As marketing researchers, we are always trying to provide clients with the most accurate answers to create the most effective action plans for their marketing strategies. Whether it’s to select the most appropriate target audience or to determine the best online ad to drive conversion, businesses rely on marketing researchers to collect the necessary information and then, of course, analyze it. So, how do marketing researchers move the needle in making smart business decisions? Keep reading to find out!
A business’s biggest mistake is assuming their strategies align with their goals and not proving it through research. In fact, according to Entrepreneur, “Many business owners neglect this crucial step in product development for the sole reason that they don’t want to hear any negative feedback. They are convinced their product or service is perfect just the way it is, and they don’t want to risk tampering with it.” Smart businesses are always striving to gain feedback from their consumers. Whether it’s through an open-ended review question or a survey on a specific service or product offered, research plays a big role in how these companies interpret such consumer feedback. While conducting research, marketers use both data points and data insights to make effective businesses decisions.
Data points are basically one or more sets of information. In statistics, data points are used to measure responses or observations. Data points can be any individual set of information such as age, gender or income of a certain individual. For example, let’s say a hospital is conducting a study to determine who their target audience in their primary service area (PSA) is for women’s services ads. The survey may include questions asking women for their average household income, their zip code and their age to see whether they are of typical childbearing age. Each of these pieces of information will then be put into a dashboard or platform for further analysis.
Data insights, on the other hand, are derived by data points. Marketing researchers formulate insights based on what their data points tell them. After gathering the data (points), researchers can then evaluate the information they have and understand what is going on in a particular situation. increase their data insights. Using data points and information, researchers can humanize the abundance of numbers they have by tying it back to the initial research objective and goal. For example, the hospital will now use the data points to analyze what age ranges, household incomes and zip codes are more susceptible to choosing their hospital for care.
As you can see, data points and data insights go hand in hand. A smart business can recognize the value that marketing research brings to the table. A smart marketer can recognize how they can use data points to formulate data insights, hence, leading them to make strategic marketing decisions.
Did you enjoy this post? Learn more about three patient surveys that impact decision-making in healthcare on my last post.