why research is important in marketing?
Conducting market research is always crucial for your business to help them understand their markets. Marketers spend hours on research to meet the consumer expectations and desires. So Business decisions are purely based on data-driven research and analysis and not just by opinions.
Online market research is an essential asset for any company wanting to launch a new product or service. An important business metric, it can tell you if your company's potential new offering, stands a chance in the dynamic market place. However, it’s important for businesses to understand that no amount of research can guarantee substantial success. But research can help businesses better analyze and learn the marketing order to work effectively and achieve optimal results.
With the advent of the Internet and online market research, traditional research limitations such as high costs, heavy workloads, and protracted timelines no longer exist. In addition, the possibilities for better quality research continue to grow by the day. This has presented small and medium businesses with a wealth of additional resources to conduct low-cost market research.
Online market research in business
Businesses have a wide choice on to how to organize and conduct effective research – both primary and secondary. Primary research involves the collection of original data including instant communities, online polls and surveys, online focus groups and social media. Secondary research involves collecting and analyzing existing data such as public records, keyword research, and researching material published by authoritative sources.
Effective tips to boost business based on marketing research strategy:
Here are four simple yet effective tips to help gather relevant market information to boost business performance.
- Conduct Market Surveys
Market surveys or online polls are great ways to get feedback, generate new ideas and gather customer insights to help you serve customers better. Whether you're interested in getting customer opinion about new product ideas, customer service, or even website design, using an online survey platform definitely makes it easier to ask questions, and quickly get the answers you need to help improve your business strategy and performance.
- Carry Out Keyword Research
Keyword research allows you to tap into information about how people look for your products or services on the internet. This research method can help you determine product and service niches that you might want to venture into in the future. Keyword research is a good way to evaluate the nature of competition that you are likely to face in a certain area.
- Tap into Social Media
People are everywhere on the internet and social media is their new home. Social media sites such as Twitter and Facebook have proven to be useful and powerful channels or tools for online market research. Even better, create a defined social group. Now, with easy and quick access to useful information about your products you can achieve better quality research results.
- Create a Sense of Urgency
The Internet provides information instantaneously and it has instilled a sense of urgency in the way it serves our needs. Online market research is no exception. It effectively reduces the time needed for research from weeks or months to just a few days. In addition, you can use existing forums related to your product, customize product presentations or create a forum for a particular market research project.