When we go for shopping, though we have plenty of options to choose from, why do we take so much time to find that one dress that catches our eye in the first sight and looks good on us?
It’s just not everything is meant for us neither are we meant for everything.
In the same way, for your company also there is an ocean of data but is everything valuable to you? Is everything worth a dig? And how do you find out what is useful to you and what is not?
That is where Trivoli Digital comes into the picture as the Best Research & Data Analysis Company in Mumbai. In simpler words, the process of determining what is useful to you and what’s not, and then using the important data for business growth purposes is called data processing. Data processing essentially crops out the data tree and lays on the table just what is fruitful for your business. Market research is meant to give a better glimpse of which sector of the market you should tap in next and this can be done effectively and efficiently with the help of right data. This is called value research in which you focus only on the important aspect of the market which can be a defining and turning point for your business. Research is basically analyzing the market condition for your market. It’s all about finding the appropriate time to introduce your product and defining your target audience.
While Data Processing is all about streamlining all the data collected into valuable content. Be it just Data Mining or Data Cleansing alone or a complete package from Data Mining to Data Conversion, Data processing is the need of the hour. Data can be generated in an organization from anywhere and everywhere, right from digital to papers. However, people don’t pay enough heed to this and neglect it in the process of paying more attention to other important and core matters
Just understanding what is research and what is data analysis will give you an insight as to how is it helpful for your business but it won’t guide you the path to implement it in your business. So now understand the benefits and working of research and data analysis separately for your business.
Data analysis is an important aspect for your brand to derive business intelligence. Business intelligence is where you understand the functionality of the market, who all are your competitors and what is the differentiating point in their product and your product. Let’s dive deep into details:-
Before you start mining data for the good of your business, you should know what is your vision for the business. You should be clear on your vision and idea because that becomes the turning point when you have to define the objective of why you want to dive into the data sea. A well-defined objective for your brand helps you take quick decisions in the process of finding the fruits out of the weed.
Data is collected from various sources. But not all sources are reliable and not all data is useful. This is the first stage of data mining where you first figure out the sources from where you can get enough amount of useful data with less time and money being invested in it. Collecting data requires hours of brainstorming on the types of questionnaire that can help extract the details of customers.
Wrangling the data basically is extracting juice from the fruit. The form of data that you get from different sources isn’t in the form that can directly be used in order to get results. You need to further look into it to clean and convert it into the form that can be understood and used for the business. This way you create your own database and then filter it for the purposes of marketing. You can categorize the database depending upon your product and its targeted audience. So wrangling the data is keeping just the cream of everything and eliminating the part of data which is not useful and necessary for your business.
Then comes the part where you categorize the data that you got after the whole mining process. In this process, you analyze the data that you narrowed down to, and then you define the requirement of your campaign or marketing strategy. An analyzed data can help you expedite your process of carrying out a successful campaign.
This is the phase when you are done with enough time of satisfying analysis and then you draw conclusions from the data analyzed to make predictions for the future. The predictions for the future include when to use which data and for what purpose.
Research is basically understanding the market. The market is a playground for all marketers to come together and compete with each other. Everyone has a different strategy and everyone has a different plan of execution. Now let us help you with the benefits of the research that it can fetch you for the business of your brand
While your business is poised in the direction of growth, you might face times when you have to take a harsh decision of either this side or the other side. When you have done enough research of the market, you can layout the pros and cons of your decision on the table and then take the call which fetches you more benefits and has less risk of taking down your hope.
You can foresee challenges. Yes, if you got your research part right, you can foresee the challenges that you might face while you are walking down the path of expanding your business. Foreseeing challenges solves many problems in your life as a business person. You can always sense the difficulties and obstacles and can get yourself prepared to overcome with the minimal amount of impact on your business. And the damage it makes when difficulties come without knocking on your door and you are not prepared for it. With the help of extensive research, you can foresee and predict the possible challenges that you, as the owner of the business might face.
Extensive research keeps you up to date with the ongoing changes in the market and helps you keep up with the changes. You can figure out where the market is heading and with time what all niche points appear. You can take advantage of the knowledge of the market. Changing the perception and ideology of the customers is also possible if you hit the right strategy at the right time. This leads you to dominate and rule the market. While you walk your way to the expansion of your business, you should know the road map pretty well to grab every opportunity that comes your way.
With increased competition and innovative ideas coming through, marketing your product has become more of customer-centric. Products are just not being introduced to the audience, but they are also being educated about the products, the features of the product and the value it adds to their life. And to pass through the needs of the customer that is an ever-changing process, you need to layout the ideology and buying behaviour of the customers on the table. And this can only be done when you have done your part of the research. When you know that over time, what made customers change their buying behaviour and how attracting and converting new customer, you can plan your own idea. That’s how you get an edge in the market over your competitors.
How do you know who is your potential customer? Who is convertible and who is not? Since nothing is perfect, you can always strive to come up with an improvement in the sector you cater to. You can always get to that point of understanding where you can find out what else you can provide to the audience in order to add value to the purchase of the customer. When you come up with an innovative idea in the market, you have a window to rope in potential customers for the business. This happens while keeping your existing customers intact and adding more to the list and increasing the brand loyalty of the customers towards your business.
In the market, you don’t play your luck for too long. The expiration of luck comes with the halt on the sale. Achieving target is where everything in business boils down to. You set targets from time to time in order to keep track of the growth and fall of the business. Sometimes you hit them and sometimes you don’t. But if you approach the target in a research strategic way, you set your target in categories keeping in mind the demand of the market and need of the customer
Research and Data Analysis plays a vital role in the business of people who have a vision for the future of the company and are dedicated to the growth of their business. Always approach the best out of the perfect ones to take care of the research and data analysis part of your business. Come to Trivoli for an extensive research and data analysis for your business and experience an “Accelerated Growth” in your business.