Nearly everyone engages in some form of research. From the highly trained geologist investigating newly discovered earthquake faults, to the author of best selling spy novels gaining insight into new surveillance techniques, to the model train hobbyist spending hours hunting down the manufacturer of an old electric engine, each is driven by the quest for information.
Top All marketers will agree that market research is important. Because the media landscape is in a constant state of flux and marketers are constantly overwhelmed with data and business priorities, though, marketers tend to shave timelines, do "internal" research, and lose sight of the need for consumer marketing research for their organization.
Market research will keep your brand afloat while companies who fail to make research a high priority drown. Market research should be bumped to the top of your priority list for the following five key reasons.
Market research centers your business on your consumers We all get tripped up by internal politics, agendas, and internal brand priorities. You need to keep the lines of communication open with your "boss" through research. It keeps you focused All marketers and marketing researchers today have a tough job multitasking and rightfully so.
They are managing multiple projects, running businesses, and often playing many roles within their organization. It can inform both your short-term and long-term marketing playbook, helping you feel less frazzled and overwhelmed in the long run.
Marketing research can help you weigh and quantify opportunities to prioritize those with the highest revenue potential for your brand. Conducting regular research with consumers and customers enables us to make sure we are constantly adapting and evolving our brands to meet long-term needs.
It improves your decision-making capabilities and reduces your risk. Market research can provide insightful information about your market, product, audience, competition, and more.
When you use a comprehensive research library, you can make decisions with greater clarity and confidence. By having research to backup your marketing decisions, you can optimize your brand strategy choices and minimize your risk for failure.
However, at Insights In Marketing, we have found that most marketing research projects we encounter have the following five critical marketing objectives.
Quantitative numbers-based and qualitative conversation-based marketing research can be used to identify where your brand stands compared to the competition, what metrics you should be tracking over time, and what brand benefits matter most to your target market.
Identify or better understand your target market Market research is an excellent way to find the best market or target demographic for a product or service. By focusing your efforts to the right markets, you can see faster results, improved efficiency, and greater overall performance from your marketing campaigns.
In addition, if your target is already defined, you can use marketing research to better understand your target consumer and to uncover critical behavior drivers and attitudes that inform their purchase decisions.
Elevate your messaging and communication Marketers often find ourselves talking at consumers rather than with them to determine how we may fit into their lives. Our messaging must resonate with our audience, whether through our advertising, package design, or website.
Marketing research is a great way to test concepts and key messages to evaluate which ones our target customers can relate to.
Assess your category and competition Whether you are a small local business or a multinational corporation, understanding your competition and category is a crucial part of dominating the market. Using this information within your own campaigns can help to lead in the market over your competition and add value to your business or brand.
In addition, regularly monitoring your category and potential major industry changes will enable you to stay ahead of the game and prepare your brand to adapt and innovate.
In the modern global market, marketing research is not just helpful; it is essential to success. Membership is required to access the full version of this how-to marketing article We will never sell or rent your email address to anyone. We value your privacy.Market research is an excellent way to find the best market or target demographic for a product or service.
By focusing your efforts to the right markets, you can see faster results, improved efficiency, and greater overall performance from your marketing campaigns. Market research is the process of assessing the viability of a new good or service through research conducted directly with the consumer.
This practice allows a company to discover the target. Marketing research entails dealing with a broad range of consumers. Marketing research includes "market" research, but it also delves into more.
The best way to differentiate the two is to understand that marketing research is essentially about researching the marketing "process" of a company—not just "who" they are targeting.
Marketing works on the bases of a lot of marketing research data derived for the research work, analyses, marketing research projects, etc. It does not work . Market research consists of two types of research, primary and secondary and almost every type of business requires market research in order to be successful.
1 Primary Research Monitors the effectiveness of sales, existing business practices, the quality of . Market research provides relevant data to help solve marketing challenges that a business will most likely face--an integral part of the business planning process.