Think market research as just a varied version of marketing? That’s a common idea. But let’s clear things up. Market research and marketing have a relationship, but they are not the same. Market research is how companies gather information about their customers and markets. Marketing is what businesses do to promote and sell their goods or services. The proof of this informs the other, but they’re separate.
Defining Market Research
So what does market research look like? It’s about finding answers. Businesses leverage it to make intelligent decisions. Let’s observe what that denotes in actuality.
What is Market Research?
Market research is a deliberate process of data collection. Businesses gather intelligence about their market, who buys what they sell, and about the people who do that. This involves exploring and analyzing data. There’s primary research, where you go collect new data yourself. And secondary research relies on available data. Survey you fill out or report you read.
The Fundamental Aims of Market Research
There are some important objectives of market research. First, it sort of helped companies figure out what customers wanted. Secondly, it identifies potential opportunities in the market. Third, it identifies who the competitors are. And No. 4, it reduces risks for businesses. This research ensures that a company knows what it’s doing. That is useful where there is sufficient known data.
Market Research Methodologies: Types
There are multiple ways to conduct market research. Here are a few common ones:
- Surveys: Questions posed to a lot of people.
- Focus Groups: Bringing in a few people to talk about a product.
- Interviews: Speaking one-on-one with people.
- Observation: What people do in a store.
- Experiments: Ad Variations Testing
They offer different kinds of insight. All of these help to clarify the picture.
A Guide to Marketing Fundamentals
Marketing is the way businesses reach out to their potential customers. It’s more than just selling. It involves creating value.
What is Marketing?
Why marketing should be considered a part of value creation. It’s how you communicate to people about your products. It’s also how you fulfill your goods. It is about knowing what people want.
The 4 Ps of Marketing
The “4 Ps” are the key to marketing:
- Product: What do you sell?
- Price: How much does it cost?
- Place: Where do you sell it?
- Promotion: How do you market it?
They work together. They form a successful marketing strategy.
Marketing Campaigns: 5 Essential Objectives
A marketing campaign has a few objectives. They want people to recognize the brand. They generate leads from those people, too. They want to increase the sales of a product. And they want to cultivate customer loyalty, also. Good campaigns do these things well.
The Relationship Between Market Research and Marketing
Good marketing is built on market research. It provides the information necessary to make informed decisions. It guides you on the way that you need to walk.
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All marketers need is a map, and that’s what market research provides. Marketing decisions are guided by insights from research. Imagine a company that is launching a new product. Then through research they see if people want it. Without demand for the product, the company cannot thrive.
Informing the Marketing Mix
Market research is useful for the 4 Ps. It uses data to improve products. It also assists in the optimization of prices. It also assists you on how to choose the appropriate place to sell itself. And it improves promotion. Businesses can grow through market research.
Minimizing Risk and Maximizing Return on Investment
With market research, you greatly reduce the risk of making a marketing mistake. It also ensures a decent return on investment (ROI) for companies. Businesses move better by understanding the market. The Right Choices Will Produce Better Results.
When Market Research Can Look Like Marketing
Market research sometimes resembles marketing. This may happen while you receive feedback from consumers.
Customer Feedback Loops
Requesting customer feedback is market research. But it also gets customers involved. And this involvement can feel like marketing. Businesses pay attention to what customers want.
What is A/B Testing and Campaign Optimization?
A/B testing is a type of market research. It experiments with different iterations of ads. This study improves how marketing works. Testing is the direct cause of changes in marketing performance.
Surveys for Lead Generation
Some surveys collect contact information. These surveys do two things. They gather for research data. And they also bring in leads for sales.
Some Great Examples Of How Market Research Can Drive Your Marketing Success
Let’s look at some examples. These will illustrate how marketing wins flow from market research.
Example 1: How a Product Launch Case Study Looks
A company does research. It discovers a need for a new water bottle. They then take this information to create and promote the product. That is what people wanted, so it sells great.
Example of a Repositioning Strategy — Case Study 2
So, a company uses market research. It discovers that people perceive their brand as old. They subsequently rebrand to appeal to younger shoppers. The change has the company relevant again.
The Main Differences — Market Research vs. Marketing
Market research — figuring out what people want. Marketing is selling to those people. They are separate, but they complement each other.
Conclusion
Market research is not the same as marketing. But market research tells you. That data makes marketers successful. Market research: a tool that enables good marketing.
