Quality and effective marketing are vital for the success of any organization. As a business owner, you need to make a strategic decision and chose a direction for your company regarding its services and products. At this point, you need to conduct strong market research to aid in a successful marketing strategy.
Doing market research is essential to the creation of an efficient and well-thought business and marketing plan. An effective marketing process requires the firm support of research and data. Otherwise, you are just wandering around in the dark. That is why doing research should not be considered optional.
Fortunately, the marketing research process does not have to be expensive if you follow it correctly.
Here are five steps in the marketing research process:
1. Define the Problem
This is one of the vital and most difficult steps of the marketing research process as the rest of your research focuses on it. Determining the problem is the foundation, so it is important to identify the objective of your research clearly and what problem it will be addressing.
Ask as many questions as possible and gather all the relevant data you require to embark on the right marketing plan.
Tips For Identifying The Study Goal Include The Following
The task at hand is to turn a business problem into a goal that can be achieved via study. These suggestions may be useful.
Translating Business Problems
Consider the market research method as delivering specific knowledge to solve the business problem when transforming a business challenge into a researchable one. From this vantage point, you may construct a feasible research goal. Consider the question, “Why are sales declining?” In this scenario, the study might look into whether the product being offered is losing its attractiveness to customers as a result of increased competitors or issues such as outmoded capabilities.
Envision The End Result
Visualize what you want the finished product to look like to help you focus your study. You may not know the solution to the business challenge, but you may get a feel of the type of study that would be useful. In my example of advertising campaign software, I imagined a list of characteristics that buyers rated in order of priority. As a result, we constructed the study to achieve this goal.
2. Develop your Research Plan
Once the problem is determined, the next phase is to formulate and design the research plan. In this phase, you have to decide what type of research you will be conducting and from which sources.
Although there are a large number of online tools and data banks freely available, you do not need to limit yourself to only such kind of research. There are a number of research techniques to use, including the following:
Directly speaking with a customer is one of the best techniques to get honest feedback. This gives you the information straight from the source.
Conduct a brief survey to help you get data quicker and easier from the customer.
Test your website and review your analytics. By simply checking what you already have or plan to do, you can observe the differences between user behaviours.
3. Gathers problem-specific Data
In this step, you have to collect valid and unbiased data. Use the techniques mentioned above for data collection, which you can use efficiently.
Tips for data collection:
It is the most important part of the study endeavour, thus it must go well. Here are some ideas about how to make it happen.
Decide on a Deadline
The data collecting should take place in a short period. It guarantees that extraneous events outside your control, such as a new rival joining your market, are minimized, resulting in consistent statistics throughout the gathering period.
Examine the Preliminary Findings
Regardless of how much time you spend planning the study, you should review the initial set of data to ensure you’re getting the information you need to solve the problem. It’s conceivable you overlooked a critical question or discovered that a vital group was left out of the participant selection process. You can tell if an adjustment is necessary by looking at the original findings. If that’s the case, you’ll have to decide whether to preserve these preliminary findings or discard them because they won’t reflect your modifications.
Remind Them to Use Online Collecting Techniques by Sending Them Reminders
If you’re collecting data online and allowing participants to respond on their own time, such as via an online survey, make sure to let them know what the deadline is. Participants will, however, forget. To send a reminder email shortly before your deadline and again on the last day of response collection. It allows you to achieve the greatest possible sample size.
4. Interpret Data and Report Findings
After gathering all the relevant customer and marketing data, it has to be analyzed to determine what it all means and what trends are distinguishable from the information. If any piece of information is not according to the trend you are analyzing, it may be irrelevant and of no use to your marketing goal.
Sometimes the result is not according to the assumption you made before collecting data so don’t try to make your research fit what you want. As an alternative, try to make new decisions for your business while taking the collected data under consideration.
At this step, it is suggested to take the input of other people in your company. Doing so might give your business a fresh perspective and help figure out things you may have ignored.
Tips for analyzing research results:
The data analysis section might be challenging. When doing qualitative research, such as consumer interviews, and completing statistical modelling, a marketing research professional is crucial in assembling data.
Here are some useful hints, whether you have access to an expert or are interpreting the data on your own.
Look For the Following Traits
In your analysis, group replies that are similar together. For example, research participants may use different words to describe a product you sell, but it’s evident that they’re all talking about the same thing. These replies should be added together in the final analysis of this scenario.
Create Visual Representations of the Data
Once you’ve sorted replies, you can start putting the information into tables or charts. Because this is the major way of conveying the research finding to stakeholders and others in the firm, it’s critical to develop a visual compilation of study data.
5. Take Action and Solve Problems
This is the last phase where your research is complete, and the owner can use the results to apply to their business’s marketing plans. This is when a company would start a marketing campaign. When done successfully, your research will prove very helpful in developing business strategies as well as improving your company’s services by solving problems that customers have.
Some people may break this marketing process into additional steps, but these five basic steps mentioned above are all you need to make a good start.
Marketing research can be easier for you through these steps. Remember not to rush through the process and conduct as much research as possible for you. Furthermore, evaluate the gathered data in an unbiased manner.
Are you ready to market your business online? Book a free consultation with Edkent Media to see how our inbound marketing strategy can maximize your sales.