Why is Market Research important for your Business Success?
Over the years, as businesses expanded into new marketing categories, new technologies were adopted to support them. Because each new technology was typically deployed in isolation, the result was a hodgepodge of disconnected data environments.
Consequently, marketers often make decisions based on data from individual channels (website metrics, for example), not taking into account the entire marketing picture. Social media data alone is not enough. Web analytics data alone is not enough. And tools that look at just a snapshot in time for a single channel are woefully inadequate. Marketing analytics, by contrast, considers all marketing efforts across all channels over a span of time – which is essential for sound decision making and effective, efficient program execution.
By applying Data Analytics, organizations can forecast customer buying behavior, optimize stock levels and just as importantly, reactivate dormant customers by renewing their interest through new products, offers and recommendations.
A Data analytics solution will help companies make a highly personal, enhanced customer experience, thereby increasing sales. It will also aid them in optimizing internal processes and functioning to ensure that performance and efficiency within the organization is also at its peak