When writing a marketing plan I need to know the size of the category. Globally and in the country I’m working. As the world becomes more data-fied, these figures should he easier to come by. Well, one can hope.
Television ad spending in the U.S., for instance, is projected by Magna Global to be down 3.5% this year. Good marketing planners will ask “Where that 3.5% will go?” To another medium? Or will it just be the ebb and flow of money in the market? Category data is important so you can see where your brand nets out. Are you growing faster than the category? More slowly? Or are you sliding along with the others?
Sources of data don’t always agree so picking one is important. And not all data is reported the same way. It’s maddening. Marketers know data is big business and quite expensive. The big guys are willing to pay, the little ones not so much. Category and brand sales data can cost from $5,000 to $10,000. Hefty indeed, for a spread sheet. It’s necessary and worth every penny.
Though the world may run on Dunkin, marketing runs on data.