Fintech Effective marketing tracking is critical to a company’s success. As collecting market data is more important than ever. In this blog we will discuss marketing tracking.
Fintech professionals know that the age of information is overwhelmingly upon us. Collecting market data is now more important than ever in order for a business to be ahead of the curve, and nowhere is this more true than in fintech. Advancements in the internet’s capability have put the fintech industry in a position to grow extremely quickly, the other side of the coin being fintech companies that don’t notice trends fast enough are almost guaranteed to be drowned out by competitors reviewing collected data consistently and frequently. The world moves faster than ever before, in order to be successful, you have to move at the same pace.
So how do we stay on top of market data in order to stay at the front of the pack? A well-structured tracking system may be the answer. Let’s review some of the key points in developing a successful tracking system for your company.
Who are we interested in?
It’s important to have a clear understanding of the industries and companies that might have a direct or indirect impact on your business. The easiest way to source this list would be to start with a simple brainstorming session with your team.
“What industries are tethered to the work we do?”
“In those industries, who are the brands that dominate?”
“What changes in these brands or industries might directly or indirectly affect our company?”
No, we can’t predict the future, but having already thought about the impact of change makes for a quick response when the future shows up at your doorstep.
For example: let’s say you’re a mobile investment company that specifically works with investing in Healthcare companies. Outside of Healthcare itself, some industries you might want to keep an eye on could be mobile technology, insurance, or fitness. Why?
Because if insurance rates increase, fewer people will be able to afford to visit a doctor, bringing in less revenue to the healthcare system.
Because in areas with lower fitness levels, there are more likely to be higher rates of health issues, meaning a higher need for treatments.
Because if a global pandemic rocks the world, healthcare companies with investments in mobile technologies will be better suited for telehealth, and more successful while everyone stays quarantined.
It’s this kind of forward-thinking that separates the long-lasting from the short-lived.
Speculation and hard data
While it’s important to keep industry and brand impact in mind when running your company, speculation isn’t everything. Hard data provides information on the present, and forward thinking can always be paired with being presently minded.
So how do we collect data for today’s target market? Surveying has been a tried and true method for data gathering for generations of businesses. Not only is it telling about today’s market, but survey data can also beautifully inform where your current target market is heading.
For example, survey questions like “how much is your health insurance?”, “how often do you visit your doctor?”, or “do you use telehealth services?” could be paired with:
“How much was your health insurance last month?”
“How often would you like to visit your doctor?”
“Would you consider using telehealth services in the next six months?”
Pairing questions like these can provide invaluable insights on where trends are and where they might be heading.
While not everyone in your target market may be willing to sit down and answer a few questions, you should make the exchange of information as enticing as possible. Offer a service, a discount, a credit, something that brings people in to provide you with the information you are looking for. Make your data collection transactional, don’t ask for a favor.
Embracing these two simple concepts could provide you with new insights that effect your overall strategy. So take the time to integrate these tasks into your weekly or monthly calendar, it might make all the difference when big change surprises us.
Have a question or feedback on what you’ve just heard? We’re happy to listen.