Insights
How Can Your Company Benefit from Data-Driven Market Research?
Posted April 29, 2019 in Articles
Today’s business environment is more competitive than ever. Global corporations are dipping their toes into emerging sectors, and startup companies are working around the clock to change the face of industries ranging from artificial intelligence to commercial transportation.
With new competitors constantly entering the market, how can existing companies (and these new competitors) stay ahead of (or get ahead of) the curve? As with many aspects of doing business in the 21st century, emphasizing reliance on data may be the answer.
Using Data to Identify Opportunities in Competitive Markets
Who are your newest competitors? What are they doing to gain traction in the marketplace? What steps does your company need to take in order to avoid losing its core customers? Where are the next opportunities likely to present themselves? While these used to be matters for speculation, in today’s world, real answers are available.
Regardless of your goals – whether you are interested growing (or sustaining) your company’s stronghold on organic search results or you want to improve your sales process to address changes in customer demand – you can use data to achieve them. As the volume of available data has exploded, new analytical methods and software applications have come forward to help companies exploit these data to their fullest potential. No longer is choosing a marketing or product development strategy the guessing game it once was. If you use the right data the right way, you can make strategic decisions that save time and money while keeping your business moving forward.
Depending on your objectives, data-driven market research can provide strategic guidance focused on factors such as:
• Target demographics
• Potential competition
• Industry-standard practices
• Search engine optimization (SEO) and content marketing
• Social media advertising and engagement
• Customer preferences
• Societal and cultural norms
Increasingly, companies’ human resources (HR) departments are relying on data to identify strong candidates and engage in targeted job marketing campaigns as well. Where are your ideal candidates looking for jobs? If you are in charge of recruitment, isn’t this something you should know?
Overcoming Uncertainty to Achieve Strength in the Marketplace
In many respects, data-driven market research is about discovering the unknowns. If you don’t know what you don’t know, then you cannot possibly make an informed decision about the best path forward. The more information you have, the more confident you can feel in your decisions, and the better able you will be to choose the right path to achieve your company’s objectives. In today’s world, the data are out there – you just need to figure out how to use them.
Mithras Investments | Consulting for a Greater Advantage
Mithras Investments is a global consulting firm that assists clients in a broad range of industries with data-driven market research and analysis of potential capital investment opportunities. If you would like more information about how our consultants can help you make better, more-informed decisions using the data that are already available, please call (305) 517-7911 or inquire online today.
