We all know in today's time all market is fuelled with data, which consist of user behaviour and contact details which can be used for perfect market research. Most of the multinational companies are fetching data from the different medium they are also using both the mediums, digital and traditional.
But as Data is flowing all over the market, therefore, it's pretty hard to manage these type of big data as it's not that easy to manage and research these many amounts of data.
Empirical research which means (way of gaining knowledge by means of direct and indirect observation) has become complicated by the overwhelming number of data points regarding customer behavior and the market for products and services.
According to Recent data breach like Facebook data breach, Many states of United States of America have differing data security legislation like they have to follow all the compliance with all the prescribed standards so that they can avoid penalties.
As per the General Data Protection Regulation, their compliance is altering the future of digital marketing, as consumers now have to actively consent to the use of their information in targeted advertising. These changes in data access and legislation are making it difficult for marketers to perform effective marketing research.
Due to a lack of understanding of the GDPR regulation many companies are facing ineffective marketing, therefore they are not being able to drive insights about customer’s limits and direct ads to their specific customers.
To remain competitive, all multinational companies find new techniques and technology to overcome these challenges. Staying with the competition in the market space will soon depend on looking at data analysis in a new way.
Here are three tips to begin navigating market research in a changing world:
1. Develop new advertising strategies
Regulations made by GDPR have given rise to contextual advertising (the form of targeted advertising for advertisements appearing on websites or other media). While companies are no longer allowed to collect users’ data without user consent, websites can still keep track of what their users are viewing and sell ad space to brands on what they perceive to be a customer’s interests, like Re-Marketing Technique.
Ads will appear on relevant pages is typically the result of keyword targeting, making Google AdSense and YouTube Ads valuable platforms for those launching contextual advertising campaigns. These tools enable marketers to place relevant videos, images, and text alongside content that consumers are already searching for.
2. Narrow your research
Try to search where you can sell your product first and which type of consumer will buy your product. Eg. Alto and Ferrari. Alto target mostly all the consumers in the market, but Ferrari targets only few who are willing to pay the price.
3. Use modern solutions for modern problems
The marketing tactics of 10 years ago are not always suitable for today’s hurdles. Issues stemming from new technology require a solution that ensures the technology is adapting to marketers’ needs, not against their goals. For example, marketers can use predictive analytics to learn about customer behavior, and they can train these capabilities not to push the boundaries of new privacy regulations.