In marketing, data is at the heart of any essential marketing plan. Without data, you’re essentially creating a marketing plan blindly. Data collection plays a significant role in how successful your business goals and strategies are.
Data collection can be managed through several avenues, including collecting data from online sources, second-party data, qualitative research, and quantitative research. Understanding how your business can benefit from each kind of data can lead you to make better decisions for your business.
Qualitative Research
Usually, the first step in data collection, qualitative research, is collected through first-hand observations and experiences. The data is collected through focus groups, interviews, questionnaires, or video recordings.
Qualitative research is a method to collect data and understand the trends and meanings behind the areas under investigation. From attitudes to business processes, small and large businesses use qualitative research to understand how people feel about products, services, and more. The data is used to develop and upgrade products and create marketing campaigns.
Quantitative Research
On the other hand, quantitative research focuses on more data-driven results from numbers and statistics. Data is collected from several sources, including surveys, Likert scales, and questionnaires, and information such as age and demographics is gathered.
The data is presented through charts, graphs, and tables and is analyzed to deliver information for businesses to make decisions. Statistical data allows researchers to make generalizations and predictions but needs to dive deep into more details to provide a complete picture.
Online Data Collection
As technology advances, businesses and individuals have consequently moved much of their information online. Thus, consumer data is readily available and can be captured from several sources. Companies have also been utilizing online data collection as a primary source of information for business decisions.
Information can be gathered without compromising the safety of consumers and allows businesses to improve their marketing strategies, increasing sales by getting a better understanding of their audience and consumers. Data can give enterprises a picture of trends, what customers like and dislike, and make snap decisions vital to the business’s success.
Second-Party Data Collection
Businesses can use second-party data to dive further into their audience behaviors and information for targeted marketing. The data is collected from trusted sources and provide information tailored to your business’s needs. Additionally, the data reveals patterns in behaviors and identify and predicts customers’ needs.
Businesses must carefully select second-party collaborations, ensure customers’ data is secure, and agree with how the data will be used and shared. This relationship between the second-party service and marketers creates a safe place to build reliable consumer insights.
Cost Aggregation
All businesses have a budget to allocate towards spending for responsible project management. Cost aggregation is a tool that companies use to basically add up the predicted costs and total them for an entire project.
Accurate numbers are essential in marketing and planning strategies, and the process can be complex. Pulling data from multiple platforms into one user interface particularly requires reconciliation which can take several steps. Time and effort go into the standardization of the reports. Once the reports are standardized, analyzing for insights is crucial for future actions and essential business decisions.
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