Market forces are constantly driving change in consumer needs. You need a complete toolbox to keep up with your customers.
Maintaining a Dialogue with Customers
If there is one thing the pandemic has clearly demonstrated, it is the necessity to keep a conversation going with your customers to ensure your product is meeting their ever-changing needs.
While many companies are turning to data analytics to identify trends, understanding the “why” behind them is critical to identify what changes may be required to correct any negative trends.
Data analytics alone might show you a trend but it is showing you what happened, not helping you understand why it happened. You must talk to your customers and understand them on a more relatable and personal level to uncover the details that will explain the “why” behind trends and help you identify actionable solutions.
Why the Why?
For example, when looking at your database, you may see that sales are down 30% for a certain product line among a certain key target segment. But why are sales down? This is where market research comes in. Talking to consumers will help you understand why defections are happening.
- Are consumers finding alternatives to your product?
- Have their needs changed?
- Is your product filling their needs anymore?
- Has the quality of the product dropped?
After identifying any negative trends using data analytics, you need to determine why these trends are happening. This is best done with market research. Research will identify the reason(s) customers have that are driving negative trends and enable you to define solutions.
Closing the Loop with Data Analytics
Using our sales example, after you identify why sales are declining, you must determine a strategy for reversing the downward trend. Additional research may be required to determine which actions will produce the biggest impact on sales.
After you implement the changes needed to boost sales, you then can go back to data analytics to measure results and continue to monitor trends.
Develop a Steady Routine of Analytics and Research
A steady routine of defining problems, identifying solutions, and tracking results using a combination of data analytics and market research is a proven path to maintaining a successful and strong brand.
Data Analytics combined with Market Research is a powerful combination that can help you achieve success in areas such as driving sales, improving customer retention, and preparing for new product launches or product upgrades. Tis Insights has extensive experience in marrying these tools and stands ready to work with your team to tackle your business challenges!
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