The product or service is the heart of every business; but its success does not depend on it per se. Good marketing strategies should be planned and implemented to gain outstanding profits. But to have a great marketing strategy, great marketing research is needed. So what is marketing research? Basically, it is a systematic process which covers a wide range of procedures that include identifying the problem; determining research design; designing questionnaires and surveys; collecting and analyzing the data; and preparing the research report.
It aims to distinguish and solve marketing problems as well as assess the elements of the marketing mix that influence customer behavior. Not only does it identify the trends that influence sales and productivity, it also helps in keeping up with the latest market strategies that are being used by competitors.
One major importance of marketing research is that it provides necessary information to help in making marketing decisions. It can show what customers need or want and what not. Good research can also show if one’s target market is feasible or if they should change prearranged plans. These bits of information, whatever the outcome, should help a business in decisions and making actions.
With the information that can be obtained through marketing research, a business should be able to identify its competitors and its strategies. Finding out what other companies’ scale of operation, their market focus, networks and others are some of the goals of the research. The advantage of this is that they can use these facts to adapt to their competitors or even surpass their competitors’ strategies to stay on top of the competition.
With good decision making to stay healthy in the market, an establishment can maximize its profits and increase its sales by the means of marketing research. Finding the customers’ needs and using it in line with their product or service can be of their advantage. A business that is be able to pinpoint best locations or target audience can save in costs and make better use of its investments.
Marketing research can also help in finding ways to attract new customers for bigger sales. Although with the many benefits, it should be noted that marketing research alone can not ensure success in the trade, but it should be paired with great marketing strategies to maximize the business’ potential. It is a great help for the company to become successful.
- Customer Driven Marketing Strategy Fundamentals (iamsellingtoday.com)
- Customer Driven Marketing Strategy Applied (gotbusinesscards.info)
Why Marketing Research is Important by Steve