Data Strategy in Marketing: Achieving Success Through Data Analysis - Research Paper

Introduction

In current times, companies adopted the use of data strategy to implement strategies and ideas. Statistics indicate that firms that tend to employ the technique become successful and develop within their fields. The paper provided information on the importance of data and its benefits during decision making. The report focused on identifying how data gets retrieved, analyzed, and evaluate to generate results. The research determined the importance of implementing data-driven marketing within organizations.

Data Storage and Analysis

There are various ways that firms can store or gather data through the use of both hardware and software equipment (Chaudhry and Iyer 2016). In most cases, companies employ the use of loopy and hard disks since they are easier to handle due to its features such as magnetic heads and disk which facilitate quick gathering or retrieval of data (Prasad et al.2019). Common software implemented includes spreadsheets and word processors which preset data in form of graphs and tables also ensure faster retrieval of data (Sirer et al. 2016). There are various technologies used for storage such as cloud computing and solid-state drives. A solid-state drive (SSD) is storage equipment which involves the use of an integrated circuit to gather data consistently. The information gets stored in a flash memory, which acts as a secondary storage device within semiconductor cells. The difference between SSDs and hard disks is that solid-state equipment lacks spinning disks used to store and retrieve data in floppy disks. The advantages of using SSDs are that it has a high ability to resist shock, more comfortable to access, and a low level of latency. SSDs vary in the number of bits found in the cells. It is important to note that solid-state devices with a single bit tend to have a high level of reliability and durability. SSDs have complex structures of storing data than other disks, which makes it difficult for the retrieval process. The ATA Secure Erase command is the appropriate technique to employ during retrieval data since it enforces privacy and safety. Another strategy that one can use is the implementation of software such as HDPARM. Cloud storage is a model that stores digital data within logical pools. Cloud storage providers allow the collection of information through the use of multiple servers. It is the work of the companies to ensure that the data is safe, accessible, easy to access. Digital users can employ cloud storage devices through using technologies such as desktop, application programming interface (API), and gateway (Prasad et al. 2019). There are various advantages of cloud computing storage within institutions. For example, it provides a large room for storage, acts as a backup for critical data, can store and retrieve virtual images; also, there is easiness in usage and maintenance. Cloud computing users do not need to maintain and manage services since it is the work of the cloud provider. It allows for secure storage and removal of data. Another device used for gathering digital data is semiconductor memory. Information gets collected in a memory cell. It is a tiny circuit comprising of transistors to ensure the movement of binary data. One can get information from a semiconductor memory through the memory address. There are two types of semiconductor memory, which include volatile and non-volatile. Within volatile memory, data get lost after the memory chip goes off, such as RAM, while non-volatile memory involves no loss of information even when the memory chip gets switched off, such as ROM (Prasad et al .2019). Semiconductor memory devices have the property which allows users to access information in a random manner, which is not the case in storage equipment such as hard disks. There is a need for individuals to write the required data in the correct sequence to ensure retrieval. Radio-frequency identification (RFID) cards have tags which comprise of items that they provide can get accessed through a reader and antenna (Prasad et al. 2019). Tags transmit data through the use of radio waves for retrieval.

It is important to note that there are two types of data which include qualitative and quantitative (Bouzembrak and Marvin 2016). One can determine the appropriate type of data analysis depending on the required outcome of the research. It is because companies have different agendas such as determining numerical values or comparing relationships between variables. The purpose of qualitative data is that it provides analytical details such as level of annual sales in form of numbers while quantitative data provides general information on aspects such as factors that affect customer satisfaction within a company. There are two categories of data which include primary and secondary (Stanford 2016).

There are two categories of sources of information, which include single and multiple. A single source of data can get described as the collection of information from one writing material needed to facilitate research in the marketing and decision-making process. Within multi-sources, it involves the use of various databases during the collection of information. They have advantages and disadvantages which help analysts in determining the appropriate type of source to employ within the research.

The advantages of multi-sources include:

• They have information generated from various reports, which ensure that the source has a wide range of information viewed from different perspectives (Hoogland et al. 2016). Multi-sources systems encourage the implementation of different ideas and concepts which help firms in making decisions and critical choices which can affect the running of the institutions (Sonker et al. 2019).
• Firms prefer to present data from multi-sources when dealing with investors. Investors tend to prefer comprehensive data since it includes the possible risks, losses, and profits of supporting the company (Azidin et al. 2015).
• Another importance of using several sources is that it eradicates the use of false information or the presence of errors during data collection. It is because the systems allow analysts to compare and evaluate the collected data.

The advantages of employing single sources include:

• Individual sources systems do not have complex structures which reduce the occurrence of errors, which reduces companies' funds allocated to pay IT experts for regular maintenance. It facilitates more natural optimization within the system.
• Sources use data insertion tools, which tend to save on time since they are easier to handle than the rest.
• Companies need to use one script when conducting transitions when employing a single source
• There is a high possibility of consistency in data when utilizing individual sources of information
• Data stored in single sources require minimal space since the data can easily get duplicated

Disadvantages of multi-sources include:

• Time wasting since it involves the use of complex structure systems which require regular maintenance and slows down optimization
• Involves the use of trained IT experts to handle the system, which illustrates that firms need to allocate more funds to the maintenance process (Wang et al. 2016).
• Institutions share multi-sources which eliminates the presence of confidential data within the database

There are limitations of single sources such as:

• Absence of comprehensive data required during the decision making or implementing techniques and strategies within a firm (Yi, Tang and Xiao, 2017)
• Lack of diversity in ideas which can affect competitive advantage and consumer satisfaction. It is because diversity makes it possible for companies to cater to the needs of a diverse society, which promotes a competitive edge.

Impact of Improper Data Analysis:

In recent times, data quality is becoming an important issue since the use of incomplete or poor data can cause various negative effects within an organization (Cheng et al. 2018). For example, a decrease in the level of recorded revenue and undermines decision making processes. The implementation of improper data analysis can hinder the evaluation of a company's performance. It is because it provides incorrect results on the relationship between marketing strategies which help in identifying techniques and strategies that can assist in growth and development. Other effects of poor data analysis include:

• Lack of proper evaluation of the consumer base
• A decline in efficiency during operational processes
• Undermines brand growth and development
• Rise in operation costs and expenses.

Product Promotion:

A marketing channel is a tool used to target clients to purchase goods or services. In most situations, firms employ the use of diverse marketing strategies to promote their resources or amenities (Ness 2015). For example, digital strategies and agents. The function of agents is to distribute the product to retailers or wholesalers. The use of advanced technology facilitated the growth of using digital channels to market goods such as social media platforms through the use of influencers. It enables companies to market their commodities to various individuals across the globe.

Data Strategy in Decision Making:

The use of data strategy facilitates an increase in competitive advantage when implemented during decision-making processes. For example, the availability of information as a resource allows firms to develop strategies and techniques that can enhance automation and improve a firm's productivity. For example, automobile companies such as Tesla employ the data strategy during the planning and modification of future models. It ensures that the firms provide their customers with advanced products that meet their desires and preferences (Young et al. 2018). Decision-making processes within a company involve activities such as identifying appropriate strategies to ensure the expansion of the customer base. The strategy can analyze the internal and external environments of a company. For example, suppliers, buyers, and competitors. It enables firms to collect comprehensive information which assists the development of concepts and ideas into the running of the facilities. The implementation of data collected from the market and customers can assist in enhancing customer appreciation and engagement within a firm (Power 2016). E-commerce site uses data to generate more profit and enable a rise in sales. The organizations use the data-driven purchase strategy which allows the firms to retrieve clients' data which they use to send them to purchase recommendations based on their interests. Business places such as restaurants provide their customers with forms to fill to determine the institutions' progress and areas that need improvement. It enables restaurants to prove their clients with high-quality services. The concept of employment of strategies to eradicate issues that the company allocates more funds (Marsh and Farrell 2015). Organizations such as Sprint used advanced technology to minimize issues such as network errors. It is important to note that the making of decisions determines the quality of the collected information. It illustrates that analysts should ensure the improvement of data during the gathering process through the use of the following five steps which include planning, setting an objective, gathering and evaluating data then taking action (Walker and Moran 2019). Firms need to create a strategic plan for easier management.

In the past, the process of collecting data was tiresome and hectic but the field evolved since there is the presence of diverse sources. In the modern world, urbanization influence the rise i...