In Marketing there is always a problem statement and a real marketing person is the one who solves that problem, And for that you need data to understand it. Well, Not only the data but reliable and accurate data is required for every company to understand and solve the consumers problem. When the data is reliable and accurate then marketers can use the data to take decision.
Here is the example, Companies like Cadbury, Nestle, M&M generally conduct taste test using rating scales to decide which flavour needs to be launched in a certain region. Consumers preferences, responses towards the producthelps them to take the decision whether to introduce into the market or not.
Going into the detail, Reliable Measurement in market research means converting their opinions, valuable preferences and feedbacks into strategic output. This help companies to understand what the customer wants actually and how their pattern is or how they usually make decisions. So without accurate measurement even the best possible strategies will all go in vain.Main objective of accurate measurement is to take the best possible decision for the company. Example, Quick commerce platforms like Blinkit, Bigbasket and Zepto don’t rely only on complaints to measure their quality of service. They use customer feedback and delivery ratings to improve service and how is this possible? Because they use to get unbiased and measured insights from customers.
Reliable measurement also helps in comparison. Companies like Rapido, Ola and Uber usually tracks the performance of individual driver so that the one whose feedback is good will get the customer first and this reduces the risk for the customers as well.
To conclude this, Accurate and reliable measurement helps all brands to stop assuming and gives the actual data so that they can take decision on the basis of reality or what is actually going in to the market. It also helps them to be in the market, compete and grow.
Author: Mr. Arun Arjun Nagdev
Co – Author: Dr. Gaurav Petkar.