Marketing research is a strategic method of gathering, recording and analyzing information to understand the market. It includes research for customers, location, competitors and happening trends.
Marketing research is a continuous process. An important practise required in every companies from small businesses to big corporations. It provides the business with insights and solutions to marketing problems.
What to do in marketing research?
1. Market research
Very broad range of examinations including all aspects in the business environment, competitors, market structure, government regulations, trends, education, technology advances and other factors that make up the big impact to business environment.
2. Product research
Examine what products can be produced and launched base on market behaviour, purchase power and available technology.
3. Advertising research
Examine what type of ads are going to attract people to look for your products. A pre-testing should be brought up to predicts market performance before developing the ads. There is also a research to calculate the effectiveness of the ads after its launch.
When to do marketing research?
1. Launching a new product
When you have an idea for a new product or service, you need to know if there’s going to be a demand. There’s no point to create a product which nobody’s going to use. So, you need to gather information from people to understand if they need the product and how keen they are to the product.
When there are demands, the creation of product can be started. Of course, the process of research doesn’t stop here. There’re still more ‘collecting’ works to be done. You should know what is the ideal shape, colors, and its feature to give more benefits to end-user.
2. Modifying/fine-tune an existing product
Ok, you’ve got a product launched in the market, but you don’t know if it’s go well or not. How can customers find it? Do they love it or hate it? And why the reactions? You’ll never know until you put the hands on it and start the survey.
3. Expanding into new markets
Let’s say you are making a great success in current market and plan to expand in another city. You need to do your research as before, because you are going to deal with different people, different lifestyle and different culture.
What questions to ask in marketing research?
- What is happening in the market?
- What is the market trends?
- Who are the competitors you’re going to face?
- What is the demand?
- What are the features to attract market?
- How is their power of purchase?
- Which segment is the best for your products?
- Do quality or price come first?
There are still many other questions can be developed to get the best view on the market.
- Don’t start your business before completing marketing research.
- Data accuracy, reliability and relevancy are very important to get the best insights for your business,
- While marketing research is a complicated job, it is better to get experienced people involved.