Last Updated on April 5, 2022 by Ronen Ben-Dror
The ingredients which make for successful businesses in todays world are, in many ways, what theyve always been. Hard work, expertise, quality and commitment are still the foundation of a strong business model. What has changed is the rapid flow of information. Ready access to up-to-the-moment data has become an integral part of doing business well. If you arent applying the latest marketing research for your industry as you make key decisions, then your company is missing a pivotal component.
Accessing Market Data
There are several avenues for accessing marketing information. It can be helpful, for instance, to know about customized marketing research done for another company (e.g. what Coca-Cola learns about Coke drinkers) if there is any linkage to your product or service or just to gain insight into American consumers. However, many business owners rely on secondary marketing research, or data compiled for industry-wide consumption.
This kind of marketing information is usually available through trade journals or publications. Secondary marketing research will let you know things like your customers general profile, how large your market actually is and what or whom poses your greatest competition. Generally speaking, however, the more local and customized the research, the more useful the data will prove.
Targeting Your Business Decisions to Match Your Customers
Even small to mid-size businesses should consider conducting market research specific to them. The business data gleaned from targeted information-gathering can inform a host of business decisions from how to improve your brands image to where your brand logo should be positioned on the product. It can let you know when your customers are most likely to buy and where and why.
Evidence shows that the most effective marketing research is done by phone. In order to get the most reliable data through your market research, qualitative and quantitative questions are both important.
Qualitative and Quantitative
Qualitative questions find out how often people buy your product, why they buy your product and provide an opportunity for them to assess your products specific attributes. Quantitative questions cover the basics of age, gender, address, income and occupation. Youll also want to know what people like or dislike about your brand including how they feel about the price.
Few small business owners can devote a full-time staff to marketing research. However, once you make it a priority to get to know your target customers, you can decide to partner with a telemarketing firm. Blue Valley Telemarketing can provide the staff and expertise you need to conduct valuable marketing research. Dont compete in todays market without todays crucial information. Contact Blue Valley and harness the data that is key to success for your company.