Data has been exploding at an alarming rate and has become more complex than many businesses have had ever thought of. This is leading to poor data practices that are hampering the growth of brands across the marketing landscape.
Market intelligence data enables organizations to evaluate their market position, understand their audience, and identify risks and growth opportunities. The data present in the market intelligence also enables the organization to understand the latest market trends and dynamics, build effective strategies while eventually driving the growth of the organization. Hence, it is crucial that the data present in the market intelligence is of high quality. If not, the available data can lead to wrong decision-making, disgruntled customers, wrong targeting, and high costs. In fact, as per Gartner’s 2018 research, poor data quality is responsible for organizations suffering from losses as high as USD 15 million a year. But that’s not all. The same report also found that nearly 60% of the organizations do not even measure the annual financial cost due to poor data quality.
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In an ever-changing marketing landscape, not having quality data for market intelligence can inhibit growth and fail to reveal the opportunities essential to thrive. If the above reasons are not enough, then the ones below will make a strong case for why data quality is crucial for market intelligence:
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Better audience targeting
Poor quality of data leads to wasted time, effort, and energy as brands are not able to connect with their target audience. With high-quality data in place, brands can focus their resources on high-potential targets.
Targeting a wide range of audiences based on assumptions is a wasted effort. This leads to brands chasing customers having no interest in their services or products. However, with quality data, targeting for brands becomes simpler, accurate while the marketing efforts become more concentrated and effective.
It helps the brand know its target audience and identify potential targets having similar attributes. Furthermore, quality data also lays the foundation for establishing targeting depending on demographics, preferences, and behavior patterns, a crucial starting point for marketing efforts.
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Develop effective campaigns
After identifying the target audience, brands need to plan their campaigns for meaningful targeting. Having high-quality information about the target audience enables brands to develop relevant campaigns as well as build powerful content that resonates with their target audience.
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High-quality data helps identify target audiences’ preferences, age group, income, and any other information, empowering brands to build effective campaigns that evoke the desired responses from their audience.
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Strengthening relationships with customers
Sending personalized messages can start a conversation with the target audience. However, if a brand has access to more personalized and accurate data on their target audience, they can advance a step further and anticipate their requirements, and plan products, services and unique content especially for them. This will help the brand to build strong and better relations with their target audience that will remain loyal and help the brand with business growth.
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