Constant change is a base fact in marketing and business, but there is one thing remains the same: the need for marketing research. Marketing research is a useful tool for organizations to better define marketing strategies and evaluate business decisions using data.
Just as you wouldn’t go on vacation without making any plans, you shouldn’t design marketing strategies without backing them up with research and data. In short, the marketing research process consider as the backbone of informed business and marketing decisions.
You might be surprised to hear that marketing research is one of the first things organizations cut out of their marketing budgets due to the high investment time (and sometimes monetary).
This is not the best decision, especially when your company is planning to launch a new product or enter a new market. As some startups have learned, marketing research doesn’t have to be expensive if you do it right and follow the right process.
Let’s review best practices when conducting the five-step marketing research process:
1. Define the Problem or Opportunity
This is the most important part of the marketing research process which is defining the problem. In order to conduct any research and collect data, you need to know what you are trying to learn from the research.
In marketing research defining the problem you have to solve will determine what information you need and how you can get that information. This will help your organization clarify the overall problem or opportunity, such as how best to handle a loss of market share or how to launch a new product for a specific demographic.
Develop questions that allow you to identify your problem (or opportunity), and examine all possible causes so that your search can be reduced to the information you really need to solve that problem or determine what action to take in relation to an opportunity.
Often these are questions about who the target market is or the ideal buyer persona (eg: “What does our ideal customer look like?”). These might include questions about demographics, what their job is, and what they like to do in their spare time — anything to help you get a clearer picture of your ideal buyer persona. Consider as many possible, variables, and causes as possible.
2.Develop Your Marketing Research Plan
After you’ve studied all the possible causes of the problem and used these questions to summarize exactly what you’re trying to solve, it’s time to build your research plan.
Your research plan can be difficult to create because it can include any method that will help you answer a research problem or explore a specific opportunity in the first step.
To help you develop a research plan, let’s review some approaches to conducting research:
Oftentimes, you get the best feedback using this tactic by interviewing clients because you’re going straight to the source. This may take the form of a focus group or one-on-one interviews. Use the specific defined research problem to help select the right people for the interview.
Run a survey using SurveyMonkey or any other tool.
Use user tests on your website or landing page. This is a cost-effective approach that can provide a lot of insight and data about how customers or potential customers are behaving or responding to something, whether it’s a message, a new brand, or a modified product or service you’re considering offering.
Oftentimes, we do all this work and collect all the data – only to realize that we didn’t have to reinvent the wheel because someone had already done a similar, credible study or solved the same problem.
This doesn’t mean that you don’t need to do any research, but learning what other organizations have done to solve a problem or seize an opportunity can help you adjust your research study and save you time when considering all your research options. In marketing research, this is called secondary data because it has been collected by someone else, as opposed to primary data that you will collect through your own research study.
3.Collect Relevant Data and Information
In marketing research, most of the data you collect will be quantitative versus qualitative, and it is descriptive and observational. Ideally, you’ll collect a mix of both types of data.
When collecting data, make sure it is correct and unbiased. You should never ask your research interviewee, “Do you think we should offer a higher level of pricing with additional services, right?” Obviously, this type of question is designed to influence the way a person responds. Try asking open and closed questions (eg, a multiple-choice question asking what income range best describes you).
4. Analyze Data and Report Findings
Now you’ve gathered all the information you need, so it’s time for the fun part: analyzing the data. Even though one piece of information or data may rush at you, it is important to look for trends rather than specific pieces of information.
As you analyze your data, don’t try to find patterns based on your assumptions before collecting the data.
Sometimes it is important to write a summary of the study, including the process you followed, findings, conclusions, and steps you recommend taking based on those findings.
Even if you don’t need a formal marketing research report, be sure to review the study and results so you can clarify the recommended course of action. Sharing the charts and the data you’ve collected is pointless if it doesn’t lead to action.
Has your hypothesis been proven wrong? Great – That’s why you take the test and don’t deal with assumptions when making decisions that could have a major impact on your organization. It is always better to take the results as they are than to twist the data to prove you are right.
5. Put Your Research into Action
Now your search is complete. It’s time to present your results and take an action. Start to develop your marketing strategies and campaigns. Put your results to the test and go! The biggest takeaway here is that while this round of research is complete, it’s not over yet.
Problems, work environment, and trends are constantly changing, which means your search is never over. The trends you discovered through your research evolve. You should analyze your data on a regular basis to see where you can improve.
The more you know about buyer personas, the industry, and the company, the more successful your marketing efforts and your company will be. When you look at it this way, you must begin to wonder why so many organizations don’t devote the time and resources to marketing research.
Of course, there’s a lot more to the marketing research process than these five basic steps, but these are enough to get you started.
Now, you can get your Marketing Manager Program from Optimus Institute which provides the learner with all knowledge needed to develop and implement effective marketing plans for their organizations and relating both traditional and new marketing concepts to today’s fast-paced, competitive and segmented business environment, with an emphasis on relating marketing theory to practical and effective real-world solutions.
This Program is designed for all Marketing Manager or Executive or anyone looking to advancing their career by attending a recognized Marketing Management training program
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