Marketing is the process by which businesses attract buyers for their products and services. Marketing professionals divide marketing into three main categories: direct marketing, advertising and public relations. Marketing research helps businesses understand their target markets. A well-researched market can result in more sales and better business performance. Market research is an organized process to collect data on consumers, identifying them by age, gender, location, occupational profile, buying power etc., so that the right marketing mix can be chosen. It’s a vital element of business strategy and an important aspect of maintaining competitiveness in the market.
Marketing research helps businesses to make better marketing decisions.
Marketing research can provide insights into consumer behavior and buying habits. It can show what works and what doesn’t and help to establish a marketing strategy that works best. However, it can be time-consuming and often costs a lot of money. That’s why many companies choose to conduct their own marketing research. Some go to experts, but for truly effective results, gathering marketing intelligence from scratch can be a valuable marketing initiative.
Different marketing research methods.
Marketing research methods insights can be achieved through different types of consumer surveys. The most popular are questionnaires. These are designed to collect information from a large number of people over a long period of time, and thus give a true insight into the consumer base. However, the results presented to the company can only be as good as the amount of time and money spent on the research. It’s also important to note that these types of surveys tend to be less representative of the total consumer base. If there are many answers to a question, it may not accurately reflect the opinions of the majority of customers.
Online surveys and how they can help.
Another way to get a variety of insights is to use online surveys. Online questionnaires are relatively fast and easy to complete, but they don’t provide a lot of information. They also don’t represent a large enough sample size to make it representative of the whole market research. Survey providers offering online marketing research methods insights make use of different techniques to compile and evaluate customer responses. A reputable provider will take these into account and will use recent trends and consumer behaviors to help determine which questions to ask next.
Another important market research method is to use user personas. This can be accomplished through a variety of methods, but all of them share some common components. Personas are custom questions designed to collect information on a large scale about the typical online user. For instance, if someone is seeking information on how to improve their health, they might be asked questions such as “How has your diet changed?” or “What vitamins do you need to take?”
Successful marketing research example – the Hospitality Industry
One industry that has been exploring the effectiveness of marketing research techniques is the hospitality industry. Hotels have traditionally been an important marketing and customer service tool for corporations and organizations. In recent years, there has been increasing focus on the need to target this sector specifically, as well as the need to increase customer retention and loyalty. A new challenge has presented itself to hospitality businesses: how do you get the guests to return and stay?
To increase the chances of maintaining repeat business and attracting new customers, hospitality organizations have developed new marketing strategies.
One such strategy is developing community websites. These sites are designed to provide information not only about the hotel but also provide up-to-date information on what’s going on with the rest of the community. While it is traditional to include reviews on the hotels themselves, by providing the guest with up-to-date facts and figures, a marketing strategy such as this can be very successful in gaining new customers and keeping existing ones. Developing the websites as a part of a marketing strategy also helps with brand identification.
The goal of marketing research is to understand what types of products and services appeal to consumers, as well as what types of products and services do not appeal to consumers.
Marketing research studies help identify what segments of consumers are more likely to purchase a particular product or service, and help determine the best way to reach this segment of the market. This information is critical to a hotel’s success, because it enables the management to plan for advertising campaigns specifically targeting this consumer segment. The insights provided from marketing research studies provide important guidance for developing a marketing strategy that will effectively target a specific segment of the population. Once identified, advertising campaigns can be planned to be extremely targeted and effective.