Don’t just analyze your data. Dig deeper.
Be prepared to go above and beyond measurable results after you have conducted data analysis. Observe and report. Calculate and collect. Innovate and transform.
When conducting marketing research, a lot of crucial information can go under the radar when collecting your finalized results. Whether or not you specifically researched the data points gathered from your findings, you want to encourage to consider every possible scenario and asses all the accumulated findings. This is where you will find the difference in data points and data insights. Points are merely a metric, a single factor representing one or various subgroups. Whereas insights are the revision acknowledged by the marketer in order to forecast, facilitate, and deploy business innovation measures that alter a company in maximizing results.
This form of marketing research can be administered through various methods. However, business intelligence tools like excel and other alternatives can offer descriptive statistics and perform the analysis of a relationship between variables. This is just the tip of the ice berg.
When it comes to the cosmetics industry …
There are multiple marketing segments in this field that have to be analyzed. A marketer must adhere to all possible consumers to include in a directed target audience. In beauty, the vast world of glamour is limitless.
Gender, age, global region, makeup, skincare, hair, perfume, cruelty free, natural, etc. All of these variables are needed for the mutual marketing exchange of “feel good”. From marketer to consumer, from marketer to brand, and from marketer to business future.
All interpreted by data points and applied in data insights.
It all circles back to research design, exploration, and innovation for a calculated, polished, and anticipated successful business venture.