Big data has become one of the most significant drivers of change and innovation for sales and marketing initiatives, given the terabytes of available customer data that can be used to connect patterns to evolving consumer behaviors within new markets.
The global big data market is forecasted to grow to 103 billion U.S. dollars by 2027, more than double its expected market size in 2018, giving marketers the ability to accurately analyze entire demographics and populations rather than relying on small sample segments.
Big data, in combination with the right market research, improve business capabilities in the form of a large data set, getting analyzed for a more informed decision that otherwise would have been based on a small sample size. With big data, the insights from the huge data pool about all the possible details of the target market, consumers, competitors, and trends set the stage for effective competitive strategies and focused marketing.
Similarly, market research can solve big data challenges through the adoption of psychometric best practices and by pinpointing precise data collection parameters that can make the data validated information to be more useful for analysis.
How Big Data Compliments Market Research
Market research and big data go together perfectly. The research and especially the analysis part rely on big data in order to perform analysis on the entire population of data rather than a small or selected chunk.
So, there are two benefits brought by big data to the market research table. The first being the bigger data for a more informed decision. The second one is the categories of data under one database and the ability to link multiple databases for referential analysis. Big data is being used by businesses to perform various forms of market analysis in order to drive competitiveness, sales, and future growth.
- Product Marketing Insights Product marketing insights help increase brand awareness, improve messaging, target specific content, develop product launch initiatives, and improve product sales strategies. With big data, the data on similar products in the market, trends, consumer preferences, and other competitors related information gives ample insight for better product marketing.
- Customer Marketing Insights Consumer marketing insights pinpoint specific consumer demographics, help develop personalization strategies, improve customer usage and engagement, drive conversions and help to fully map out the customer journey across every touchpoint and channel.
- Competitor Analysis Market Research Competitor analysis market research helps to identify competitor strategies, pricing, product and services, strengths, and weaknesses so that you can identify attractive new market opportunities.
- Business Marketing Analysis Business market analysis details target markets per industry to assess economic opportunities and risk, as well as customer and competitor behavior. With big data, it’s possible for market analysts to analyze historical data of the target geography before planning the strategic move.
- Country Market Research Country market research is designed to understand how your business is performing in targeted countries so you can tailor sales and marketing strategies that align with the perspectives and cultural views of each unique country.
- Qualitative Market Research Qualitative market research helps to discover the reasons behind consumer purchasing decisions and interactions with your brand across touchpoints so you can deeply understand your customers and their habits.
- Retail Analytics Market Research With voluminous data about consumers, their buying patterns, buying cycle, etc. retail analytics market research has become more powerful in understanding how your marketing approaches impact sales and how consumers ultimately interact with your retail and eCommerce business.
- SWOT Analysis of Market Research SWOT analysis of market research lays out the strengths, weaknesses, opportunities, and threats associated with your business, planning, and strategic initiatives. With big data in structured buckets, SWOT analysis results are more accurate and uninclined.
Aligning Big Data with Market Research Objectives for Impactful Analysis
When market research requires big data at the backend for the in-depth analysis, big data needs to be aligned to the market research objectives to make sense. In this context, data quality is essential to getting accurate and reliable results from market research analysis.
Metrics related to consumer activity and behavior can’t be measured solely on how much data has been collected. Instead, businesses need to target questions that outline the parameters in which data collection takes place at the very first point that fuels big data initiatives.
Along with data collection, the validation of data is another aspect that can be achieved with various methods of market research, such as primary market research or the research tools. This helps to ensure market research is effective, accurate, and measures the specific data and information that you need to drive real data-driven results.
Here are scenarios underlining the importance of aligning data collection and data validation initiatives to make the big data really useful with and contributing toward the objectives.
- What is Being Measured Is More Important than Measuring Everything With so much data being collected by organizations, it’s simply unrealistic to measure all of that data without a plan. You have to decide exactly what data you want to measure; otherwise, the results that you get can be inaccurate and cause more problems than it solves. You have to put a lot of time and thought into what you want to derive from data and consider what the consequences will be as a result of your measurements.
- One-Question Can’t Measure All You can’t just ask one question in order to measure the results of a query. One question might lead to multiple answers that are all unrelated to your original question. Or the question you ask might have multiple meanings, and you can get very different results. It’s important to have several questions that measure different parts of the same concept, hypothesis, or problem to ensure that your decisions are based on accurate measures of your original query.
- Multiple Criteria for Capturing Actual Information If you measure the results of one query and you are asking multiple questions, those questions might lead to different answers instead of relating to the original query that you are looking to answer and derive meaning. It’s important to vary your questions based on different criteria so that you can capture the right information and gain a larger perspective.
- Proper Scaling Is Essential Market researchers have to be able to accurately decipher what they are measuring, which is why scaling is important. By using scaling, you have a baseline measurement to act as a guide or reference for the results of your own calculations. If you don’t have something to compare the results of your measurements to, you can’t reach an accurate conclusion as to what your results are trying to tell you.
Expert Big Data Market Research Analysis from Research Optimus
Research Optimus (ROP) is dedicated to the world of big data and market research, adopting psychometric best practices that assist businesses in taking many accurate decisions backed by focused data collection, validation, and analysis.
With a vast range of services such as industry research, customer analysis, market entry sizing consulting, and more, ROP’s analysts have experience in providing data-driven insights backed by market research and analytics, and understand how to evaluate, navigate and measure data to achieve results. To learn more about our services and engagement model, contact us for a free consultation today.
– Research Optimus