Process of Marketing Research
The high cost of the process of marketing research is one of the reasons why many companies shy away from undertaking it. The process of marketing research is a leading cause for companies to cut down their budget. But marketing research is crucial for the successful performance of any company and it need not be always expensive if the right process gets adopted.
Listed below is a five step process of marketing research which every organization needs to follow for not only attaining success but even to keep its place at the top:
Identification of the problem areas
While there is no doubt that every step in the process of marketing research is crucial, identification of the problem areas can be said to the foundation or the base for the rest of the process of marketing research. Before embarking on marketing research, an organization needs to first understand the problem it wants to unravel. Establishing the research goal or aim is very essential. Raising questions that would help to solve the problems areas would be very helpful.
Framing of a research plan
Once the problem area has been identified, the next step is to formulate and design a research plan. This can be done through various methods; the techniques listed below if adopted would help in reducing the cost in the conduct of research.
- Conduct of interview of potential and prospective consumers will enable to get the needed information or required feedback straight from the source.
- Undertaking a survey.
- Conduct a test run on your website and then review the analytics.
- Do online research to find out if the sources you rely on are really credible.
Gather all significant information and data
Once the process of data collection gets started, ensuring that it is impartial and genuine is very crucial. Using different methods as mentioned above to source the significant data from varied angles helps. The ideal approach would be to source the data in an analytical, emotional as well as scientific way and not just looking at a graph. This would help get the insights that one is looking for.
Analysis of the data sourced and report acquired
Once the required information is collected, the next step is an interpretation of the sourced data. In this step, it is essential to look for patterns and trends and not precise and particular information. While conducting analysis, it is essential to sure that we do not end up finding for patterns on the basis of our assumptions we had before sourcing data. It is perfectly fine if we do not arrive at the correct hypothesis. Hence it is very important to conduct testing and not go with our assumptions. Taking care to make sure that we do not change and twist the outcome or result is very essential as it won’t be of much help.
Take the needed action
Once the research gets completed, showcasing the findings and taking action on the same is very important. The undertaking of marketing campaigns along with testing the findings does not mean that the research is over. External analysis and conduct of research is important in the process of marketing research.