Successful decision-making in marketing is always based on data. Releasing new products, building a development strategy, and even setting prices for your products without analysis is a risk for any business.
Marketing research will help reduce any risks and determine the vector of company development. In this article, we will consider why they are conducted, what types there are, and how to use the results obtained for business development.
What is Marketing Research?
Marketing research is the collection and how to build phone number list analysis of data about the market situation. It can focus on studying prices, competitors, or the desires of potential customers. It all depends on the goals that the business wants to achieve.
The data collected during research helps to make decisions regarding business development. For example, if a company wants to release a new product, then collecting data will help to understand: what characteristics it should have and at what price to sell it.
It is important to understand that these studies must be conducted regularly so that the company can navigate rapidly changing trends, keep the situation under control, and be able to anticipate and prevent crisis situations.
Why do marketing research?
Each marketing research has a specific purpose that is defined before the work begins. In most cases, information is collected for:
Solutions to problems that have arisen . For example, when sales volume has decreased or a new strong competitor has appeared on the market, taking away customers. In this case, the analysis will help to understand the causes of the problem and do work to prevent a crisis situation, for example, adjust prices or increase the number of sales points.
Making key decisions .
If a company decides to enter a new market, release an additional product line or conduct a major advertising campaign, then the research will help to assess the prospects and weigh the risks. In this case, an analysis of competitor companies, free niches, market capacity is carried out, and based on the information received, a decision is made on what is worth doing and what is not.
Evaluation of advertising campaign effectiveness . Having invested a tidy sum in advertising and done a lot of work, you need to understand what results this led to. For example, whether the brand was able to win the trust of customers and become better than its competitor.
For greater clarity, let’s give an example. A medical clinic decided to expand its area of activity and open branches in several more selected regions. After opening, it was discovered that there was a queue of clients at one branch, and the other was empty. To solve the problem, they conducted a study and it turned out that in one of the regions, competitors had much lower prices, and the level of service was the same. If the work had been done in advance, the problem would not have arisen at all, but now the clinic will have to not only change prices, but also conduct a new advertising campaign with all the associated costs.
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What types of research are most often conducted?
All studies can be divided into two broad groups that differ in the way they collect and process information. These include desk and field studies.
Cabinet
Includes collecting and analyzing data from secondary sources: reports, statistics, publications. For example, data from your own CRM system is considered. At the same time, marketers do not conduct surveys and do not involve other people in the work at all. This type of research is accessible, cost-effective and universal, but has limited capabilities.
Field
Field research involves collecting primary information from people. This could be the target audience, clients, employees, or third-party experts. All field research is divided into qualitative, quantitative, and combined.
Qualitative — is the analysis of unstructured yote kuhusu kueneza forex & pepperstone data that cannot be measured in numbers. Their goal is to understand consumer behavior: to identify their desires, motives and expectations. When conducting research, small groups of consumers are used, who are asked many questions.
Quantitative – analysis of structured data, resulting in clear results in quantitative terms. Unlike qualitative, quantitative analysis is conducted with a large audience, but with a small number of questions.
Combined
conducted using techniques from both awb directory options. A good example is the “secret shopper” method. It conducts research, assessing the level of customer service, but can translate the results into visual graphs and figures. For example, by rating different stores in the chain to understand which of them have problems.
To obtain a complete result, different types of research are used. Desk research is used as a preparation, and then hypotheses are confirmed or refuted using surveys, observations and interviews. This provides the optimal amount of information on the basis of which conclusions can be drawn and decisions made regarding further marketing activities.
Marketing research methods
Research methods are selected depending on the purpose and type of research. Let’s look at the most popular methods.
Observation – specialists observe the use of the product or check the quality of the services provided, for example, using a mystery shopper.
Focus group — a small group of people is assembled for a moderated discussion. Respondents may be asked about specific products or services, what they would do in a given situation, or what they would like the product to be like. Focus groups are especially important for organizations planning a rebrand, preparing to launch new products, or wanting to learn more about the needs and desires of their customers or potential buyers.
