What is Marketing Research?
Marketing research is one of the primary ways to gather insights to help you better understand your marketing efforts and stay in tune with your customers. Through marketing research, you can also discover new marketing opportunities and identify problems. You can use this research to prioritize your resources and make informed decisions.
Marketing research helps you gain the following insights:
- Customers: Who purchases the product or service? Who are the primary influencers? Is the purchaser different than the consumer or user of the product or service?
- Company: Is your product design effective? What promotions would help push the product? Is the pricing in line with customers’ willingness to pay? What is the best product placement option? What services or sales support should you offer?
- Competitors: What are your competitors doing in the market with pricing, product development, promotions, etc.? What does this mean for your organization?
Why is Marketing Research Important?
Organizations compete for customers – whether a university for students, telecom for subscribers, or retail for shoppers. All organizations work to convince buyers to purchase their products and services over competing choices. To stay competitive, successful businesses need to extract customer insights as they work to improve their offerings. There are different ways to measure customer sentiment, but in today’s digital world, online surveys are one of the most effective ways to reach customers and engage with them in a scalable way.
Best Practices for Conducting Marketing Research
As technology advances, researchers are continually looking for ways to take advantage of technological improvements to become more effective. Software has become an increasingly important part of conducting effective research. There are also some fundamental best practices that remain relevant, regardless of technological advancement.
Some important best practices to follow include:
- Ask the right survey questions: This is the essence of project design, and at the heart of proper planning. Remember that every project is unique and needs to be tailored to the user’s needs.
- Ask questions the right way: It’s not enough to simply ask the right survey questions; you need to ask them in the right way. One often overlooked element is pre-testing the marketing survey questionnaire. Pre-testing is an effective way to make sure you’re getting the insights that address the questions you’re trying to answer.
- Ask the right people: Your survey might be rock solid, but it’s useless without the right respondents. Make sure you are asking questions only of the people who fit your particular project.
- Get answers to questions: The data collection process is core to gathering useful insights. You can use a variety of techniques to collect data, including email invitations for online surveys, website intercept surveys and face-to-face focus groups. Choose the technique that corresponds to your desired goal.
- Provide insightful analysis: Raw data seldom gives you the full picture. Properly analyzing the information is essential for turning data into insights, which is what will move your business forward.
- Communicate effectively: This seems obvious, but many good projects struggle at this stage. It’s essential to distill a story from the data. Present the data – and its consequences – in a format that is easy to understand.
How Qualtrics Solutions Makes Marketing Research Easy
Marketing research is an effective way to conduct customer satisfaction studies, product development testing and resource optimization analysis. It all starts with a commitment to listen and effectively engage with your customers. Qualtrics survey platform gives you the power to easily build a survey and engage the right people so you can collect, analyze and act on the results.
Qualtrics is the world’s leading enterprise survey technology provider. With Qualtrics marketing research solutions, you can conduct all of your marketing research efforts with one easy-to-use survey platform. Start with a free account now or request a demo today to see how Qualtrics can help with your marketing research.