Marketing data analysis includes the compilation of industry and company data to develop a marketing plan based on those findings. The analysis shows past results, progress and predictions for future success. It focuses on external and internal factors, as well as a company’s strengths and weaknesses.

A researcher has tools at their disposal, which can be selected based on the type of analysis needed. Marketers can first obtain primary data. This is the original data that is collected first-hand for the particular goal and situation. Secondary data comes from other reliable sources and is readily available, such as access to a marketing report in a particular area.

Data is able to backup any decisions you make, so you can make them with more confidence using trends and insights. As a result, the implementation of any ideas is easier and more effective. Audience targeting is better and data gives brands a clearer insight into the best mediums and tools to use, and a better idea about what consumers are most responsive to. According to a study by Forbes, 64% of marketing executives “strongly agree” that data marketing is crucial.

The cost to obtain data varies from being completely free to the requirements of a fee, though this fee depends on the type of data you’re trying to gather. At Impressive, everything we do is driven by data, so it’s included in the cost of your services. Speak to us to get a quote on database marketing that’s tailored to your brand.

The best way to properly analyse data is by using a large sample and conducting regular analyses. Just checking up on averages every now and again doesn’t work – other factors like seasonality and coincidence can come into play. You need to conduct thorough, regular analyses at close intervals to keep a close eye on trends.

“Big data” describes the ever-increasing volume of data surrounding the marketing industry and human life in general, referring to the notion that almost everything we do can be logged and quantified. In marketing, we can use big data to make decisions. Though, this type of data may be too broad for all aspects of a data-driven campaign, so use a data-driven marketing agency that looks at big and small data.

Secondary data exists in the public and is available for anyone to access, for their data-driven marketing. It has been collected by others and may be free or inexpensive to access. Information like government statistics, independent studies and industry websites and reports can all be a part of your secondary data collection.