When to use quantitative data analysis for your business?

Your business is an entity recognised by the law of the land and it passes through the distinct phase

s in life such as market introduction (represented by “0” in the diagram when you virtually have no product and no sale resembling the conceptual stage of the business), market development a.k.a. market penetration, market saturation and then, the inevitable – the death of it. At every stage, your business needs quantitative data analysis.

Why do you need quantitative data analysis?

Quantitative data analysis helps your business know a couple of factors such as the following.

1.  Demand: Gone are the days when you used to sell whatever you produced. It’s a consumer driven market and as such, consumer alias customer is the king today. You have to know their tastes and preferences in advance alongside creating values for them (over and above the existing ones readily available in the market) so that they can take you seriously. A condition like this summarily calls for analysing quantitative data.Just launching a product or service in a market will not make any difference to your life as a marketer; it rather potentially threats to gobble up your business resources in quick successions. Take a look at the handset manufacturing companies around the word, for instance. You will then realise the truth.
2. Supply: What quantity should you produce or supply in a market? This is a trivial yet potential question to be answered at the first place since producing some “X” quantity, for instance, may leave your products under or oversupplied in the market. In either case, you will suffer in the long run though might gain some price advantage in the very short term (until your competition covers up your market share) against the short supplies. No doubt consumer loyalty will be there, but you cannot afford to take the consumer loyalty for granted in life. So, you need the quantitative data analysis for a keen insight on the market.     
3. Competition: Being in the shoes of a marketer, you cannot afford to be indifferent about the competition. You have to keep track on their sales figures for understanding and appraising the effectiveness of your sales force, for instance, alongside others such as the logistics and the commercials. You know what, consumer loyalty is a matter of choice and you continue to enjoy it as long as you keep fulfilling the consumers’ need and preferences. It should, however, in no way be taken for granted. In short, you need to analyse quantitative data.    
4. SWOT: SWOT stands for strength, weakness, opportunity and threat. To stay afloat even in your niche market, you must know your strength, weakness, opportunity and threat. Knowledge on these help you excel in your business endeavour. Here too you need analysis of quantitative data.

Bottom Line:   

Your business must have a keen insight backed by the high volume of quantitative data analysis in the markets of operation. This will summarily give the business the much needed competing edge and thrust to succeed.