Why Market Research and Data Analytics Matter More Than Ever

The phrase “knowledge is power” wasn’t meant to be some elaborate ruse to get children to read books. It’s the absolute truth in every way one could wrangle it.

With more research and data comes the ability to make insightful, informed decisions. While that statement sounds redundant in its own right, there’s a lot more to it than meets the eye.

First, there’s the matter of coming across the data and research. From there, you must know how to interpret it—this is where the real work begins. It takes specific types of people and skillsets to leverage the available research and turn it into something actionable and, ultimately, profitable.

Read below as this blog examines how top companies are successfully utilizing their data and analytics teams. Moreover, the article will delve into some of the most valuable skills to have in this space:

Data and Market Research is Being Used to Optimize Business Operations 

Once businesses can effectively anlayze the mountains of data available to them (currently, around 73% of company data goes unused for analytics), the streamlined operational efficiency will be unparalleled. 

The initial advantage springing to mind is how insightful analytics gives organizations the chance to flag potential issues within processes. 

You can’t fix what you don’t know is broken. This data – and the skilled individuals who analyze it – catch issues that otherwise could bring an entire company to its knees.

And with smoother operations comes the ability to grow and establish more trust in the market.

Fully Informing Decision-Makers Quickly So They Can Act Quickly

Remember how – in the introduction – it was mentioned that data is only valuable when you know what to do with it? 

For some organizations, the above notion has presented a massive problem. In fact, according to one source, 43% of organizations struggle to identify relevant data and can’t really extract anything useful from it. Thus, these companies’ decision-making are less informed and optimal than it can be—in today’s fast-paced landscape, that simply won’t fly.

Companies that fully grasp the importance of data and analytics teams – and the tools they need to function – are making snap, profitable decisions. 

These rapid-fire choices are backed by sound logic because these companies have learned how to work with the data and how to remove the overly complicated steps. 

Data Allows for Mass-Produced Personalization

The growth of data and market research has made it so companies can offer more personalized services to people. 

Mass marketing and personalization seem like vastly opposite ends of a spectrum. However, because of the AI and machine learning involved, it’s possible to sift through data to engage more insightfully with targeted audiences, speaking to their needs and preferences.

Your marketing messages can be crafted, honed, and guided by big-data-derived insights. This often generates exponentially heightened customer acquisition rates. 

What Skills Are Required to Spearhead these Data-Driven Marketing Research Efforts?

As has been discussed throughout this blog, using data advantageously doesn’t happen overnight. Skill sets, technologies, and methodologies must exist within an organization. This way, your company can make the most sense of the information in the quickest amount of time. 

Here’s a list of techniques being used to analyze data at such prolific rates:

 

  •         Machine learning
  •         Predictive analytics
  •         Text analytics
  •         Data mining
  •         Statistics

 

The above list only scratches the surface. Data and analytics as an industry grows substantially by the day, with more complicated frameworks and developments continually in the pipeline. 

Is Your Team Up to the Task?

Decision-makers in companies need to start asking themselves if their current personnel can insightfully analyze data in a streamlined fashion. 

Without the right people in place, trying to keep up in a data-driven world will be an uphill struggle. You require data analytics professionals whose entire expertise is dedicated to this sphere. They’re the ones who can find the data-diamonds in the rough that separate your business from the – incredibly competitive – pack.

From business analysts to database administrators, you can find top-performing data analytics talents by contacting US Tech Solutions today. We have access to the best and brightest professionals in the field.