Marketing communications experts and research analysts have held the views that for any business to drive successful marketing strategies and stay afloat in today’s competitive landscape, there is a need to unlock the power and potential of data.

The analysts who  highlighted the relevance of data-driven marketing, posited that if data usage is widely adopted, it will not only help companies identify their target customers, but will also make a huge difference between thriving and falling behind.

Speaking in separate interviews with MARKETING EDGE, they opined that companies can only make informed decisions through the use of data gathered and analysed by competent research companies.

According to Mr. Femi Daramola, Managing Director, Communications and Marketing Research Group, it is the data that helps organization to gauge the level of satisfaction given to customers. He  further explained  how relevant data gathering is for organization to make strategic decisions.

“You won’t make decisions based on assumption. Data guides you on the number and demography of people driving your market. This will also helps you target your activities.” Daramola noted.

Also speaking on maximizing data’s potential in marketing strategies, Seyi Dewusu, Research Manager, CMRG Ltd, said it is only a credible search agency that can provide reliable data for marketers to hit their targets.

In his words, “the volatility in the Nigerian economy has changed a lot of things. So for any organization to survive the trend, it needs data and that data will surely come from a market agency who acts like intermediary between the consumers and organization.

“So I don’t see any organization succeeding without data. Data is more like the nucleus or bloodline of an organization. It is very important for the survival of organization.”

For Victor Onofomi, the Research Manager at Pierrine Consulting, data is very pivotal to marketing especially across the decisions making in marketing such as the 4Ps- product, price, place and promotion.

According to him, all the four Ps of marketing will require data for any informed decision to be made on them.

“Key stakeholders need data to be able to make informed decision on what kind of product do they want to produce, what are the need of people? How can we meet the needs of people with the right product, price, publicity and ensuring it gets to them at the right place and at the right time.

“Data is pivotal to all these junctures to ensure that decision makers make this decision across the different aspects of marketing. It is also pivotal especially when it comes to understanding consumers. When you understand the consumers, you will know how to tailor your products, services and advertising or marketing campaign towards the needs of these consumers or consumers types and category specifically.”

In the same vein, Ajibike Seun-Ajayi, Deputy Managing Director, Sterling Business Research and Consulting, SBRC, said that the Nigerian marketing industry is not where it should be at the moment in terms of data gathering and usage. She, however, believes that it is a step at a time and that the industry will get there.

Beyond data gathering, the research analyst also spoke on how technology is defining the future of the job and the job of the future in research sector.

“In the past, people go to Google to get whatever information they need, but right now, we are in the age of Artificial Intelligence. So Nigeria has not  fully embraced the usage of technology as it is being done in other advanced countries. But we are getting there gradually. We are trusting that in the next few months, we will begin to see better usage of information and technology that will take us to the desire end.

“Today, I’m not satisfied with the way marketers are using the insights that are coming from us. Sometimes, they take those decisions without consulting us. We give them recommendations, proposition but they do what is different from what we give them. If marketers can fully embrace the data provided by us, it will make a huge difference in their performance and business success,” she concluded.

According to industry report, data is connected to everything. It enables businesses to know where consumers are coming from , what is generating leads , what information is resonating with them and what a normal buying cycle is like for organizations.