Marketing is the most important aspect of any business. Only an effective marketing plan or strategy will help to take your business to new heights. To make sure you have the right strategy or plan in place, business owners must consider the opinions of their consumers first. The process of collecting varied opinions and gathering information about the services offered by a specific company using different techniques is referred to as ‘Market Research’. The information thus gathered helps in creating new methods, products and lucrative business decisions.Types of Market ResearchMost of the companies gather information about their services using focus groups or consumer surveys. Their views about the services, like which part of the service they feel is appealing, why they prefer your services over the competitors, what can be done to improve their services and what more do they expect from the business etc., will help the business to perform exceptionally well. Every intelligent marketer who wishes to see his business on the verges of success will definitely agree with the fact that market research is an important part of your business strategy.Let us get into the “how” factor now. Researches are of two types – primary and secondary. The primary refers to the data you generate yourself about the services and products offered by you, to check out the reaction of the potential market, whereas the secondary points towards the information that already exists. It can be anything such as census, demographic data or the industry trends. Other secondary sources include internet, trade associations, published articles and financial data of the companies.Why is Market Research important?A few of the many reasons why market research is important for businesses:It helps in Better Communication with Your CustomersConsumers always have a higher hand when it comes to doing business. In order to have them connected closely to your business, you must communicate clearly. Try to meet or exceed their expectations consistently to stay in their good books. Show them you care for them by communicating your concern and accepting their suggestions.Market Research helps you Identify Growth OpportunitiesThough businesses want to grow, they are not sure of the path they are expected to follow. In order to stay focused and gain more revenue, the marketers must prioritize the opportunities that bring in more revenue. It also helps your business if you identify the attitude of the consumers and acknowledge the fields where your R&D techniques or your sales figures need to be enhanced/developed.Remember – if you are not keeping up with the trends as expected by the consumers, someone else might do.Minimize the Risk by using Market ResearchMarket research helps all businesses to promote or improve upon a new product. The better way to do it, is to know what the consumers NEED, so that you can be sure that the product launched is as per the consumers’ expectations.That is the road to profits – customer satisfaction!The Five Basic Marketing Objectives1. Market research, as a business tool, can be used by a wide array of users. Take a look at a couple of marketing objectives that is followed by a majority of successful businesses.2. Brand Positioning – When we say brand positioning we mean, by using market research your business can get to know its position in the market,, and where it stands as compared to its competitors.3. Understanding the Target Market – Market research will help you to spot the right target and the best market for your services. This information will help you to create successful marketing campaigns and drive the consumers to make happy-buy decisions.Isn’t that what your business is all about – great value and great sales?4. Enhanced Communication and Influential Innovation – The message communicated to the audience must fit into their conviction. Market research helps all innovative businesses to focus on the target, test concepts and create better opportunities in the market. It also helps in identifying the desires, requirements and needs of the consumers in a better way.5. Facing the Competition – The market is filled with similar businesses. To cope up with the cut-throat competition, you have to stand apart from your business rivals. Using the information collected from intensive market research and relevant strategies can add loads of value to your services and make your products a class apart.
Nearly every department within a company will have data and analytic research, but there isn’t a one size fits all approach to this practice. Although gathering data is fairly easy, it isn’t always as easy or clear cut on how to effectively apply analytics market research strategy. This marketing technique is made up of many different types of data, metrics, and consumer interaction points that create data collection opportunities. Understanding the overall marketing strategy will help to define the research strategy, which can be long or short term, again depending on the goals and objectives.There are several types of analytics market research, which can be used to help determine the effectiveness of a current campaign, or ways to take it to the next level. Other types may involve increasing customer share within a certain industry, niche or product/service focal point while others look for new businesses to target. While other types deal with forecasting to help understand, prepare for and better anticipate sales cycles and customer demand.Online and social media analytics measure the return on investment (ROI) for a website and other online presence mediums. Along with analytics focusing on ROI, are those that focus on pricing. And of course, there are overarching analytics looking at marketing campaigns in their entirety. Once the analytic marketing research is put to use, companies may find that they can delve deeper into current client relationships for further market share. Or they may find that demand forecasts show continued or increased or decreased trends and can adjust accordingly.Knowing how, when and why to collect data is a significant undertaking for any company. Knowing how when and why to measure and apply this data becomes even more so. It is no surprise then that many companies partner with a full service marketing agency to help not only manage this part of the business, but also to grow and increase profits and customer share. Such a partnership often becomes mutually beneficial for all involved. Before engaging with a marketing agency partner, it is important to ensure that they will have the capabilities to offer the analytics marketing research needed and tools that can tie into any current data capture systems.For instance, many companies use a CRM (Customer Relationship Management) tool and have a wealth of information already available. It is important that the agency partner can tie into data effortlessly and without impact to current processes. It is also important that the agency work with the company to understand not only its goals and objectives from the research, but also who the company is and its brand. This level of rapport and communication provides a powerful foundation that can truly create company specific market research.With a trusted partner, there may also be the opportunity to collect data not yet before collected to really drive business to the next level. Look for a company that doesn’t only offer set types of analytics marketing research, but can offer specialized research. Putting this research to work often results in increasingly satisfied clients, new clients, better cash flow and even increased brand recognition.