More Marketers Could Benefit from Improved Use of Research Data
Earlier this week, I highlighted an Aberdeen Research study about the growing importance of data driven marketing. Aberdeen analysts noted that best-in-class marketers make effective use of data by centralizing access to and building processes for transforming information into marketing plans. On the heels of that study, The Boston Consulting Group (BCG) showed this week that few large companies are effectively using one specific data set – consumer research.
Companies tend to collect and use consumer research data in two specific ways. Tactical use of the data typically involves activity such as fine-tuning the marketing message. Strategic use of the data expands to activities such as investigating and establishing new channels or distribution methods. By industry, the BCG study revealed that some companies are allocating a larger portion of their consumer research market spending than others when it comes to strategic planning:
- Consumers goods: 20%
- Financial services: 22%
- Apparel and retail: 31%
- Travel and technology: 35%
BCG analysts urge marketers to reduce their efforts and spending on tactical consumer research because it often emphasizes what has happened in the past. A better use of budgets and efforts is to focus on deep-dive strategic plans. As the country emerges from recession, marketers who successfully apply consumer research data to forward-thinking strategies will see sales rise.[Source: The Consumer’s Voice, Can Your Company Hear It? Boston Consulting Group, November 2009]