Information is the life blood of any successful company. But essentially we must say that ‘marketing’ information is the life blood of your company. In this article we will list down why this statement is true to the hilt?The first reason for giving this importance to marketing information is due to the ever changing consumer demand factor. Companies which essentially deal in mass product making and distribution, do so anticipating mass consumer demand. So every marketing manager has to keep updated information about his/her consumer’s needs and wants. Consumers need, wants, tastes and fashion sense tends to change in this dynamic economy.
If as a Marketing Manager you do not have the information about your consumer’s latest wants and desires, you may end up spoiling your company’s entire predictions for success. Just like consumer tastes can change, so can the forces of demand and supply which are considered as economic indicators.
Therefore a marketing manager should have adequate information about the latest trends in market supply, demand and price change. Moreover in order to forecast fcabout the future a marketing manager is always dependent on economic indicators.
Second reason why we consider information so important for a marketing manager is due to the complexities of today’s marketing process. Markets are expanding to different geographies and nations. Hence the marketing department needs adequate market intelligence system. Because markets are expanding, you may also face competition from the global market too and not just from the only company in your locality.
So in order to take important decisions pertaining to your marketing and sales activities, you need information about what your competitors are doing. To outguess and predict your competitor’s behavior, you hence need good information. Another point that we can take from the ever expanding markets is the chance to innovate as per market conditions.
For example when the market felt an energy crisis, alternative sources of energy were discovered and companies are now making a successful business using these. So, in order to innovate you need information. New markets, new products, new technologies are all based on latest facts and figures.
Another reason, why as a marketing head you need information, is to bridge the gap between your consumers and your company. Just because you are isolated from day to day market realities, can lead to dissatisfaction among your consumers. For example if your distributor is not providing apt services, your consumers can go against you. So how to know where the problem lies? Only through communication and information flow.
And finally why you should strive to collect updated information for your marketing activities –because you need to make proper marketing plan and forecast. The plans and forecast released by marketing department becomes the foundation for other department’s plans. So if you go wrong, the entire company may fail. So try to get more and recent information to give life to your marketing activities and to your company too.