Insights
Is Your Business Keeping Pace with Its Customers?
Posted November 29, 2019 in Articles
In today’s world, there is no shortage of options when it comes to tracking consumer preferences and collecting data about your company’s customers and prospects. However, as with everything, some options are better than others, and various solutions are more specifically-tailored toward specific business and industry needs.
How Can Your Company Track Consumer Demand and Customer Satisfaction?
When choosing tools for tracking consumer demands – and how well your company is meeting those demands – it is also important to keep in mind that there are few, if any, tools that are truly designed to do everything. In order to track market trends and understand how well your company is adapting to changing customer preferences, you may need to utilize multiple applications, and you may also need to seek insights beyond what the data themselves provide. With this in mind, here is a general overview of the types of solutions that are currently available:
1. Big Data
Should your company buy data? The answer to this question is a clear, “Maybe.” Buying data can provide a very good return on investment, but it can also be a complete waste if (i) you don’t buy the right data, or (ii) you don’t know how to make effective use of the data that you buy.
2. Internal Prospect and Customer Data
Your company probably owns way more data than you realize. Even if you have not adopted systematic methods for collecting information about your prospects and customers, there are still likely data available for you to mine. Once again, the key is knowing how to identify both which data you need and how you can use those data effectively.
3. Data Analytics
The “how” question is where data analytics come into play. Once again, there are numerous different tools available, with applications ranging from enterprise-level products from the likes of IBM and Adobe to purpose-specific tools offered by Silicon Valley startups. Deciding which tool (or tools) in which to invest requires an assessment of a variety of factors, from your company’s budget to its immediate and long-term goals.
4. Strategic Consulting
Even the right tools will be ineffective in the wrong hands. When seeking to gauge consumer demand and customer satisfaction, everything from identifying the relevant data to interpreting those data in a meaningful way requires relevant expertise. While some companies have this expertise in-house, most will find it advantageous to work with an outside consultant that specializes in analyzing data trends.
How Can Your Company Adapt to Customers’ Changing Preferences and Demands?
Of course, analyzing the data is just the first step in the process. It gives you answers, but it leaves you short of implementation. In order to actually make use of the information you have gathered and adapt to customers’ changing preferences and demands, you will need to act on the results of the data analysis in a meaningful way.
Speak with a Market Data Consultant at Mithras Investments
Do you have concerns about staying relevant in the marketplace or keeping your company’s current customers from jumping ship? To speak with a market data consultant at Mithras Investments, please call 305-517-7911 or inquire online today.
