Market research is the collection and analysis of relevant information to enable you to make informed business decisions.
As a fundamental part of business planning, market research can assist you to:
- identify potential customers
- understand existing customers better
- set realistic targets
- develop effective strategies
- examine and solve business problems
- prepare for business expansion
- identify business opportunities
Market research can be an effective tool at any point in the planning process. It may be used in investigating, evaluating, starting, developing, consolidating, diversifying or even reducing the size of your business. Continue reading “Market research”
Market research is important for every business, and should not be just a one-off activity.
Successful businesses conduct research on a continual basis to keep up with market trends and to maintain a competitive edge. Regardless of whether you’re starting or expanding your business, market research is vital to understanding your target market and increasing sales. Continue reading “Why do market research?”
In the present day business world, marketing is all pervasive. We are exposed to marketing of products, services and ideas almost everyday, and in every arena of our lives.
Knowing consumer needs and desires is a road to success for any business, but the question is how ? No one can identify the needs and expectations of consumers just sitting a company’s office. You must carry out research and analysis what customers need, what are their preferences, what they think about your company (your brand image), and what is the effect of your certain advertisements on their minds, etc. In other words, you need to carry out marketing research to understand your consumers; unless you can never be successful to win them.
Continue reading “Marketing Research: A must for businesses”
- Ad Tracking: Periodic or continuous in-market research to monitor a brand’s performance using measures such as brand awareness, brand preference, and product usage.
- Advertising Research: Used to predict copy testing or track the efficacy of advertisements for any medium, measured by the ad’s ability to get attention (measured with Attention Tracking), communicate the message, build the brand’s image, and motivate the consumer to purchase the product or service.
- Brand Equity Research: How favorably do consumers view the brand?
- Brand Association Research: What do consumers associate with the brand?
- Brand Attribute Research: What are the key traits that describe the brand promise?
- Brand Name Testing: What do consumers feel about the names of the products?
- Commercial Eye Tracking Research: Examine advertisements, package designs, websites, etc. by analyzing visual behavior of the consumer.
- Concept Testing: To test the acceptance of a concept by target consumers.
- Coolhunting: To make observations and predictions in changes of new or existing cultural trends in areas such as fashion, music, films, television, youth culture and lifestyle.
- Buyer Decision Making Process Research: To determine what motivates people to buy and what decision-making process they use; over the last decade, Neuromarketing emerged from the convergence of neuroscience and marketing, aiming to understand consumer decision making process.
- Copy Testing: Predicts in-market performance of an ad before it airs by analyzing audience levels of attention, brand linkage, motivation, entertainment, and communication, as well as breaking down the ad’s flow of attention and flow of emotion.
- Customer Satisfaction Research: Quantitative or qualitative studies that yields an understanding of a customer’s satisfaction with a transaction.
- Demand Estimation: To determine the approximate level of demand for the product.
- Distribution Channel Audits: To assess distributors’ and retailers’ attitudes toward a product, brand, or company.
- Internet Strategic Intelligence: Searching for customer opinions in the Internet: chats, forums, web pages, blogs… where people express freely about their experiences with products, becoming strong opinion formers.
- Marketing Effectiveness and Analytics: Building models and measuring results to determine the effectiveness of individual marketing activities.
- Mystery Consumer or Mystery Shopping: An employee or representative of the market research firm anonymously contacts a salesperson and indicates he or she is shopping for a product. The shopper then records the entire experience. This method is often used for quality control or for researching competitors’ products.
- Positioning Research: How does the target market see the brand relative to competitors? What does the brand stand for?
- Price Elasticity Testing: To determine how sensitive customers are to price changes.
- Sales Forecasting: To determine the expected level of sales given the level of demand. With respect to other factors like advertising expenditure, sales promotion etc.
- Segmentation Research: To determine the demographic, psychographic, and behavioral characteristics of potential buyers.
- Online Panel: A group of individual who accepted to respond to marketing research online.
- Store Audit: To measure the sales of a product or product line at a statistically selected store sample in order to determine market share, or to determine whether a retail store provides adequate service.
- Test Marketing: A small-scale product launch used to determine the likely acceptance of the product when it is introduced into a wider market.
- Viral Marketing Research: Refers to marketing research designed to estimate the probability that specific communications will be transmitted throughout an individual’s Social Network. Estimates of Social Networking Potential (SNP) are combined with estimates of selling effectiveness to estimate ROI on specific combinations of messages and media.
Continue reading “Marketing Research? Our 2015’s first post.”