importance of marketing research

The management procedure includes group discussions, surveys, and a lot of planning to accelerate customer satisfaction and sale performance. So, while research in one geographic location will yield certain results this may not be replicated in another location. This is where fact-finding, marketing information, and research enter to help make the choice. Well, you cannot do business with data… right!!! To identify your customer’s requirements you can use various market research Online Survey Tools. As a rule, if the research results can save the company more time, money, and/or risk than it costs to conduct the research, it is wise to proceed. It is an extremely vast field and can have a huge impact on any business. A good. Instead, most thought of it as simply the “endangered species” people. It would reveal your competitors’ strengths and capabilities and help you develop your own too. Marketing research is a systematic process for identifying marketing opportunities and solving marketing problems, using customer insights that come out of collecting and analyzing marketing information. Similarly understanding the wider market environment can help identify new opportunities for your business. Marketing research, the other name of marketing data analysis and refinement, can achieve the above objective and aid the entire business firm. Firstly, we should clarify “What is Market Research?” It can be described as the action of gathering, analysing and interpreting information to help solve marketing challenges. Researching on how your customers react to price changes of your product or service would help you prepare better and market your business more accurately. In this method, follow up questions and liberal variations increase the quality of the information you’re getting from your customer. Planning to launch a new product, or export to a new market without adequate research is a recipe for disaster. In a few instances, there may be no choice among alternatives and therefore no decision to make because there is little value in spending time and money to study a problem if there is only one possible solution. Research also helped determine OnStar pricing to help the company build a large subscriber base quickly. Once you are done with collecting valuable data regarding your target audience it is time to shift the focus to the business! The environment is constantly changing so it’s important to make sure you are researching it and understand what factors are changing that could impact on your marketing plans. The use of marketing research was a striking differentiator: More than 80 percent of the top performers said they periodically tested and validated customer preferences during the development process, compared with just 43 percent of bottom performers. If you use the right techniques you can utilize market research to give a boost to your business too irrespective of the industry. In this instance the wider environment and brand impact should have been taken into consideration before making the final business decision. They were also twice as likely as the laggards to research what, exactly, customers wanted.[4]. Chapter 3: Marketing Research: An Aid to Decision Making, from Introducing Marketing. Your target audience, business objectives, challenges and end customer should be at the heart of it. The famous KFC case, where their company slogan “Finger Lickin’ Good” translated as “Eat Your Fingers Off” in Chinese is a great example of this. If you use the right techniques you can utilize market research to give a boost to your business too irrespective of the industry. Another area in which research is critical is profitability. An effective market research would help you to evaluate all these segments. The above-mentioned techniques are only a few ideas that you can try to boost your business by effectively utilizing market research, data processing, and analysis. If something is not working out for your business right away, give it some time but if it is taking too long and you cannot see any positive outcome, then it is time for you to change the technique. The audience assessment strategy would provide for Analytical Assessment, Expert Interviews, Customer Surveys and Interviews, User-generated Content analysis, Keyword Research, and Brand Emersion. It helps in avoiding mistakes such as poor pricing methods and poor marketing… The trends assessment strategy would provide you with experts quoted analysis, resources sited analysis, compelling questions analysis, sub-topic identification, angle identification, and sentiment analysis. Companies that will be able to cope with the recent innovations of the industry, can successfully defeat others and flaunt their existence. Ultimately, successful marketing executives make decisions on the basis of a blend of facts and intuition. There are various tools for framing market strategies which you can go for such as audience assessment, trends assessment, media assessment, competitive assessment, and more. In open-ended surveys, you would get information about your customers but often not the in-depth data you’re looking for. The competitive assessment strategy would provide you with local SEO evaluation, navigation audit and site architecture, keyword gap analysis, sentiment analysis, and content inventory. Any experienced facilitator would help you to understand in which way your customer is interacting with your products. With something as simple as a Google search, customers have unprecedented opportunities to explore alternatives to what any single company offers. Market research is a vital element when developing your marketing strategy. The media assessment strategy would provide you with social engagement analysis, paid media analysis, industry expert analysis, industry social media influencer analysis, and industry publications analysis.

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