“Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals.” – said David Ogilvy, “Father of Advertisement”. There is no doubt that market research plays an important role in a successful business.
Before launching a marketing campaign, conducting MARKET RESEARCH is very essential to identify competitors, customer persona, customer insight and effectiveness measuring.
Market research is a procedure of gathering, analyzing and interpreting data and information about the marketplace, the industry and services, giving us a better understanding about the past, the present and the future, reducing the utmost operational risk and measure the effectiveness.
market and customer research
This is the primary research that helps you answer a number of inquiries about the products and services such as:
- Which customer segment that your products/services should focus on?
- Who are your customers?
- How to “talk” to your customers?
This research will help you find the answers to these questions:
- Did customers find your product “good”?
- Did customers find your price “reasonable”?
- What are your products/services differentiates from the others?
This research will help you how to win the customers’ mind by answering the following questions:
- How to “sell” your products/services efficiency?
- Which promotion campaign is suitable for your products/services?
- How to implement marketing activities for your business?
This research will let you know where your target customer usually buys products similar to your own, therefore, you can easily determine the most effective intermediaries for your business.
This research will help you find out the answer on how to measure a marketing campaign’s effectiveness:
- What is your brand position compared with the other brands?
- Are your sales channels working effectively?
- What strategies would help you empower sales performance?
market environment Research
This type of research helps you forecast an overview about market opportunities, challenges through the study of economics, politics, culture, society… on the sideline.
From general perspectives, despite the fact that market research is a link which is a stepping stone to success, it plays an extremely important role in business that helps you bring your compelling data in the case of conflicts between Sales and Marketing procedures.