In the previous post we discussed how data analytics has become crucial to planning and executing effective marketing strategies for all businesses. We learned about the examples of ZoomShift, Grammarly and LearnVisualStudio.NET – and how they are using data analytics to drive conversion and push forward their businesses.
Today, we are going to talk about other methods that how marketing strategies can use qualitative data, apart from conducting on-site surveys. But before that, let us refresh your memory: Qualitative data is not measured, but observed. The data acquired assists companies – regardless of their size and industry – to understand the buying behavior and pattern of their customers.
No business can flourish if it doesn’t understand how its target audience behaves or reacts. But there are three major challenges to qualitative data analytics, which are as follows:
a. There are no universal rules for analyzing the data.
Since the subject and content on the basis of which the analysis is not objective in nature, the results often get skewed.
b. There is no end to gathering data.
Seriously, there is no limit to as to how much a marketer can and should collect to be able to derive a proper solution or strategy. This is why the whole process is instinctive in nature.
c. There is need to reduce data for reporting purposes.
As mentioned in the second point, the data gathered can be enormous in nature. This invariably affects the reports prepared after analysis.
Therefore, the onus of ensuring a qualitative data analysis lies in the hands of the marketers because in the end, all businesses want conversions and grow! Moving forward, let us try to understand other how business marketing strategies can focus on qualitative data analysis:
1. Focus groups (hell yeah!)
This technique works brilliantly, especially if there is a demand for a variety of opinions and feedback. There is no need to opt for a traditional focus group wherein a group of 8-10 people talks about the topic in hand. No, we are talking about a more digitally inclined focus group.
Marketers can hold a webcam or online bulletin board focus group which provides the customers a platform to participate in a group discussion of three to four days. They answer questions asked by the moderator and respond to images or videos on their computer screen.
If you still haven’t understood this, think about Google Hangouts. There was a time when this platform was quite the go-to choice to interact with the customers in real-time. It still is. It is a perfect platform for conducting digital focus groups.
2. Live chat transcripts (why not?)
There’s nothing better than using a live chat on the website. Why? Because this allows the business to interact with the customers in real-time. It’s a proven tactic for improving conversion rates. And it helps in getting insights on aspects such as “what the potential customers are looking for on the website?”, “what they feel is missing on the website?”, “what complaints do they have?” etc.
Marketers can always make note of the feedback of the potential customers and include them in the marketing strategies. Striking the right chord with the target audience is essential. But the only catch here is they need to monitor the volume of the data collected.
3. Customer surveys (not on-site)
Conducting surveys is always an option. Even though it is a traditional method, it still rules the roost in planning modern marketing strategies. Learn about who the customers really are and what they want and what queries they have in terms of the product or service.
Understanding the target customer base’s point of view is necessary. The best way to gather information is speak to people (or potential customers), with whom you don’t have any history. Keep the questions open-ended to get more vibrant and broad feedbacks.
MCQs are convenient but they never present the clear picture – which is why it is okay to use them for smaller projects but not when the business is relying on them for planning their marketing strategies for the coming quarter or a year!
Over to you
Despite the manual intervention and subjective reporting, qualitative analysis is still an indispensable option when it comes to achieving actionable insights for making marketing strategies that will, in turn, make the business drive conversions and generate revenue at a faster pace. So let us also focus on “why” and “how” aspects in a business, and not just “what”, “where” and “when” of statistics!