| A marketing research plan needs to include | | | | you operate in; brand awareness and credibility; |
| different types of market research, and include | | | | the impact and effectiveness of your advertising |
| the impact or results of that research in your | | | | 'spend'; what motivates your customers to buy |
| business and/or your business plan. You can build | | | | (from you or your competition); how satisfied |
| a stronger value proposition by using a targeted | | | | your customers are (or aren't) and what it is that |
| marketing research process and approach. | | | | makes them satisfied, or not; what products or |
| What are some different types of market | | | | services you should add to your line; how to |
| research? In terms of the process of analyzing | | | | more narrowly target your market; whether you |
| your market, there is primary research (collected | | | | should grow your geographically reach; and much |
| for the 'first' time, original investigation) and | | | | more. |
| secondary research (use of data and analysis | | | | Conducting marketing analysis includes defining the |
| from other sources - online and offline). Primary is | | | | management issue or question to be answered |
| usually more time consuming and expensive but is | | | | (the why); developing the proposal (how will the |
| more likely to be more clearly targeted on a | | | | issue be studied); identifying what will be studied, |
| specific issue or problem; secondary may be | | | | the time frame (when it will be studied and for |
| more general, less targeted but more economical. | | | | how long), and who will be doing the analysis. |
| Why is having a marketing research plan | | | | Once the problem is clearly defined, the key |
| important to your business? Because without a | | | | issues in researching revolve around accurate and |
| plan you will not understand as much as you | | | | unbiased data collection, analysis and interpretation |
| should about your market. For example, you will | | | | of the data and reporting of results. |
| not know how your market (that is, customers) | | | | Of critical importance, once the marketing |
| feels about your service, your products and your | | | | research plan is completed, and the analysis has |
| brand until they demonstrate it by not buying | | | | been conducted, is to act on the |
| your products. The opposite of that - buying too | | | | recommendations of the study. The investment |
| much of your products - can also have an impact | | | | of your time and resources must benefit the |
| on your business; you may be forced into the | | | | business: if you trust the results of the analysis |
| position of not being able to satisfy a demand | | | | and research, then make decisions and take |
| that you didn't see coming. In either scenario, the | | | | action on the outcomes. If you don't trust or |
| result will be unsatisfied customers. | | | | believe the results of the research, then invest in |
| The marketing research process and approach | | | | re-doing it, or having a third party consultant or |
| can include using methods such as surveys, | | | | researcher take a different approach. But don't go |
| interviews (face-to-face or telephone), and focus | | | | into a research project with a pre-defined idea of |
| groups. It can be used to investigate competitive | | | | what the result should be; you will build bias into |
| activities and impacts; the health of the industry | | | | the study and be disappointed in the outcomes. |