4 Tips to Improve Your Marketing Research Process
Today, it has become quintessential for businesses to understand the fact that the concept of marketing has evolved and become more consumer-centric. Satisfaction is now the new aim of marketing, and to achieve this, companies need an appropriate marketing research process in place. With constant changes becoming the new norm in business activities, the only thing […]READ MORE >>
Today, it has become quintessential for businesses to understand the fact that the concept of marketing has evolved and become more consumer-centric. Satisfaction is now the new aim of marketing, and to achieve this, companies need an appropriate marketing research process in place.
With constant changes becoming the new norm in business activities, the only thing that remains constant is the need for establishing an effective marketing research process. Every marketing research process helps companies to evaluate market opportunities and take business decisions based on hard facts. It is, therefore, the backbone of every successful business initiative. However, today we see that most companies prefer to cut costs when it comes to a marketing research process since it is resource intensive. While this may not be the best business decision, most companies have started following this logic during product or service launches. Marketing research doesn’t always have to be an expensive affair, as many start-ups have shown, if companies are following the right set of protocols.
So, without further ado, let’s look at some of the best ways companies can improve their marketing research process:
Define “YOUR” problem
This is perhaps one of the most critical steps in establishing a good marketing research process. In this step, companies have to define the scope and aim of their research. This would help businesses determine the information that they need and how they can go about collating that information. Properly defining the scope of the marketing research process can help business stakeholders to deal with the overarching business challenge, such as loss of market share or how to market products or services to a specific sub-segment of users.
Developing questionnaires that cover your business challenge and examining the actual cause of these issues can help businesses to filter out the unnecessary data. To effectively define “YOUR” problem, take into account as many variables and their causes, respectively.
Plan your research
Once the first step has been completed. The next task involves the process of planning an extensive research approach. This marketing research process can only be carried out once the preliminary step of establishing the research scope has been completed. The research plan or approach can be overwhelming to create since it includes steps and methodologies that can help answer or explore the opportunities uncovered in the first step. Every research technique comprises of the following:
– Interviewing potential customers to obtain feedback
– Conducting surveys with industry stakeholders to gain industry insights
– A/B testing on your businesses’ website to understand customers’ perception