Marketing research should be a priority for all brands, and here’s why: It keeps you informed.
You wouldn’t buy a car, choose a retirement plan, or hire a daycare for your daughter without understanding the cost, the benefits, and the risks first. Right? Your best decisions are based on having the best information.
Marketing research is the same. When you’re informed about your competitive landscape, understand your customer as well as yourself, and know what it takes to compete, you make better decisions and are more likely to succeed.
Your brand needs marketing research to set objectives, uncover opportunities, and fine-tune its strategy. But first you have to know where to start.
Our Complete Guide to Marketing Research will lead you through every part of the process. You’ll walk away knowing how to gather the information you need to optimize your strategy and deliver results.
BusinessDictionary.com defines marketing research as:
Scientific discovery methods applied to marketing decision making. It generally comprises:
- Market research
Identification of a specific market and measurement of its size and other characteristics
- Product research
Identification of a need or want and the characteristic of the good or service that will satisfy it
- Consumer research
Identification of the preferences, motivations, and buying behavior of the targeted customer. Information for marketing research is collected from direct observation of the consumers (such as in retail stores), mail surveys, telephone or face-to-face interviews, and from published sources (such as demographic data).
Entrepreneur.com gives marketing research the following meaning:
The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face.
Explore the following market research topics.