#Japan #marketing #Tokyo #Research #PRIZMA

The Future of Marketing Information Gathering

In the ever-changing world of marketing, making the right decisions is crucial for a company's success. Yet, a recent study by PRIZMA reveals that more than 80% of marketers have experienced making wrong decisions due to insufficient data. This article delves into the findings of this research, addressing how marketers typically gather information, the challenges they encounter, and their aspirations for improvement.

Understanding the Data Challenges

Marketers often find themselves in situations where they collect ample information but struggle to effectively utilize it for decision-making. The survey conducted by PRIZMA targeted marketers from companies with over 50 employees and illuminated a stark reality: while they are actively collecting information, linking it to informed decisions is a significant hurdle. Therefore, the question arises: what can be done to bridge this gap?

The investigation found that over 80% of participants admitted to making erroneous decisions due to a lack of adequate information. This statistic is alarming, indicating a widespread struggle among marketers when it comes to data insufficiency. Interestingly, a higher percentage of those who had never engaged in self-research reported not having made any wrong decisions. However, this raises a concern—could their confidence stem from a lack of awareness about their possible mistakes?

Research as a Habit

When it comes to the frequency of information gathering, over 70% of respondents indicated that they conduct research at least once a week, with many stating they do so daily. This shift implies that data gathering has transitioned into a habitual practice for today’s marketers. In a landscape where competition is fierce, staying informed about market trends and consumer behavior has become vital.

However, the increase in research activities doesn’t come without its challenges. Many marketers lament not being able to access the specific angles or insights that truly matter, further complicating their efforts.

The Time and Angle Dilemma

In analyzing the existing research methods, two primary issues surfaced: the time required to sift through data and the lack of specific angles needed for actionable insights. Many marketers stated that while data is plentiful, translating that information into meaningful decisions is not. Frustrations arise from older industry reports that lack relevance to their unique situations or the unreliable snippets of information that are often found online.

This disconnect showcases a considerable bottleneck within the industry, where efforts do not yield the desired outcomes due to inefficient research methodologies.

The Quest for Speed and Accuracy

Given these prevailing issues, what do marketers seek for improvement? The responses reflected a consistent desire for speed and accuracy in their information gathering processes. Many expressed the need for quick access to reliable external data. This demand ties directly into the need for marketers to maintain a competitive edge in a rapidly evolving market. The reality is that even a month’s delay in obtaining information can profoundly disrupt decision-making.

Thus, there is a rising need for systems that provide readily usable data. The emergence of self-research tools allows marketers to acquire the information they need at the right moment, facilitating informed and timely decision-making.

Conclusion: The New Normal of Data-Driven Decision Making

The survey findings illuminate several key points:

• - Over 80% of marketers have faced issues with incorrect decisions.
• - More than 70% conduct regular research, indicating a shift toward habitual information gathering.
• - The predominant challenges are related to time constraints and the specificity of required insights, with improvement needs focusing on speed and accuracy.

Marketers face a complex dilemma: even though they are gathering data, they often struggle to translate that into effective decision-making. Hence, the development of robust, swift, and precise information-gathering mechanisms is essential. In a world where consumer preferences and market dynamics change rapidly, the ability to quickly access decision-relevant data will significantly determine a company's competitive strength.