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New products are being developed and launched nearly every day across industries. However, an equally large number of products face the risk of failure at launch. This number can be checked or at least reduced. The marketing team needs to have enough insights (read data) at hand to analyze the market as much as they analyze the product’s features.
Marketers can leverage data analytics to improve the chances of success for new products. Following are the key tips to achieve better insights during product development:
It is important for the business leaders to be able to decide which data to gather and how to integrate it with your decision making applications. Big data remains an important technology that helps integrate structured, semi-structured or unstructured data on a common platform even in real time and help the decision makers take the right call on time.
Are you utilizing your data rightly? Is your company leveraging analytics and harnessing the power of data?
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