06 Aug Importance of market research in marketing products and services
Importance of market research in marketing products and services
Any method of publicity adopted by a business to market its product or service has the capability to promote its brand but for gaining maximum and goal oriented marketing result, target marketing is required.
In short, for efficient marketing of a brand, developing an exhaustive marketing strategy is of great vital importance. Right from where, when and how to advertise for a wider exposure to perfect wording of the promotions to suit the marketing needs, each aspect of the marketing strategy will act as the solid foundation in the brand development efforts.
While majority of the information pertaining to the marketing of a product or service might be apparent and clear, the importance of market research in uncovering and digging out deeper influential information to undertake compelling and forceful marketing campaigns cannot be over ruled.
Choosing The Right Method of Market Research
Market research in general largely relates to seeking answers to the questions about the proposed, anticipated or projected market. Though market research is known to take on a range of formats, most methods are sorted out into either of the following one or two categories.
1. Quantitative Research
This method of market research largely deals with trends and numbers. The key sources for conducting this method of research involve polls, social media analysis, available previous research information or data and surveys.
The quantitative research method of market research primarily offers the much needed numerical data and minimum requisite benchmark to analyze and chart success after taking into account the brand interest, effectiveness and efficiency of the campaigns.
2. Qualitative Research
This methodology of market research is primarily carried out to gain an in depth insight about different questions. The tools used to carry out this method of research include face to face interview, focus groups and observational study or research.
By undertaking qualitative research, the intentions, motivational factors and reasons behind specific market behaviour can be known. Qualitative market research helps in easy exposure of questions relating to the why and how of the different market trends and brand matters rather than only relying on the basic facts.
Prime benefits of undertaking marketing research to market products and services
Increased sales output
First and foremost, market research when undertaken provides a valuable insight to the company about how successful its product or service is likely to be, the optimum price to be set for the product or service and the group of consumers likely to purchase or consume the product or service. All these information ascertained helps to increase the sales.
Better target audience and consumer management
The biggest advantage of market research in marketing of a product or service is that the varied tools used in the marketing campaigns such as face to face interviews, questionnaires, discussions and meetings help to reach a wide range of target audience. Market research helps in reducing the time frame required for the product to reach the consumers. Moreover, market research helps in proper analysis of the current needs and also in investigation of the future expectation of the consumers thus helping to achieve higher level of consumer satisfaction.
Satisfactory Business Growth
Proper marketing research of products and services if undertaken provides an upward sales trend along with the better consumer management resulting in increased sales. This in turn acts as the trigger point for growth and development of business.
Thus, to sum it all, the success or failure of a business is solely dependent upon the marketing strategies adopted by it while market research of products and services provides various ways and means to adopt the best marketing strategies that might help a business to compete, grow, succeed and even reach greater heights.
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