Managing Marketing Information to Gain Customer Insights
To create value for customers and build meaningful relationships with them, marketers must first gain
fresh, deep insights into what customers need and want. Such customer insights come from good
marketing information. Companies use these customer insights to develop a competitive advantage.
• Marketing Information and Customer Insights
Customer Insights are:
Fresh and deep insights into customers’ needs and wants
Difficult to obtain
o Not obvious
o Customer’s unsure of their behavior
Better information and more effective use of existing information
Companies are forming customer insights teams
o Include all company functional areas
o Collect information from a wide variety of sources
o Use insights to create more value for their customers
Marketing information system (MIS) consists of people and procedures for:
– Assessing the information needs
– Developing needed information
– Helping decision makers use the information for customer
, • Assessing Marketing Information Needs
MIS provides information to the company’s marketing and other managers and external
partners such as suppliers, resellers, and marketing service agencies
Good MIS is balancing what the information users would like to have against what they
need and what is feasible to offer
Marketers obtain information from:
- Internal data: Internal databases are electronic collections of consumer and
market information obtained from data sources within the company network
- Marketing Intelligence: Competitive Marketing Intelligence. The systematic
collection and analysis of publicly available information about consumers,
competitors and developments in the marketplace
- Marketing research: Is the systematic design, collection, analysis, and reporting
of data relevant to a specific marketing situation facing an organization
• Developing Marketing Information
• Exploratory research—objective is to gather preliminary information that will help
define the problem and suggest hypotheses.
• Descriptive research—describes things.
• Causal research—tests hypothesis about cause and effect relationships.
Secondary data consists of information that already exists somewhere, having been collected for another
purpose
To create value for customers and build meaningful relationships with them, marketers must first gain
fresh, deep insights into what customers need and want. Such customer insights come from good
marketing information. Companies use these customer insights to develop a competitive advantage.
• Marketing Information and Customer Insights
Customer Insights are:
Fresh and deep insights into customers’ needs and wants
Difficult to obtain
o Not obvious
o Customer’s unsure of their behavior
Better information and more effective use of existing information
Companies are forming customer insights teams
o Include all company functional areas
o Collect information from a wide variety of sources
o Use insights to create more value for their customers
Marketing information system (MIS) consists of people and procedures for:
– Assessing the information needs
– Developing needed information
– Helping decision makers use the information for customer
, • Assessing Marketing Information Needs
MIS provides information to the company’s marketing and other managers and external
partners such as suppliers, resellers, and marketing service agencies
Good MIS is balancing what the information users would like to have against what they
need and what is feasible to offer
Marketers obtain information from:
- Internal data: Internal databases are electronic collections of consumer and
market information obtained from data sources within the company network
- Marketing Intelligence: Competitive Marketing Intelligence. The systematic
collection and analysis of publicly available information about consumers,
competitors and developments in the marketplace
- Marketing research: Is the systematic design, collection, analysis, and reporting
of data relevant to a specific marketing situation facing an organization
• Developing Marketing Information
• Exploratory research—objective is to gather preliminary information that will help
define the problem and suggest hypotheses.
• Descriptive research—describes things.
• Causal research—tests hypothesis about cause and effect relationships.
Secondary data consists of information that already exists somewhere, having been collected for another
purpose
