What is Marketing research process and why does it matter?
Marketing research process In Depth.
Let’s start with story.
Sodhi is an owner of clothes shop. He sells t-shirts, shirts, jackets, blazers and kurtas for men. He is also selling wholesale to urban markets. He lives in Delhi and thinking to ship his products to Mumbai. He also decided how will he ship products.
Now what is the most important step should Sodhi take?
- Direct ship product[❌].
- Make a strategy[❌].
- Marketing research[✔].
Direct shipping is really bad idea👎because you don’t even know what to ship, plus-minus of shipping in new market etc. You can’t make a strategy without proper marketing research.🤫Remember, Data is basic need of strategy. Without marketing research process, advertising your product is like trying to swim in river without learning it in pool.
So, Researching market is the best way.[NOTE:-If you want to listen this blog content ,click on the Sound button .And if you want to read this blog in your language click on the choose your language button( scroll up-top right of this page.)]
Here is page map for you.
FAQs to clear vision
What is Marketing research?
Your product/service will impact on market anyhow. Doing research of this impact is marketing research. Motto of this research is getting Data to make successful marketing strategy.
Why should I do marketing research?
Without research, you can not have new and accurate data of market. And without data, you’ll repeat or make silly mistakes.
So you should never expect best outcome without marketing research process.
Marketing research process Example.
Jethalal’s Guitar shop had features like “strong strings” and “smooth frets”. The brand wanted to know which guitar and features interested their customers the most. So they did primary research to know.
And in research, they got to know that they had no need to make strings more strong. Because it is already very strong. There were very rare cases of string breaks. So they don’t have to focus on that feature.
Marketing research process: Logical depth analysis
Basically we should do 2 kind of marketing research.
- Re-Searching New data.
- Analyzing your existing data.
💡Being aware, and having feel to research in market is really good and important for all businesses. Let’s see…
1. Researching New data
Many marketers call this “Primary research.”✔
Why to Research New data?
- It can help you🔍discover whether people feel warm& fuzzy about your brand.
- It can also measure how well your marketing boosts your brand awareness.
- You understand your customer’s satisfaction level🤗.
- You be aware with youVscompetitor.
- You get qualitative and qualitative analysis, This makes your marketing better.
Now I give you Idea about what to research.
What to Research?
What I think…is there’s really lot of research to do! Its on you. Its totally on you. But I give you some ideas.✔
- Product A Vs Product B.
- The 1st thing they observed in this site/store after entering/reading this.
- How they reached here[with opts.]
- What they love in this product?
You need to research according to your plan and need.🤛
You read What and Why to research. Now I write some basic tips on How to research.
How to research for New data?
- Survey& Giveaways.
- Fill-up forms.
- Analyzing monthly selling sheets& working on it.
- By Colleagues, Marketers and Influencers.
- By Networking groups.
This were common methods. But most importantly you should Observe by yourself.👍
Make sure what you want from marketing research. E.g.-Quantitative Data
Tip: Keep Your Questions easy.
- You like black?❌
- Red guitar or Black guitar?✔
Let’s see 2nd part for marketing research process.
Analyzing your Existing data
You just read what i type here.
You have to recheck all your work. Revise your product, quality, quantity, adverts, Data about sold items, Age-Gender of target, common choices..Etc. Now Lemme write something in depth.
1stly you should have data to analyze.🧐So make sure about data and summary of sold items. You can make a table or chart to analyze. Do count selling& customers percent per product. And the base of this data, you can research new data. In fact this is better way to research market! 1st be sure about yours and then get new.
I don’t think you should do much effort like before. Because there are lot of tools available to help you with it like, Hubspot sales hub and insightsquared. But you should make a strategy and take a decision yourself. This all data and research is just to make your decision effective and accurate.😊
This was some idea and my thoughts i written on marketing research process.
Let me type some Pros and Cons of this.
Pros and Cons of marketing research process
Let’s see Pros 1st.
Pros of marketing research
- Get aware with trends& updates of market.
- Making accurate marketing strategy.
- Find easy solution for your questions.
- Make products more comfortable for right customers.
There are so much benefits you will feel.👍
Cons of marketing research
- If data is wrong, you may go totally in mess.
- You may miss knowing Facts, if you’re questions or attitude is wrong.👎
- You may have to totally change your plan if needed.
There are less cons if your more right, Lol.
My Tip for the Blog
Optimization of information
I used heavy word😄but it just means like What did I know from research and How will I use it?
For e.g.: Find out,
- Do people think your brand same way you do?
- What’s the info. you found telling You.
- What’s working? What’s not working?
- Are you hyping right features?
- And…How can you use data to optimize your marketing in future?🤨
Make sure, screenshot it.
Make a list of..
- What issue you want to research?
- What will you target to get data?
- Find out some networking/focus groups.
- How will you research?
- Select what data is more useful for you.[qualitative/quantitative]
- What’s your budget?
Let’s take a pledge, I’ll research before taking any decision.
So..I think we have done it! Cheers.
We seen a story and a lesson, then we seen FAQs…then we learnt a bit in depth in marketing research process And we learnt about Pros and Cons of it. Also we seen My tip for the blog and at last I provided To-Do list.
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Reflective listening: #1 of business skills
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