Tech

Marketing research: what is it and how is it carried out?

Marketing research is a much broader concept than market analysis or consumer surveys and includes consumer research, market research, competitor research, etc. Check how to build a survey effectively in the post below. 

Why is marketing research needed?

To make effective decisions, you can get them through marketing research. Relying on the results of properly conducted research allows you to reduce risks, build the right strategy and get the maximum return from a product or service. Additionally, pay attention to internal sources, your own data: average bill, customer retention rate and anything that will help you understand the client’s desires.

Marketing research is needed to do the following:

  • Identify trends and best practices in the market and repeat successful experiences.
  • Get to know your potential clients and their needs, and give them what they want.
  • Plan new products, services and changes in the company not in isolation, but together with users.
  • Launch more effective marketing campaigns: After all, marketing is about numbers, not creative advertising.

Marketing research is the process of collecting information to create portraits of your target audience and customers and also determine how successful the products or services you offer will be among them.

Marketing research to make business more efficient 

Marketing research is a tool that, when used correctly, helps make business more efficient. Why is this so? Today, one of the key values in making effective management decisions is information. Companies that build their work not on intuition, assumptions, or conjectures, but on the basis of accurate market data, are competitive. Such companies are consumer-oriented; they try to hear, understand, and offer exactly the product or service that meets their client’s expectations.

In conclusion, to be successful in today’s marketplace, you need to generate interest and sales where your audience lives and be present where users are looking for information to make purchasing decisions. To know where and how to do this, you need to conduct marketing research as soon as possible!

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