The Importance of Marketing Research for Your Business
Posted: Mon Jan 06, 2025 5:16 am
Just the phrase marketing research can make people feel overwhelmed, understanding what it is and why it is important will help you release those stresses.
I think most people get confused, not understanding that there is a difference in market research and marketing research, let me explain.
Marketing research is when you have narrowed down a specific “target,” and are digging deeper into that target’s behavior.
In other words, your research is for a very narrow group of consumers.
Market research is different. Different because it deals with a broader range of consumers. Market research includes field study, but it also delves into new methods of product research and distribution.
The best way to differentiate the two is to understand that marketing lebanon phone number research is really about investigating a company's marketing process, not just who they are targeting.
steps for marketing research
Steps for marketing research
Your marketing research will include the following steps, and at each step, I have listed common questions that are typically asked:
Problem Definition: The problem is the focus of your research. Example: Why are sales up in the Midwest, but down in other parts of the country?
Data collection method and needs: How will you collect the data you will need to solve the problem? Will you use surveys, phone calls, or online focus groups?
Determine the sampling method: What sampling method will you use? Sampling represents those from which you will collect information. Will it be random sampling , sampling containing one similar element, or natural sampling?
Data analysis: How will you analyze the data? Will you use software or do it by hand? How accurate do the results need to be?
Determine the budget and time frame: How much are you willing to spend on the research and how soon does the research need to be completed?
Data Collection: Continue collecting data based on the answers in steps 1 through 5.
Data analysis: Perform the analysis of data that has been collected in the previous step.
Error checking: Check for errors in the data. It is not uncommon to find errors in the data collected. Errors can be in the sampling method, in the data collection, and just in analytical errors.
Create your report: The final step of marketing research is to write a report on your findings. Your report should contain tables, charts, and/or diagrams. It is important that your report clearly communicates the results you found in your research. Your findings should lead to a solution to the problem you identified in Step 1.
3 Key Benefits of Marketing Research
Marketing research is daunting and can require a lot of work, but it also provides many benefits.
It takes the guesswork out of marketing and gives you data that you can use to drive your marketing strategy and achieve your goals and objectives. It’s a systematic approach that with an investment can make your marketing not only easier but more effective.
I think most people get confused, not understanding that there is a difference in market research and marketing research, let me explain.
Marketing research is when you have narrowed down a specific “target,” and are digging deeper into that target’s behavior.
In other words, your research is for a very narrow group of consumers.
Market research is different. Different because it deals with a broader range of consumers. Market research includes field study, but it also delves into new methods of product research and distribution.
The best way to differentiate the two is to understand that marketing lebanon phone number research is really about investigating a company's marketing process, not just who they are targeting.
steps for marketing research
Steps for marketing research
Your marketing research will include the following steps, and at each step, I have listed common questions that are typically asked:
Problem Definition: The problem is the focus of your research. Example: Why are sales up in the Midwest, but down in other parts of the country?
Data collection method and needs: How will you collect the data you will need to solve the problem? Will you use surveys, phone calls, or online focus groups?
Determine the sampling method: What sampling method will you use? Sampling represents those from which you will collect information. Will it be random sampling , sampling containing one similar element, or natural sampling?
Data analysis: How will you analyze the data? Will you use software or do it by hand? How accurate do the results need to be?
Determine the budget and time frame: How much are you willing to spend on the research and how soon does the research need to be completed?
Data Collection: Continue collecting data based on the answers in steps 1 through 5.
Data analysis: Perform the analysis of data that has been collected in the previous step.
Error checking: Check for errors in the data. It is not uncommon to find errors in the data collected. Errors can be in the sampling method, in the data collection, and just in analytical errors.
Create your report: The final step of marketing research is to write a report on your findings. Your report should contain tables, charts, and/or diagrams. It is important that your report clearly communicates the results you found in your research. Your findings should lead to a solution to the problem you identified in Step 1.
3 Key Benefits of Marketing Research
Marketing research is daunting and can require a lot of work, but it also provides many benefits.
It takes the guesswork out of marketing and gives you data that you can use to drive your marketing strategy and achieve your goals and objectives. It’s a systematic approach that with an investment can make your marketing not only easier but more effective.