Don't Skip the Research: How Marketing Research Can Grow Your Business
How Marketing Research Can Grow Your Business
Are you casting a wide net and not yielding any results? If so, it might be time to evaluate your research strategy. Research is often overlooked in an attempt to jump headfirst into a project, but research is the foundation for creating a well-developed, strategic marketing or advertising plan. Research provides insight into audience preferences the development of targeting strategies, products and pricing, market entry and expansion decisions, and more. Because of this, creating research-based strategies help improve the results and outcomes of your marketing plans.
But research is not one-size-fits-all. Every plan requires specialized strategies to address the unique challenges of your business’ specific needs or goals. The list below identifies seven common research methods and in what scenarios they are best suited for application.
1. Surveys
Surveys can be administered online, by phone, or in person, and can be used to gather a wide range of information about customers, market trends, and more. Surveys offer many benefits, including being often conducted anonymously to increase honesty of participants. Data collected from surveys is the simplest to collect.
2. Focus Groups
Focus groups interview a group of six to 10 individuals in one setting. These can be used to provide feedback on many topics, including campaigns, ideas or services. Focus groups offer valuable feedback, and because there are multiple people, it provides opportunities for debates and various opinions.
3. Interviews
Interviews can be conducted one-on-one or in a group setting and can be used to gather in-depth information about a specific topic. This research method yields the opportunity for rich answers through conversation with the participant.
4. Online Analytics
By analyzing data from your website and social media channels, you can gain insights into customer behavior and preferences. You can determine the preferences of your audience, top-performing content and less responsive content. ComGroup offers complimentary social media and website audits.5. Experiments
Experiments can be used to test changes to products, pricing or marketing strategies to see how they impact customer behavior. Conducting experiments give investigators a high level of control. They can alter or remove specific variables or circumstances in a setting. This provides deep insight into the research topic. Experiments can be repeated multiple times to determine the accuracy of the results.
6. Observational Research
Observational research involves observing and documenting behavior in a natural setting without trying to influence it. This research method is the most convenient way to conduct research and is commonly used for understanding processes or learning behaviors of people.
7. Case Studies
Case studies involve in-depth analysis of a specific company or product to identify strengths, weaknesses and opportunities for improvement. Case studies can incorporate multiple other research methods, including surveys, interviews and online analytics, to understand individuals’ perspectives on an organization or product.
You’ve Done the Research. Now What?
Once you have conducted market research, the next step is to analyze the data you have collected. This may involve organizing and reviewing the data, identifying patterns and trends, and creating reports or visualizations to communicate the results. Each research method requires different types of data analysis.
After analyzing the data, it is important to use the insights gained from the research to inform business decisions. This might involve altering your products or services, adjusting your marketing or advertising strategies, or developing new business plans or goals.
It is also important to regularly review and update your research findings, as the market and consumer needs change over time. By continuously gathering and analyzing data, you can stay up-to-date on market trends and ensure that your business is well-positioned to meet the needs of your customers.
Research is paramount at The Communications Group. We build each campaign and strategic communications plan upon well-informed evidence from extensive research. Our process has proven to be beneficial to our clients. You can find some of our success stories related to the benefits of using research to inform the development of marketing plans here.
Learn more about ComGroup’s research services, and contact us to see how we can help you and your organization’s goals.
