Your products must satisfy Your customers. This requires a marketing strategy. Before starting to develop it, make sure that You own objective, complete and relevant data – puzzles of the picture that shows the development of the market, the behavior of potential consumers and competitors.
What is marketing research?
The picture in question is marketing research. It is a form of business research that focuses on understanding the behavior, desires and preferences of consumers and competitors that are dictated by the market.
Much as we do not want, the product cannot become a part of the life of absolutely any person. It must find its audience. For this, an accurate shot based on a predefined vector is necessary. The marketing strategy shoots, and the target is determined through marketing research. Without it, any decision to promote goods and services is doomed to failure.
How to determine the importance of marketing research?
We will conduct a marketing research so that You are immersed in the internal environment of the market for making effective advertising decisions. In the course of the research we receive important information about the market and the effectiveness of the chosen method for the company’s advancement. We determine the most profitable segments for business development. Based on the collected data, a strategy for promotion is formed. But before ordering a marketing study, be sure to determine their meaning. For this, answer the following questions:
- Is there a problem that requires an assessment of the market, consumers and competitors?
- Is there enough information to make a risk decision?
- Does Your business need to evaluate already made decisions?
- Do You want to change the marketing policy of the company?
- Do You have enough time for research?
If 3 or more answers are positive, then the need for marketing research is obvious.
Why does business need marketing studies?
You are the owner of a business that needs to make an important decision related to the activities in the market or maybe to choose a new market, determine the sales volume, forecast and plan the market activity. Then You need to collect, analyze and collate information that cannot be systematized «manually».
To understand how Your competitors will behave or in what position Your company will be when a market environment changes, You should conduct a marketing study. It is also necessary when You launch a campaign, a new product, rebrand or form a price.
The indestructibility of plans depends on the quality of the foundation on which they were formed. The further activity of the company depends on the results of the marketing research – the strength of the foundation.
Types of marketing research
Depending on Your purpose, a comprehensive study is carried out, which can consist of the following marketing activities:
- market research. It will help to understand the latest trends and how the market develops. Based on the results obtained, market development is predicted, key success factors, competitive policy methods, target market and market niche are identified;
- analysis of the macrosystem. The result will give more insight into how the environment of a particular market affects the company;
- research of the internal environment of the enterprise. We are convinced that the definition of a real level of competitiveness answers questions about how it is necessary to act to adapt the activity to market trends;
- capacity analysis. Eliminates problems with the inconsistency of the direction of the strategic plan for the company’s resources;
- research of consumers. When segmenting consumers and selecting target market segments, a number of obstacles arise; they ultimately affect the outcome of marketing strategy implementation. We are sure that by investigating the motivation of consumer behavior in the market, the factors that prompt the preference for a particular product are determined with great accuracy;
- research of competitors. When choosing the ways and means to achieve a favorable position in the market, we analyze the potential, strengths and weaknesses of competitors, we also study the market share they occupy, the consumers’ reaction to their marketing means;
- research of possible intermediaries. Regardless of the scope of Your company, You should always be aware of commercial, purchasing or other intermediaries, as well as Your «assistants», so that the company is always active in the selected market;
- research of goods. The product of its own production, which meets the requirements of the customers, is advantageous for the company against the background of its competitors. Also it provides a solid argument for an advertising campaign. The success of creation and release is influenced by consumer parameters from the point of view of consumers;
- price research. Financial success consists in a simple rule: fewer costs and more profits. By adhering to it, the most profitable «cost-price» and «price-earnings» ratios are calculated;
- research of commodity circulation and sales. It will help to go along the most effective path, determine methods and tools to accelerate the optimization of the product for a potential consumer and bring it to the market. The results obtained will accelerate the turnover, determine the channels of commodity circulation and the methods of selling to end users;
- analysis of chances – risks. The one who is forewarned is safe. We know not only how to anticipate the development of Your business in the market conditions in advance, but also how to act to minimize or completely eliminate risks;
- research of the system of sales promotion and advertising. It will help to stimulate the sale of goods, improve reputation and trust in the commodity producer in the market and with great success carry out an advertising campaign;
- research of advertising. Perhaps, many of the entrepreneurs faced a problem when advertising in practice did not give any profit. The problem can be solved. It is just necessary to quickly determine where the barrier has been formed and quickly begin to eliminate it.