Data collection has never been easier or more appealing. Categorizing the habits of your customers is as simple as reviewing their spending patterns, repeat purchases, and engagements with ads and online marketing. These data points come together to create a comprehensive overview that was previously unavailable.
Analysis of readily available data has transformed what it means to be successful in the modern market. In the past, creating a superior product and improving distribution qualified the best of the best. Now, understanding the various stated and unstated needs of targeted customers takes precedent over product development. It’s thanks to readily available data that analytics teams can piece together what’s most important to customers.
Analyzing data to create insights, or connections between data points that provide clarity, means wading through high tides of available data to identify the most important takeaways. Identifying what’s important to your market means understanding how pieces of customer purchasing behavior — price sensitivity, return on marketing spend, responses to new products, and more — fit together.
Using insights to fuel future planning means creating a pipeline from the data analytics team to company leadership. Clearly communicating your customers’ needs to the marketing, financial, and business planning teams is the easiest way to improve long-term plans for your company’s growth, product development, and scale. If leadership teams aren’t taking advantage of the insights available to develop action plans, data points may as well remain disparate.
Need help with setting up data collection or analysis? Contact the INT team.