Database market research isn’t exactly a new method: it’s been popular since the 80s. Still, it might be a case of classic methods still being among the most effective, particularly when it comes to marketing communications and improving open and response rates. It’s true that there are new innovations and methods that can help your market research efforts, but database information is a great place to start for some surprising reasons.
Better Product Development
Scouring databases for customer information can help you identify segments of the population whose needs aren’t being met with current product and service offerings. You might notice patterns where certain household incomes are less or more likely to buy, or identify smaller families that offer a previous untapped marketing opportunity. These patterns can certainly assist with your product research and development efforts.
Improved Marketing Communication
When marketing communications are targeted to an individual’s lifestyle, location, and family, it instills a higher sense of customer satisfaction and loyalty to the company. Databases are a wealth of information to help you better segment customers to send out ads, mailers, and emails that better address their unique lifestyles and motivations to buy.
It’s easier to predict which way the market is going to go when you have all the facts, and database market research can help you learn more about your customer. This, in turn, can offer better confidence when launching new products and the ability to focus on the products and services that are most likely to sell with your target consumer.
It’s an oldie but a goodie: There’s a reason database market research has survived in the midst of newer research methods. It might not be the most modern, but successful companies know that databases still have a valuable story to tell for those willing to do the work–and listen.