When you want to take your business to new heights, you need to come up with great, practical decisions. You need to have the guts to carry out and implement plans effectively and confidently, and this is something that you can only do when you have the right data. This is why collecting market intelligence is an important part of your marketing plans.
Some marketers and business owners think that their assumptions and hypothesis are already enough to guide them through their journey. However, that is not always the case. You need to go out, speak with your customers, and find out what makes them tick.
Whether you are looking to open a new branch or you are looking to have a new product development strategy, the right data will help you do it better. Collecting data can be tricky, however, especially if you do not know where to start. Here are some of the things that will help you with it:
Do not rely on existing study
Many businesspeople make the mistake of looking at the existing studies. In reality, you should not do that, as situations change over time, meaning that the data you are looking will not work. Going for such plans also mean going for a cookie cutter approach. Business is not a one-size-fits-all principle — the data may have been used by other businesses, and if you use it, you will surely have no new insights and breakthroughs. Commission your own study and use your own goals as inspiration.
In the age of smartphones and the Internet, you should be more inspired to go out more and explore multiple channels when gathering data. Do not just depend on the weights of your media placements. You should follow conversations of your target customers. This is something that you can easily do by using analytics. In this regard, it only makes sense that you work with reliable community managers and data scientists.
Conduct a survey
A survey is another way of getting firsthand data from your customers. Do not just come up with random questions, though. You need to design the framework of the feasibility study. For one, the questions should be strictly tied to the goals and aspirations of the business.
Any deviance will cause inaccuracies, which will then affect your plans, knowing that you depend on this data. Make this effort much easier by going online, as the survey forms are much easier to disseminate. Use apps, such as Mail Chimp and Google Forms.
Have a panel interview
A more insightful way to get meaningful data is by getting intimate with your target audience. You can get varied yet deep thoughts from your subjects. This is something that you can do through panel interviews. For some professionals, these sessions are also called focus group discussions.
Collecting the right data for your business plans is surely one thing that will help you increase your odds of success. You get insights, which can be utilized for coming up with new products, strategies, and innovations. Increase accuracy by working with the right partners.