Why Marketing Research Process Is Important
This article will discuss why the marketing research process is important.
With the rapid changes in the marketing and advertising industries, it has become critical for every organization, whether a business or a startup, to conduct strategic market research to strategize its marketing, advertising its products and services, and understand its consumers' behavior.
It is a common assumption that marketing research is a costly process that can easily be overlooked by startups and small businesses.
However, that assumption is not true.
Marketing research is one of the major activities which are necessary for every business, regardless of size, to do and understand its customers and gain insights into how they interact with the product.
In this article, I will explain why marketing research is important and what steps you should take for a marketing research process.
How do I start marketing research?
Start by exploring the options that you have for conducting marketing research:
The market size, industry, geography, competition, and product offerings that you have are all key factors in choosing which industry to work in.
Here is a list of common industries you can work in:
Social media marketing
Social media marketing involves the use of social media websites such as Facebook, Twitter, Instagram, etc. to conduct marketing research.
This includes the analysis of the audience of social media, the type of content that will be most useful to the audience, etc.
This is the process of writing content to target a particular audience. It includes:
- Writing emails
- Website content
- Social media posts
Channels or channels that will be effective in marketing, like email, Facebook, and Twitter.
You can create a marketing research questionnaire and use it to gather information from your audience.
You can also use some simple online tools to create a survey that allows your audience to answer the questions that you want to ask.
Since you are trying to target a certain market, you need to know as much about your audience as you can.
They should know everything about your products and services and how you can help them.
Know the competition
Knowing the competition is important for every business, whether it is a marketing research process or not.
It helps you understand how your competition works and how they are going to make money from marketing their products and services.
Here are some of the marketing research questions that you can ask your audience:
- Do you like my product or service?
- Do you use my product or service?
- Do you believe in my brand?
- What are your opinions about my brand and products?
- Why should I buy from you?
- Can you tell me more about your buying experience?
- What problems do you usually have bought the products of my competitor?
- How much money are you willing to spend on your purchase?
By taking this information and analyzing it, you will be able to identify the key segments that can make a difference in your product's marketing and find a way to help them.
Marketing research is a long process with several stages. Some of the common stages include:
Phase 1: gathering information
Your research team (you can even include some employees from your customer service team) will collect all of the information you need about your audience.
They will also collect information about your competitors. They will compare their marketing strategies and customer segments with your own so that they can take note of the differences.
Phase 2: constructing an audience profile
The purpose of this phase is to identify the audience profile for your product and analyze the segments they belong to. Here is a sample audience profile:
Hobbyist: People who like to learn a new skill and try new hobbies, especially hobbies that require no formal training. This could include weight loss, learning to play guitar, knitting, or painting.
People who like to learn a new skill and try new hobbies, especially hobbies that require no formal training.
This could include weight loss, learning to play guitar, knitting, or painting.
Practitioners: People who have participated in a range of activities such as fitness, yoga, health clubs, walking, yoga, and walking clubs.
People who have participated in a range of activities such as fitness, yoga, health clubs, walking, yoga, and walking clubs.
Clients: Business clients who are already familiar with your service and trust you.
Business clients who are already familiar with your service and trust you.
Lifestyle: People who make important purchases to improve their lifestyle and are likely to stick with the service.
People who make important purchases to improve their lifestyle and are likely to stick with the service.
Hobbyist: People who make small purchases to improve their lifestyle and are likely to continue with your service.
Phase 3: finding a marketing research company
Research companies are those which provide a qualitative and quantitative analysis of all the research gathered.
You will probably want to use one of the ones on the industry-standard lists.