A company has at its disposal a large amount of data that can be collected to help you make better decisions. Hence the importance of marketing information analysis. In order to gather information that is useful, the Marketing Information Systems are used.
More on Marketing Information Systems
When talking about marketing information systems, I refer to those structures formed by processes, technology and people, which companies use to obtain, store, process and disseminate information. In general terms, they should have the following characteristics: be permanent, with a large organization, with a holistic vision, and constantly updated.
The information is obtained, according to the needs, from different sources, some internal or that are within the same company (such as statistics on sales) and others are external, such as customer surveys, or information stored in databases. The main objective of these systems is to improve the decision making of the company, especially with regard to marketing strategies.
As I mentioned at the beginning, the available information is great, so you have to know how to choose the one that is relevant to the company; this is why if you want to create effective strategies properly founded, you cannot make use of improvisation to obtain the information. These information systems must be properly established, planned and organized, in order to obtain the updated data that is needed.
Marketing information systems are vital
In today’s world, changes happen at every moment, making the needs of people change too; this is why it is essential to constantly be gathering and analyzing information about the state of the sector to which a company is directed, as well as about the target audience. The idea is that with this information you can make some predictions about the future of the company, while reaching a greater understanding of the target audience, and can offer better solutions for the latter.
The analysis of the data
All the data that is gathered through the marketing information system can be useful for the company, helping to make decisions and solve problems. When we say analysis, we are referring to something other than taking stockings and statistics. A good analysis should also include: the analysis of the relationships between the data, and making future projections about the state of the market.
What kind of decisions does this information provide? To the design of sales plans, advertising development, selection of the best points of sales, or even to know predictions about the sales of a new product.
Better segmentation of the market and the target audience
Another key point in the analysis of information in marketing is this, the segmentation of the market and the target audience that, although it was already mentioned, it is worthwhile to delve a little deeper into this, due to its great importance for the future of the companies.
Determining the general characteristics of the population group to which a product or service is directed leads to great benefits, among which are:
- The identification of your specific needs.
- Create marketing strategies more focused on those who may be interested in what the company offers, which allows advertising to be much more effective.
- To be able to identify the niche to which it is directed.
- Identify new segments of the population that could be addressed, finding new needs or problems that are not yet being met.
- Determine who you compete against for the same population segment.
It must be taken into account that each person is totally different from the others, has different tastes, preferences, problems and needs; however, there are groups of people who share some characteristics, these are the groups that must be identified to achieve a good segmentation of the market and determine who part of your target audience is.
In short, the importance of this is that it allows the company to adapt to what customers need, to make decisions regarding this and to better direct their marketing efforts.
Featured image purchased from shutterstock by Kapralcev