The Kind Of Data Your Company Needs To Grow

By: Tiffany C. Wright on 4:14 PM

Every entrepreneur knows that profits and losses are important numbers to track when it comes to running a business. But if you want your company to grow, then you need to keep track of important marketing data that will help you to determine the next move you make with your products or services. Financial numbers are important to track for any company, but marketing data is what you need to watch your company grow.

Consumer Trends

There are different kinds of data that your company needs to grow.

Consumer trends includes everything from kids marketing research to online buying habits of your target audience. When you capture data for consumer trends, you are using numbers from today to predict what consumers will want to buy tomorrow. Over time, you will develop ways of monitoring consumer trends that will help you to develop products that will sell at levels your company has never seen before.

Pricing Trends

 

Is your product too expensive when compared to the rest of the market? Are you not educating your consumer base properly on the benefits your product offers? Pricing trends are extremely powerful because they help you to decide what type of profit margins you will enjoy with future product releases. Instead of lowering your prices to accommodate trends, you may want to consider using marketing that separates your product from the competition and makes price a secondary concern.

Market Growth

Thanks to the evolution of online retail sales, your company has a long list of markets to keep an eye on. If your product sells well in retail stores in a certain geographic area but does not sell well online in that same area, then you need to find out why. By watching market growth, you can anticipate emerging markets and develop plans to expand your customer base in ways that are profitable and efficient.

Marketing Effectiveness

How effective is your marketing message on your target audience? Each time you release a new piece of marketing, you should be measuring the impact it is making on your overall sales. Your goal is to constantly monitor these numbers and find new ways to make your marketing more effective.

If you take care of your marketing data, then the financial information will take care of itself. Your company is only as profitable as the amount of products you sell, and you need to collect and analyze plenty of marketing data to understand how to sell more products.