Why Web Analytics & Market Research Is Imperative For Any Business to Succeed?
According to study MARKET RESEARCH is recognized as process or set of processes that links the business and the end users to the market through data evaluation.
It is a systematic gathering, recording, and study of qualitative and quantitative data about issues related to marketing products and services.
With the explosive growth of “Online Marketplace” came new competition for brick and mortar businesses.
Retail outlets are appearing online every minute and the previous need for bricks and mortar stores is fading at a greater pace than online competition is growing.
With so many online channels for consumers to make purchases, companies need newer and more compelling methods that resonates more effectively to capture the attention of the average consumer.
Market and Consumer research is performed in order to provide client with relevant, accurate, reliable, valid, and current information.
Well made decisions are not based on assumptions, intuition, or even pure judgement but in depth consumer and market analytics.
Consumer And Market Research can be also recognized as a form of sociology dedicated to the market evaluation and to be more specific “ behaviors of consumers in a market-based economy” and it aims to understand the effects and comparative success of marketing campaigns.
Marketing research may also be described as a systematic and objective identification, collection, analysis of information for the purpose of assisting business in decision making related to the recognition and solution for problems related to opportunities in marketing.
Marketers made numerous strategic and tactical decisions in the process of identifying and satisfying customer needs.
They make decisions about:
- Potential opportunities
- Target market selection
- Market segmentation
- Planning and implementing marketing programs
- Marketing performance
- And control.
These decisions are very often dependent on relations between the controllable marketing variables and out of control environmental factors such as general economic conditions, technology, public policies and laws, political environment, competition as well as social and cultural changes.
Web Analytics we can say is still “WORK IN PROGRESS” continually evolving alongside E-commerce.
The Web Analytics was borne out of the need to track the actions of site visitors and as the popularity of E-commerce and web advertising grew, businesses demanded details on the information created by new developments in web data collection, such as click-through and exit rates.
As the Internet boomed, websites became larger and more complex, the possibility of two-way communication between businesses and their consumers became a reality provided with the capacity to interact with online customers. Researchers nowadays are able to collect enormous level of data that were unavailable in past years. This means that the Marketing Research Industry is continually adapting to the rapidly changing needs of the marketplace, and to the demands of companies looking for competitive edge. This demand is driving Marketing Researchers to develop new platforms for interactive way of communication between business and potential client visiting their website.
As personal mobile devices become more capable and widespread, the Marketing Research Industry will look to further capitalize on this trend.