There is nothing more tragic than a right answer to the wrong question!
We have always been told to ask questions in case of doubts. We have been probed on our choice of free expression because if you are not clear you need to articulate your doubts and in the process of asking, you will seek answers and when you find the answer, the gap between the need to know and ignorance to it is bridged.
So, a lot of market analytics involves asking questions:
This is a good thing but only if done well enough!
For example, there is a big tendency in the analytics market about finding out what the consumers think about a particular good or service that a company provides. The key elements which are common to most analytics are covered but often times, the people responsible forget to map their findings on other important features including public sentiment and the buzz element.
This can become misleading and as a result, there can be a huge knowledge gap between what the CMO has derived from his research and what the ground reality is actually.
Market analysis is a teamwork:
One of the worst mistakes a CMO at the helm makes is to not inspire his team enough. He may be in love with data and numbers may make him go bonkers but if he cannot hold his team on the same board and delegate to them or keep them in the loop, the research will only be lopsided.
Using good communication tools within the team can work wonders. Printing services Glasgow has been doing the toolkits for a lot of companies with elan. The success rate of a company also majorly rests on its analytics team.
Having an ear to the market:
Today, the markets work on instantaneous gratification. If your company is not able to provide the necessary service or goods on time, the consumers will not think even two times before migrating to other companies that do. Even considering that you have the monopoly; you must have an ear to the ground to know what the customers think about your company. T feedback pipeline is, therefore, a necessity today which most companies have a tendency to overlook. That can cost them millions if you know what I mean!