Why data and insights are so important in the new normal
Applying data insights on consumers’ fast changing behaviors and lifestyles in market research is the key driver for business success. Three executives in market research and intelligence teams of Thailand leading companies have shared their views at a webinar entitled “Changes in the Data and Insights role within companies” organized by Thailand Marketing Research Society and ESOMAR World Research.
Post-covid 19 impacts have totally changed the ways people live, work and consume the products and services while most companies and market research teams have streamlined and worked with other departments, according to Naruemon Simakajornboon, Associate Director, Marketing Research, TRUE Corporation.
Naruemon defines ‘insights’ as how to align customers’ needs and expectation, finding proper channels to reach out customers, understanding market trends, planning and setting strategies for go to market.
In fast-moving consumer goods sector, consumers are shifting towards health conscious awareness, online shopping, social media community, free market search, thanks to technology advancement and the companies’ ability to use data and insights with effective tools and capturing new opportunity in online channels, said Vorasaya Suvanatap, CMI People Data Centre Lead – Thailand & SEAA, Unilever
Vorasaya said that post-covid 19 marketing strategies depend on speed, social listening to products, agility to change and adapt, communication channels to the right target groups, and how to enhance brand values and grow more businesses. So, it is important for business executives and employees to move in the same direction through proper strategies and maximize organization values.
Industry trends, in-depth data analysis and insights to be selected at the right time and the right place, emotional responsiveness, customer expectation management, the use of new technologies, for example, artificial intelligence, virtual-related tools, predictive analysis, are key significant factors in today’s marketing environment, according to Tidarat Rieko Takashima, Assistant General Manager, Market Intelligence, ASEAN, Nissan.
Tidarat also pinpoints that the data collected by every department are key fundamental importance to obtain the right output and predictive marketing strategies. She encourages to have continuous workshops and clear understanding on data input and reporting. At the end, customer market research and intelligence team plays important roles to understand customer voices deeply, to engage all stakeholders, and to solve any customers’ pain points and also deliver innovation or product development to customers.
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