In modern day marketing, the relevance of data is paramount. Without the right data set on prospective consumers, any marketing campaign is doomed to fail before it even begins. But merely voluminous data cannot address your needs and requirements. The need of the hour is qualitative data. Data that can be segregated into meaningful groups that aid the progress of any marketing campaign becomes a secret weapon that no organization can do without in this competitive world.
The advantages of having a qualitative marketing database are far too many, lets briefly discuss what the major ones are:
Focused Analysis: Consumer data gathered with scientific techniques such as usage of relevant surveys and questionnaires can provide the organization with definitive indicators on why a consumer chose or intends to choose a particular product or service, combining this with other meaningful insights from your customer database can give you the edge in ensuring that you target the right customer personas with a specific product or service.
Understanding your Audience: Merely knowing if a particular product was purchased by a consumer does not give the organization enough information, in fact knowing why a consumer chose a particular service or why a product was rejected gives more insights into the consumer psychology, purchase triggers and the dynamics that control it.
Source of Truth: Qualitative data is information that is directly received from the ultimate source: The customer. This ensures you are receiving the right information and a sense of objectivity which is vital in building the right profile for your target audience. Your customer database will remain ineffective if all it contains is transactional data and no other segments which can assist a marketing campaign. Maintaining data accuracy from time to time yes is extremely crucial and cannot be ignored, however updating it with relevant insights and segmenting your database based on the core customer personas can guarantee your edge as a B2B marketer.
Finding the Right Profiles: No, this does not refer to a dating app!! What this implies is finding the right customer profile for your product. Using qualitative data to ensure that your campaign reaches the audience it is meant for can make those conversion rates skyrocket! A marketing database which contains qualitative data allows you to target specific slices of the market and elevate your campaign to reflect the true market response.
Reaction Time: Having the right dataset in your customer database reduces the time taken to react to market changes or changes to your own product line. A service offering that has been identified to serve a certain set of the audience can be redirected towards another segment through the right use of qualitative data. Having the flexibility to adapt to these micro changes in your organization and the market can be a key differentiator between the rest of the industry and your organization as a trustworthy customer database provider.
The importance of having meaningful insights and information in your customer database cannot be undermined. The expanse of consumer marketing today is so vast that any means to constantly review, analyze and upgrade your customer database, basis the consumer trends cannot be ignored.