Market Research

This is the MOST CHALLENGING step in the marketing process. This step is VERY IMPORTANT as it decides, which demographic you are going to target – essentially it would help you recognize your target consumer. An amazing product/service can be a disaster if not marketed to the right customer/consumer.

The first question which probably has come to your mind is – “What is this?” Followed by “What happens in this process?”. Let us answer that for you.

WHAT IS THIS?

To put it simply, marketing research is the process which helps brands to gather information/data about their selected target demographic so that the resulting marketing communications can be received optimally. This is ABSOULTELY ESSENTIAL in maintaining a competitive edge.

A good marketing research would help you:

1. Identify new prospective consumers/customers

2. Better understand your current customers

3. Set achievable targets which can be met in reasonable time

4. Develop plans and strategy’s which would help propel your brand/business to the next level!

5. Set out a plan for your future – expansion of business (local or global)

6. To tackle both - simple and complex challenges and ensure your brand stays on the right path.

WHAT HAPPENS IN THIS PROCESS?

The marketing research process can be broken down into several smaller components – and a failure to address even one of this component can derail the entire future of a brand. This may be scary, and trust us, we don’t mean to scare you – but just want you to be aware of the importance of this. Let’s discuss the aforementioned components of this process:

1) Research

Research is a very broad term. There are several types of research, and they all are equally important. Some of them include Brand research, consumer research, segmentation research, competitor research etc.

2) Campaign Assessment

This is a type of research where the effectiveness of a campaign is measured, and it helps businesses to understand where they are going wrong – be it with a product or their marketing tactics. Skip this and we would all be living in a fool’s paradise.

3) Testing

This includes methods like focus groups etc. where your product/service is tested with actual people so that the business can better understand the customer reaction/feedback/suggestions.

Research is further classified into 2 different types of research – people savvy in the field of data analytics would know this very well – primary research and secondary research. Primary research involves analysing new data while secondary research involves analysing previously collected data(s) – for example government reports like census etc.

Again, there are 2 types of data collection methods – qualitative (focus groups, interviews, demographic segmentation etc.) and quantitative (surveys, polls, questionnaires etc.).

As we mentioned before, intimidating, right? Well worry no more because we can take this stress of you. We can help you get the best quality of research done, so that you focus on the business, leaving the background work to us!