketing campaign, it is essential to have a database in place. It does not only help you penetrate through the masses but also helps you target leads of interest.
A database is built with a few transitional stages. The first and most essential factor of which is market research. Market research works similar to the lights of a vehicle, it gives you direction and clarity to walk towards your destination.
The idea of market research is to gather information on consumer behavior and analyze them for your database generation. These behavioral patterns help you recognize a potential target audience. By understanding the requirement or a pattern, it gets easier to probe out a list of people who may be interested in choosing a product/service.
In the ‘Age of Information,’ it is necessary to cover questions like When, Where, Who, Why, and How. These help you understand a consumer behavior and therefore makes it easy to study the buying and selling patterns as per your product/service. To build a precise database, it is essential to cover these basic questions and also study the behavioral order.
Market research has always been the best practice to understand your TG and cater to them in the most appropriate way. With the help of detailed understanding of one’s likes and dislikes and their thoughts over a particular product, it becomes easy to create your brand positioning. Market research is an intriguing study of not only consumer pattern but also customer experience. A certain amount of loopholes can always be found. These loopholes help us understand and rationalize how our offerings are different and better than the competitors. The research gives us precise analytical data and not merely just reasons.
Today, some established companies take the assistance of consultants to analyze and draw conclusions over market situations. These consultants help understand the market scenario, consumer behavior and customer inputs of a particular service. They serve as manual agents who help us understand where a product/service may stand. While humans always give a personalized experience, they have limitations over modern technology and field experts.
- Research can not only help in product/service sales but also in many other ways such as:
- Production details
- Target profits
- Product manufacturing cost cutting
- Customer engagement
All of these can always be beneficial for sale qualification. Since market research helps sort the basics for database construction, it is vital that it is done with absolute sincerity and not as just a theoretical study of the past.
In simple words, market research serves as a homework that every company must do to achieve the best outcomes in terms of database building.