Question

When conducting research for developing marketing strategies, how can researchers identify both valid online sources as well as missing data that needs to be gathered?

Answer 1

It is important for researchers to identify both onlinesources and missing data while developing a marketing strategy. A data-driven marketing strategy is always effective for the business organization to gather authentic information about sales, market growth, market share, and profitability. It ensures

• Setting up a clear goal
• Utilizing data to guide market strategy
• Analyzing target audience.

Researchers find valid online resources by

• Analyzing the online profile of target consumers and understanding their preferences and their buying trend
• Evaluating the efficiency of its social media promotion strategy and understand its capability to reach consumers expectations
• Comparing previous year financial invest and current year financial invest in online promotional policies
• Segmenting target consumers according to their capability after gathering information of consumers preferences on its official website.

Ways to gather missing data are as follows:

• An appropriate understanding of context by evaluating the preferences of target customers
• A conceptual analysis of the development of competitive level in the target market
• A proper analysis of service and product distribution strategy
• Mapping various stages of consumers journey
• Evaluating the return on investment

The gathering of data from valid online sources and analysis of missing data is an effective way to develop an efficient marketing strategy to cop up with market competitiveness.