Data has become the foundation of trust and research. In market research, data is used to understand a customer’s needs, wants, and preferences. In the domain, the creation of marketing strategies solely relies on strict numbers and data facts about the ideal consumer. This way marketers can allocate their resources to the correct products and services.
Data provider companies have now become substantial parts of market research teams, they are the ones who cover all the needs for fresh and insightful data. Let’s take a closer look at company data providers, how to find your ideal provider and ways that their data can change your marker research.
Who are company data providers?
Using data in market research sounds all great until the drawback of data collection arises. In fact, in research conducted by Gartner, poor data quality is the primary reason for 40% of all business initiatives failing to achieve their targeted benefits. As a result, new players entered the market to assist companies with data collection for their research.
Company data providers are an organization that supplies fresh, insightful, and constructed data for use of consumption by third parties. A data provider is responsible for collecting the freshest data, storing it, constantly updating it, and ensuring that it is accurate.
By using company data provider services, market research teams will save a lot of their time, which they can use to construct new marketing strategies. In the long run, they will be saving money, since their time will be worth more than paying for company data provider insights.
According to a recent study by Statista, the global market research industry is expected to reach $90 billion by 2025. This once again confirms the need to work with a company data provider, who has all the tools and knowledge to revise data quickly and provide it for your market research and strategy construction.
The main benefits of working with a company data provider
Aside from dealing with the marketing aspect of a company, many of these marketing managers are forced to spend most of their time searching for valuable data. In the meanwhile, the companies that work with data providers experience many benefits from ready-to-go datasets. Here is more information on the benefits of working with a company data provider:
Data availability
The first and foremost advantage of hiring a company data provider is definitely how easy you will be able to access data whenever you need it. Company employees won’t have to work overtime to explore and sort data for their market research, instead, they can access a centralized system where all data is sorted and updated.
Hiring additional employees to work with data collection isn’t a rational decision either, since the costs will equal the same as hiring a data provider. What’s more, is that company data providers have all the correct tools and licenses to collect data which is just another point to their system.
Data accuracy
When it comes to data nowadays, there is a ton of it, so much that you can simply get lost and go off track. In a market research business, there is no room for similar mistakes or inaccurate data points.
That’s why by choosing a reliable data provider who is certified at handling large batches of data, companies can be sure that they are using only accurate data and receiving the most insights they can possibly gather about the market.
Data entirety
The data you are using for your market research must be appropriate and contain all the details provided by a customer. The problem of collecting data on your own is that you can often find free datasets with information, but these datasets don’t provide it all, they can blur out phone numbers, addresses, etc.
Unfinished datasets can take a harmful toll on a business, which is why you should choose a company data provider to supply your datasets. They will always make sure all customer details are provided and appropriate.
Data security
Having all employees deal with data collection and putting it all into one database can become a threat to security. Even though data is a strong foundation for further research, it should be handled very fragilely and strictly.
By hiring a company data provider your data will stay secure between you and the provider. You can then further share certain parts of data on command to a limited set of employees and restrict their access whenever needed. Only in this way, you can ensure data security and prevent any data leakage.
How to select a reliable data provider?
Now that you have learned about the benefits of working with a company data provider, let’s take a look at three aspects you should know when choosing a reliable and high-standard data provider:
- Coverage and freshness. Always justify what data collection aspects your provider will handle and how often they update their datasets. With access to the freshest data in your industry, you will be getting a huge business advantage.
- Communication. A key moment to analyze when choosing a reliable company data provider is their feedback and overall communication. It’s important that a provider can cater to your needs and understand your requests with a small explanation.
- Accurate and secure. Now lastly before committing to a company data provider test whether the information they provide meets your business needs. You should also check their license for data collection and security systems.
The key ways data is changing market research
At its core, data can completely change the way you do business and your success results. Even studies have found that 92% of marketing professionals believe that data is essential to their success. An additional 78% of them say that data is driving their investment decisions. Here are a few ways that data contributes to market research and success:
Customer behavior and preferences
Using data market research companies can detect how customers behave with certain products and services, and this way they can highlight many of their preferences. Behavior trends across multiple channels are stored in databases within reach at all times.
Market patterns and trends
Even though having access to the newest data is important, past data can influence your market research. In older data, you can detect certain patterns and trends and use them to predict the future market.
Targeting and personalization
By combining market research with fresh data insights, marketers can create personalized and targeted campaigns for each customer base. This way they are increasing the chances of reaching the correct audience and making a successful sale.
Final thoughts
As we come to an end, we have set straight that data is the sole foundation of modern market research and success. For business convenience, time-saving, and security, they should hire company data providers who will quickly supply all the data needed to conduct market-changing research. Data providers have all the tools and knowledge to provide the best insights in the market.
