What are the 5 Steps in Marketing Research Process?

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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 about its services and products. At this point, you need to conduct strong market research for 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 wondering around in the dark. That is why doing research should not be considered as optional.

Fortunately, the marketing research process does not have to be expensive if you follow it correctly.

Here are five steps in 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.

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:

Interview Clients

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 Surveys

Conduct a brief survey to help you get data quicker and easier from the customer.

Testing

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.

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.

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.

 

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