The biggest effect of digital transformation is the fact that any information can be collected and used anytime. Knowledge has become the most important currency for marketing in this digital age.
Data analysis is the important part of it. Mostly marketers are aware that the prearranged collection, analysis and interpretation of data is important to the successful customer discussion. With these external data collections, real consumer behavior can be read and internal parameters, making the overall business objectives operationally feasible. After that the automation of the processes, the predictability of behavior and as a result leads to high-performance marketing is possible.
The most important thing is to understand that how differently advertisement works in a programmatic vs. traditional ad world. Different companies use different advertisement strategies to compete in the market and grab huge market share. Large companies attach their product lines by building database that contains user ID. Every product line has different consumer database. It is not accurately 100% but large companies use this info for producing products and brands. Larger companies are committed to competing on data, the reasonable gain merely from data-driven marketing has become huge. Moreover, the advantages can be expanded over time because whether or not that user responds to ad can be added to company’s data profile.
In traditional advertising practices, it was not the duty of marketing reps to know the direct audience as Media Companies were responsible for all consumer research. Advertisers needed to identify the target population, using demo based. But now, with the rise of programmatic buying, advertising process become wider and advertiser must know the target market and actually build their own audiences based on user knowledge.
In this digital age, it is the responsibility of market researchers to make sure those marketers stay strategic at all the time, while perforating well on data collection activities. Researcher should work on three biggest areas that are needed the most; Segmentation research, Brand stalking and new product analysis. Segmentation study should be redesigned so that segments are created with digital profiling data as per analysis. Digital advertisement is more actionable tactic. In brand tracking, there are two areas for reinvention. The most important fact is that brand strength cannot be completely captured by surveys. Researchers need digital and social KPIs to know how much consumers are seeking for your brand. Do not think that forecasting is the end goal! End goal is to generate successful levels of trial. Market Research must be based on data-driven but it really bases on study driven in a data poor world. But now, in a rich data environment, data driven creates a new level of marketing research to grab more market share.