4 Steps to Marketing Research Success
As businesses become more aware of its potential to grow and be an internationally established brand, business owners and entrepreneurs are quick on their feet tapping into marketing research – keeping up and identifying new markets and products. This process is vital as it provides you with a better view on what’s the potential demand like on the latest product and gives you insights on what are the best pricing strategy that are most likely to be adopted, latest methods of distribution, etc in the current market.
At ASW Global, we are able to source and build a marketing analyst team to provide exceptional marketing research for your business to stay ahead in the game. Your new marketing analyst team will help predict problems and opportunities that may arise from the current marketing actions, and thereby monitoring its marketing performance, and improving its process. While there are certainly more ways and steps to marketing research success, here are 4 simple steps which we have gathered:
4 SIMPLE STEPS YOU CAN APPLY
1. Defining the Problem
Before doing anything, the first step is to be able to identify and define the underlying problem. This process is important to find out how your product or service will take place in the current market. You may put this to test to see how your target audience would react favourably or unfavourably to it. Another factor is to understand your product well and how it applies geographically – if it sells well, you may want to consider further expanding the product nationwide as your next step.
2. Developing the Research Plan
The next step in marketing research is to develop the research plan. The research plan will allow you to filter details of which information you need and the ones you don’t in order to make a reasonable marketing decision for your business plan. Of course, over the period when conducting marketing research, you may stumble a lot on irrelevant data which you have collected, and this may result in flawed final report. Hence, developing the right concepts and methods for collecting your data from the beginning is extremely important.
Example, qualitative research involves focus groups, one-on-one interview to help you confirm your conclusion as this gives consumers a basic idea on what your product is going to be like. The other methodology you can utilise is through quantitative research where it involves surveys, questionnaires to test your market – this puts you in a better position in being statistically reliable.
3. Collect Information
When you have the right concepts laid out and the methods that you will be using to collect your data, you may commence the actual data collection. There are two sources to take note of when it comes to this step: primary data and secondary data.
The primary data will consist more of new facts and figures which you have collected helping you with your current marketing decision. While, the secondary data is information that you have had previously used or stored in your internal data – info that can be found at other sources outside of your immediate resources.
4. The Final Report
The final report is where a detailed document pertaining your research findings and based on those findings, you make recommendations in the best possible way for your product or service. Basically, this reaffirms the information you need to either move ahead with your business plan or it’s time to go with plan b.
At the end of the day, it doesn’t matter if you’re an independent business owner or a small enterprise, conducting marketing research ensures success to further understand your business as well as who your competitors are in the market.
To learn how you can build your own high performing offshore marketing analyst team, please contact ASW Global today.