The Basics of Market Research
Market research is one of the most important factors of a successful marketing campaign. It gives the business bias answers to what kind of new product may bring profit to a particular audience. It tells if the product is meeting expectations and addressing the needs of the target audience. Therefore, companies print brochures or posters based on the information gathered from market research.
There are two types of market research: primary and secondary. The first is about analysis of current sales and current practices. It takes in to consideration the competitors’ plan. Primary research includes interviews (face-to-face or telephone), questionnaires (mail or online), surveys (mail or online) and focus group discussion (a particular number of potential clients gathered together to give direct feedback).
The second is an analysis of data that has been published. Various materials can be found online or in marketing references. Secondary data identify competitors and establish their benchmarks.
There are two types in collecting data: quantitative and qualitative. The first deals with number analysis and needs a large sample size. It dwells on statistics.
Qualitative analysis fine tune the numbers. This dwells more on customer values, beliefs and opinions. The sample size is normally small.
Some customers try to skip this part to save time and money. Here are the common mistakes that must be avoided at all times.
Using secondary research only. It’s a great way to start but some of the information coming from these is outdated. A published work may not always provide a full picture.
Using online source only. Search engines’ data may not be fully conclusive. Use college campus, local library or a small business center. The more materials there are the better data.
Surveying the people you know only. Family and friends may not always be the best survey sample. There will be a tendency of biases. It’s better to get real customers for a deeper understanding of their needs, wants and expectations.
It’s impossible to sell customers what they don’t need (if not want). Market research is essential in answering this question – will the customers bite? And this is not a one time deal. Market trends shift easily. There are a lot of factors that cause a customer to switch brands – political, spiritual, and environmental among others. A company needs to be on top of these changes to keep their customers. Before it can print online a successful campaign material, it needs to make sure it has the right data to achieve favorable results.
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