Table of Contents
Common market data examples include:
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Customer Data
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Competitive Intelligence
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Market Research
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Commercial Transactions
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Customer Feedback
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Preferences & Interests
Marketing has evolved and experienced a fundamental shift over the years. Gone are the days when marketers used to work on their instincts or gut feeling.
In modern times, marketers resort to analyzing customer data as a reliable source of information. Often, many marketers struggle to adopt this data-driven approach.
They do not know how to use relevant data. Many are not aware of the appropriate tools to collect, analyze and compare data to generate useful insights.
Many small businesses feel they understand their customer, only to conduct market research and learn they had the wrong assumptions.
B2B marketing data helps you connect with your customers on a much deeper level, but this is especially true for creating a winning marketing strategy.
High-quality digital marketing data helps inform your decision-making and lets you track how effective each stage of your strategy is.
However, intent data is arguably the most important data type to use when creating your strategy.
Quantitative and qualitative market research types and methods such as surveys, focus groups, online interviews, and phone surveys have become extremely popular.
The latest addition to this category is social media market research.
By conducting research, you can create a profile of your average customer and gain insight into their buying habits, how much they’re willing to spend, and which features resonate with them.
To get a better understanding, you’ll learn how to conduct quick, effective market research without hiring an agency—something called lean market research.
It’s easier than you might think, and you can do it at any stage in a product’s lifecycle.
Conducting Primary Market Research
Market research is a method to collect customer insights to understand whether a new product will work well with a target market or what type of changes can be made to a feature to make it more adaptable to a market.
Whether they are products or services, you can identify potential opportunities by conducting market research.
Businesses use this information to design better products, improve user experience, and craft a marketing strategy that attracts quality leads and improves conversion rates.
By learning more about your customers, you can gather insights into complementary products and services.
Businesses can know whether customers are optimistic or apprehensive about the economy’s direction and make adjustments as necessary.
For example, a small business owner may decide to postpone a new product launch if it appears the economic environment is turning negative.
One-To-One Interviews
This market research example is one of the oldest and most popular forms of conducting market research.
Business exists only because we have customers; listening to what they have to say certainly makes sense.
They are systematic, with questions prepared much before the day of one-to-one interviews that will effectively gain the desired feedback from all the participants.
They are focus groups but with a single person at a time.
Create Online Surveys & Polls
Conducting online polls and surveys have become the most widely used market research technique to gauge opinions from a target audience.
They are an extremely cost-effective medium of connecting with an audience and getting opinions or feedback about critical topics.
Surveys are a form of qualitative research that ask respondents a short series of open- or closed-ended questions, which can be delivered as an on-screen questionnaire or via email.
Today’s successful enterprises use powerful market research survey software that helps them conduct comprehensive research under a unified platform and hence provide actionable insights much faster with fewer problems.
When conducting market research surveys, the way you word your questions can affect customers’ responses.
The way you word previous questions can put customers in a certain mindset that will skew their answers.
For example, when people were asked if they thought the U.S. government should spend money on an anti-missile shield, the results appeared fairly conclusive.
According to The Opinion Makers: An Insider Exposes the Truth About Polls, sixty-four percent of those surveyed thought the country should, and only 6% were unsure.
Focus Groups
It is one of the most traditional mediums of conducting market research and has been implemented since WWII.
Focus groups are extremely filtered groups of 6-10 individuals, usually eight, who belong to diverse demographics and whose opinions and feedback are collected for market research.
The best part about focus groups is that information can be collected remotely and done without personally interacting with the group members.
However, this is a more expensive method used to collect complex information.
Benefits of Conducting Market Research
The growth of an organization is dependent on the way decisions are made by the management.
According to an Invesp article on the statistics and trends of data-driven marketing, businesses that use marketing data to inform their strategies drive 5-8 times as much ROI as businesses that don’t.
Fresh, accurate, and compliant data can help a data-focused marketing team reach niche audiences, help support winning sales strategies, and assist sales in the task of converting hot leads into paying customers.
And that’s just the tip of the iceberg regarding the benefits of using data in marketing.
Using market research techniques, the management can make business decisions based on obtained business results that back their knowledge and experience.
Market research helps to know market trends, hence to carry it out frequently to get to know the customers thoroughly.
A market research plan will be rewarding only when accurate questions are asked to the target customers.
Market research is one of the best forms of interaction with the right target audience, and it can be implemented to improve customer experiences and boost profits.
What Is Marketing Data?
You may have seen it on news websites such as the BBC or Reuters, which offer up-to-date market data.
And, if you’ve looked at the Financial Times, for example, you’ll have noticed the pages of detailed market data at the back of financial newspapers.
These days, many smartphone users have apps charting market data by the hour, day, week, and year.
In finance, market data is price and other related data for a financial instrument reported by a trading venue such as a stock exchange.
Market data allows traders and investors to know the latest price and see historical trends for instruments such as equities, fixed-income products, derivatives, and currencies.
You can use marketing data to improve product development, promotion, sales, pricing, distribution, and branding strategies.
The information is extracted from various touchpoints and interactions between customers and brands.
This data drives marketing analytics to evaluate the effectiveness of any marketing campaign and justify the ROI of these campaigns.
The following are common types of marketing data:
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Customer data information about your customers, such as contact details.
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Market research information about target markets such as customer needs and preferences.
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Competitive intelligence data about your competitors and industry in products, services, business capabilities, and pricing.
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Sales data such as leads, opportunities, quotes, and proposals.
Level I & Level II
Market data is often subdivided into two general types, commonly referred to as Level I and Level II market data. Level II provides more information than Level I.
Traders decide which data feed they need for their trading, and then subscribe to that data feed through their broker.
Depending on the broker, Level I and Level II can have different costs.
Level I market data provides all the information needed to trade most chart-based trading systems.
Level II market data is an overview of asset prices, offers, and trading volumes.
The software is particularly popular with day traders and other high-volume investors for technical analysis and data-driven trading.
Data Collection
The data collected can be qualitative (non-numerical) or quantitative (numerical or statistical) data.
While conducting primary market research, one can gather two types of information:
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Exploratory
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Specific
Exploratory Research
Exploratory research is open-ended, where a problem is explored by asking open-ended questions in a detailed interview format, usually with a small group of people, also known as a sample.
Stay Ahead of Competition
According to a study conducted by Business Insider, 72% of small businesses focus on increasing revenue.
Conducting the research helps businesses gain insight into competitor behavior.
By learning about your competitor’s strengths and weaknesses, you can learn how to position your product or offer.
Market Data Fees
There are five market data fee types charged by exchanges and financial data vendors.
These fees are:
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Access fees
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User fees
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Non-display fees
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Redistribution fees
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Market data provider fees
Market Depth
The U.S. Commodity Futures Trading Commission
The CFTC oversees the markets and their participants, monitors liquidity and systematic risk, regulates compliance, and enforces the CEA.
The CFTC uses data sourced from market data providers to perform its functions and publish reports on the health of the derivatives market, including the Commitment of Traders report, Cotton on Call, and the Weekly Swaps Report.
The Securities And Exchange Commission
The SEC is an independent government agency that protects investors and oversees security markets.
The SEC helps regulate data management, transparency, and auditing of trading patterns in the market.
Demographic Data
This is the most fundamental information that every marketer needs. This is information related to personal and geographic attributes.
It’s not going to give you too much information about the lead’s buying habits or interests, but it can give insight into whether they fit your ICP (ideal customer profile).
Social Media Research
This market research example has become exponentially popular as a convenient alternative to focus groups or online interviews.
Marketers now prefer posting on Facebook, LinkedIn, or even Instagram to get quick opinions about product launches or feature updates.
Website Data
Every company has a website, which is the face of the company. The company website is the first customer touchpoint.
Any new or potential customer will visit the website before making a purchase decision. However, it is essential to track website data to learn about the customer.
Valuable information includes website visitors, page views, traffic sources, and bounce rates.
Ideal Customer Profile
What you are testing is crucial, and then A/B testing is a means to help better understand whether insights you have about the customer are either validated or refuted by actual customer behavior.
So it’s important to start with some research into potential customers and competitors to inform your A/B tests.
This represents your perfect customer, the person who will derive the greatest benefit from using your product or service.
To obtain this marketing data, use a questionnaire or online feedback form to gather data from your existing customers; then, review the data.
Search for anything that links your customers together. The insights you gain can be assembled in an ICP template, that you can reference when marketing to new customers.
Ethnographic Research
In a focus group or survey, you ask customers to explain something they may not even truly understand. It could be why they bought a product. Or what they think of your competitor.
Ethnographic research is a type of anthropology.
You go into customers’ homes or places of business and observe their actual behavior, behavior they may not understand well enough to explain to you.
Forex Market Data
Foreign exchange market data is available through a wide range of sources.
The big forex market data providers include Reuters, Bloomberg, the Wall Street Journal, and MarketWatch.com.
Then there are the financial TV networks such as Bloomberg TV, CNBC, and CNN. Another option for real-time market data delivery comes from forex trading platforms.
Market Price Data
The speed at which market data distributes can become critical when trading systems are based on data analysis before others can, such as in high-frequency trading.
Market price data is not only used in real-time to make on-the-spot decisions about buying or selling, but historical market data can also be used to project pricing trends and to calculate market risk on portfolios of investments that an individual or an institutional investor may hold.
What Are Ticker Plants?
Specialized software and hardware systems called ticker plants handle the collection and throughput of massive data streams, displaying prices for traders and feeding computerized trading systems fast enough to capture opportunities before markets change.
When stored, historical market data is a type of time series data. Latency is the time lag in delivering real-time data, i.e., the lower the latency, the faster the data transmission speed.
Processing large amounts of data with minimal delay are low latency.
The competition for low latency data has intensified with the rise of algorithmic and high-frequency trading and the need for competitive trade performance.
Market data generally refers to either real-time or delayed price quotations.
The term also includes static or reference data, that is, any type of data related to securities that are not changing in real-time.
What Is Reference Data?
While price data usually originates from the exchanges, reference data generally originates from the issuer.
But before it’s delivered to investors or traders, it usually passes through the hands of financial data vendors that may reformat it, organize it and try to clear obvious anomalies on a real-time basis.
Reference data includes identifier codes such as ISIN codes, the exchange a security trades on, end-of-day pricing, name, and address of the issuing company, and the terms of the security (such as dividends or interest rate and maturity on a bond).
What Is Quantitative Research?
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