Nearly every department within a company will have data and analytic research, but there isn’t a one size fits all approach to this practice. Although gathering data is fairly easy, it isn’t always as easy or clear cut on how to effectively apply analytics market research strategy. This marketing technique is made up of many different types of data, metrics, and consumer interaction points that create data collection opportunities. Understanding the overall marketing strategy will help to define the research strategy, which can be long or short term, again depending on the goals and objectives.There are several types of analytics market research, which can be used to help determine the effectiveness of a current campaign, or ways to take it to the next level. Other types may involve increasing customer share within a certain industry, niche or product/service focal point while others look for new businesses to target. While other types deal with forecasting to help understand, prepare for and better anticipate sales cycles and customer demand.Online and social media analytics measure the return on investment (ROI) for a website and other online presence mediums. Along with analytics focusing on ROI, are those that focus on pricing. And of course, there are overarching analytics looking at marketing campaigns in their entirety. Once the analytic marketing research is put to use, companies may find that they can delve deeper into current client relationships for further market share. Or they may find that demand forecasts show continued or increased or decreased trends and can adjust accordingly.Knowing how, when and why to collect data is a significant undertaking for any company. Knowing how when and why to measure and apply this data becomes even more so. It is no surprise then that many companies partner with a full service marketing agency to help not only manage this part of the business, but also to grow and increase profits and customer share. Such a partnership often becomes mutually beneficial for all involved. Before engaging with a marketing agency partner, it is important to ensure that they will have the capabilities to offer the analytics marketing research needed and tools that can tie into any current data capture systems.For instance, many companies use a CRM (Customer Relationship Management) tool and have a wealth of information already available. It is important that the agency partner can tie into data effortlessly and without impact to current processes. It is also important that the agency work with the company to understand not only its goals and objectives from the research, but also who the company is and its brand. This level of rapport and communication provides a powerful foundation that can truly create company specific market research.With a trusted partner, there may also be the opportunity to collect data not yet before collected to really drive business to the next level. Look for a company that doesn’t only offer set types of analytics marketing research, but can offer specialized research. Putting this research to work often results in increasingly satisfied clients, new clients, better cash flow and even increased brand recognition.
