Marketing Strategy, Data Collection and Analysis
A marketing strategy will ensure your product is delivered to the right people with a personalised message, increasing your brand awareness and boosting sales.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.”
– Peter Drucker
What is Marketing Strategy?
A marketing strategy is a methodology for reaching specific marketing-related goals focused and achievable. It looks at what your business is doing well and what you’re missing in regards to the objective you have set, so you’re more likely to accomplish it.
Suppose you want to increase sales, for example. In that case, your marketing strategy may include researching where your target audience spends their time online and how they communicate with each other (social media, email newsletters). You’ll then create campaigns that fit those spaces and deliver value to them.
A good marketing strategy will take into account your customers, competitors and the industry as a whole. It should also have realistic goals and measurable objectives so that you can track its success over time.
Why does a businbess need marketing Strategy?
The marketing strategy is the foundation of your business. It sets out your goals and helps you develop a marketing plan to achieve them.
A good marketing strategy helps you define clear, realistic and measurable marketing objectives for your business. It’s also a wide-reaching and comprehensive strategic planning tool that:
- Describes your business, its products and services.
- Exemplifies the position and role of your products and services in the market.
- Profiles your customers and your competition.
- Identifies the marketing tactics you will use, allows you to build a marketing plan (the tactics to deliver) and measure its effectiveness.
A marketing strategy sets the overall direction and goals for your marketing. It is therefore different from a marketing plan which outlines the specific actions you will take to implement your marketing strategy.
What is Data Collection and Analysis?
Data collection and analysis is the process of gathering, measuring, and analyzing accurate data from various suitable sources to find answers to research problems, answer questions, assess outcomes, and forecast trends and probabilities. The data collected can be qualitative or quantitative. Data collection methods may vary depending on the type of information needed and the intended use. For example, if a researcher needs to know how many people prefer chocolate over vanilla ice cream to conduct market research for a new ice cream shop, they would ask survey respondents how they feel about different flavours of ice cream. However, if a researcher wants to learn about angina symptoms in older adults living in rural areas without access to medical care or transportation services, they would conduct interviews with patients at their homes or places of residence using standardized questionnaires.
Data collection methods also vary depending on whether they are designed to use existing data (secondary data) or original data generated during a study (primary data).