Skip to main content

False Information - your fault?

Hurrying under pressure is a common business mistake. Even the top level does it without anybody above.

What's the pressure all about?

Markets are evidently a source of pressure - to perform, outperform, and come up with a solution for the masses before anyone else does. Even if you are not catering to large markets, small markets may have a make or break situation for you.

Mindless estimations, faults under pressure, and careless decisions can ruin your company. Most of these decisions are based on inaccurate facts, which may be so deeply rooted in your plan, that there is hardly any way of telling.

Market information can be faulty very easily. Although at the macro level mistakes are easy to catch, the premise of such information is often at the micro level. Information collected from consumers can be old, irrelevant, and misleading.

So here's what: if you had the correct market data, the chances of building up towards a comprehensive report about a market segment won't be impossible. If you trust your own market reports because you have the expertise and do not want to rely on any other source, you need to get the basics right.

The basics of any information of report is granular data. Unless you have a strictly administered consumer database, it is impossible to tell preferences, percentages, hot-selling items, etc.

So here's what you have to do. Whether you are in the healthcare business or make technologies to support organizations, know about them who use your supplies, and how they do it. What's their behavior pattern, and are they adequately satisfied?

The answers to these questions are with us, available in segmented formats, creating opportunities for those who use them. 



Comments

Popular posts from this blog

The Role of a CEO as aThought Leader
Thought leadership comes with the responsibility of processing a particular thought to making it achieve the goals that can improve the health of an enterprise. A though leader happens because the audiences, the industry and the markets recognize you as that. A proper planning and execution is required to get to the goal point estimated. How as a CEO would you want to see your company respond to new business contracts, share purchases, product purchases, technology based software purchases and legal procedures? Only you as a c-suite executive can decide on how you would guide and take guidance for some important decision-making.

Thought leadership affects a company's image
Be it a small company or a large enterprise, thought leadership can be elevated. This elevation can take place in a company catering to a small audience for mere promotions and then in its larger version using various contemporary platforms to market products and services. Th…

Is the Manufacturing Industry Disappearing?

A 2012 Huffington post for Canada read that the country witnessed 79 industrial plant shut-downs in 2011, which took away 14,000 jobs. At the pace which US manufacturing plants, with over 1000 workers, have been declining since 2011, it seems quite evident that the manufactured goods from countries like China are being purchased in large numbers and hence, the downfall of manufacturing companies.
The role-play of technology has become more prominent in countries like USA and Canada, and so, even though, the output of human labor in manufacturing has been good, machines have replaced most of it. So, since, the labor cost is being minimized this way, most manufacturing plants are closing outright and work is being shifted overseas. Though over 12 million workers are still employed in manufacturing, importing manufactured goods from other countries is only going to worsen the situation.
Laying the groundwork for a comeback
In the background of American manufacturing companies getting washed…

Hospitality Marketers and their Data

Coming to realize the concerns of a B2C marketer, data companies like us realize the complexity of tracking targets. Favorite cuisines, ambiance preferences, locations, and work and travel behavior... wooh! that's a lot of information when it is not a business concern, and individuals only.

However, we are talking about something a little more penetrative, realizing that it could be controversial at the same time. Do you remember restaurants requesting your information at the end of a meal, and you just end up leaving your office name or address at the bottom of the review.

That leaves the scope for a hospitality or restaurant marketer to find out information about your colleagues - at least the ones who share a similar taste in food. We embarked upon some brainstorming last week to figure out if the complexity could be lowered at some level in the process of data-driven marketing in the B2C sphere.

While collecting information from prospects and customers, restaurant and hospita…