What is Marketing Research?
If you’ve been in the marketing field for a while, you know that there are many different types of marketing research. If you’re new to the industry, however, it can be difficult to know which type is right for your business. The truth is that there’s no one-size-fits-all solution. Different businesses will require different methods and tactics to get the results they want. Here we’ll explore some of the most common forms of marketing research and show you how each can help your company grow.
1. What is Marketing Research?
Marketing research is the process of researching a market for a business. Your business will most likely have competitors. To stay competitive, you need to know what your competitors are doing and how they’re doing it. This gives you an idea of how to improve your business.
Marketing research also helps you identify new markets for your business to enter.
There are a variety of tools marketers use to gather information, but the two most common are surveys and focus groups. When conducting surveys, you ask a specific set of questions to collect their feedback. The goal of the survey is to gain information about your audience and their thoughts and feelings about your brand. Sometimes people will be asked to complete more than one survey during a research process to collect more detailed data. The goal is always to gain information about your audience. In a focus group, you ask a group of people questions about your brand or products, and your goal is to understand their unique thoughts and feelings on your brand. While surveys are always more common when gathering information, focus groups can also help with understanding your product or service’s unique needs.
Marketing has come a long way over the decades, and technology has played an important role in getting more accurate information on consumers. Before you can survey your audience, you must know how your audience behaves. Several tools exist to help you collect information about your audience and build a survey questionnaire.
Salesforce strap for website and mobile app interactions captures customer behavior for every touchpoint to capture their buying journey. This kind of information allows marketers to take action based on insights from visitors and offers, rather than assumptions and hard-to-track preferences. Connecting with customers, especially in the context of their buying journey, is a key component to successful sales campaigns.
persona promotes the idea of personas, collects specific information about the people who will buy your products or services using what’s known as person-level marketing approaches.
2. What Types of Marketing Research are There?
The following are the different types of marketing research:
- Ethnographic research: Ethnography is the study of culture. Ethnographic research is a great way to get qualitative insight into the minds of your audience.
- Focus groups: Focus groups are a great way to get qualitative insights into the minds of your audience. It allows you to ask random people interesting questions and get relevant conclusions. You can also use this technique to dig deeper into a particular question.
- Surveys: Surveys are a good way to get quantitative insights into your audience. They do require a great deal of effort and work upfront, but they typically provide a lot of value once the work is complete. You can take survey questions that are too ‘personal’ or sensitive and filter them to get questions where you can get a solid response from your audience.
- In-person interviews: In-person interviews are a great way to get qualitative insight into your audience. This is a great way to collect information from your customers in a safe environment (as opposed to email where you could be subject to negative comments). You can use this technique to dig deeper into a particular question. For instance, if you’re running an event and are interested in getting a feedback survey to get attendees’ feedback on an upcoming event. You might ask people to complete a feedback questionnaire, then survey them to provide you with insights into their thoughts on the event. Needless to say, conducting this type of marketing research process is more lengthy than other online techniques, but it yields great insights and allows for much more personal interaction.
Is now the right time to start? There are simply too many great marketing channels out there to focus on just one, and every business needs to make decisions about its current and future marketing strategy based on top-of-the-funnel metrics. Once you have your strategies set, it’s time to start developing those marketing funnels.
3. Why is Marketing Research Important for Your Business?
You should always look for ways to improve your business. If you want to be successful, you should always be looking for new marketing ideas that will help you attract new customers. One of the best ways to do this is to use marketing research. The purpose of marketing research is to help you improve your business by gathering meaningful data about your target market.
The four major types of marketing research are:
Qualitative research is the process of surveying a specific market audience to discover information about their needs and wants. In this research, you’re not only gathering information for your work as a marketer—but you’re also gathering information that is relevant to your company. This research will help you understand what information your customers need to make a decision, or how your customers view certain products or services. Think of this type of research as laser-targeted surveys designed to gather feedback about your customers (or a single persona).
This type of research can be a lot of work to do well, so you’ll want to make sure you’re in the right mindset to (re)build a strategy around it. Remember that you’ll need to collect data about your target audience regardless if you’re doing a qualitative or quantitative research project. Once you’ve defined your target market, you will use techniques to help you form the best group of key influencers you can. In the next section, we’re going to walk you through everything about figuring out what to ask your audience for their feedback and how to conduct that research.
Conversion rate optimization
To improve the rates at which your site brings in new customers, you should always be looking to improve the conversion rate of your site. This process is very important for e-commerce websites, as lead generation is one of the largest revenue drivers for these websites. Optimizing your site for more conversions will help you grow your online business. There are several ways to do this, and you should always conduct your test results to see what works best when growing your business.
4. How Can You Find the Best Marketing Research Method?
There are several ways to find the best marketing research method:
- Research the company.
- Research the market.
- Research the product.
- Research the competitors.
- Research the medium.
- Research the audience.
- Research the media plan.
- Research the promotional mix.
- Research the budget.
A. Research the company
What’s unique about your company? Ideas like its culture, products, history and more come from studying your company. A company’s history, products, culture, and other unique characteristics can lead to some gems of data for marketers to mine.
B. Research the market
Answering the question, “Who are my competition?” is a great idea if your company is new. Chances are, your competition isn’t new to you. It could be any of your competitors, even competitors from your past. We surveyed nearly 300 small business owners to find out who they were competing with.
Example: Kitchen Supply Depot came to us with a marketing problem. They offered free shipping, but the vast majority of their competitors (including their stores) charged extra for shipping. Instead of writing a blog post about how huge of an advantage the cost is, we took a closer look and found out the competitors had merged. With the merge came three new companies, and each charged differently for shipping. We figured it was time to find a way to differentiate.
Conclusion: Finding a marketing research solution that works for your business is one of the most important things you can do to grow and expand your business in 2021 and beyond.
Finding a marketing research solution that works for your business is one of the most important things you can do to grow and expand your business in 2021 and beyond. If you’re still using outdated methods and tools, it’s time to join the modern world and get in front of your competition. It’s not hard to find a great marketing research solution. All you need to do is ask!
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