Have you ever done any market research? If not, you may be
missing some valuable marketing ideas and information that
you could capture by doing some research. Market research
is a vital part of the process that most small businesses
or start-ups neglect to do. However, it could be the
single most important thing a new business does prior to
formulating their business plan, location or marketing
strategy.
Marketing research is the process of gathering data and
opinions from consumers, employees, or a specific subgroup
within the public, to improve decision making and reducing
the risk associated with those decisions.
Individuals/businesses can use information gained from
marketing research to assess awareness, attitudes,
perceptions, or opinions on products, services,
advertising, brands, and/or companies. The two types of
research are qualitative (words) and quantitative (numbers).
Qualitative research is an in-depth analysis of relatively
few respondents, which provides a holistic insight and
understanding of the issue at hand. For example, if a
company is interested in testing company logos, qualitative
methods would provide rich data.
- Focus Groups are an "informal" gathering of 6-10 people
from your "target group" to have an in-depth conversation
of opinions on your product, brand, advertising, and other
areas of your product and/or service.
- Face-to-face interviews typically involve a one-on-one
conversation with your consumers or decision-makers. These
methods can be more expensive than a traditional survey,
but will provide a more comprehensive evaluation.
Quantitative research seeks to summarize data and typically
applies some form of statistical analysis. Using this
method, for example, a company could measure their
customer's level of satisfaction and then, in turn, make
internal changes to increase that satisfaction.
- Researchers should use surveys or questionnaires when
trying to measure an audience's opinions more accurately.
*Telephone surveys are often the most expensive, but are
the most effective at getting respondents to complete the
survey.
*Mail surveys can be relatively inexpensive, but the
response rate on a mail survey is typically 3-10% and takes
more time to conduct. These cannot be used when results
are needed quickly.
*Online surveys are relatively new, but growing fast in
popularity. With online surveys, you can ask survey
questions, but also get feedback on things such as logos
(using picture files) or commercials (using streaming
video).
*Intercept interviews are a tool a company uses when they
do not have a list of their customer base, such as a
restaurant or a sports team, but would still like to
measure their customer's satisfaction.
For the small business owner it might be helpful to hire a
marketing company or market research firm to help with
these types of in-depth research however it's not to say
that you couldn't ask your current clients or contacts as
well on your own. Just remember you do not have to do all
of this yourself, it's always good to consult with experts
in areas that you are not familiar or experienced with so
it's the best use of your time and it gets done right.
Now what do you do with all that great qualitative and
quantitative information when you receive it? It is
imperative that you work it into your marketing materials,
Web site, correspondence, sales presentations, advertising
and many other areas of your marketing plan. When you find
out what your target market wants or likes, it is important
NOT to ignore those results.
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© Copyright 2008 K.Sawa Marketing. Katrina Sawa is an
Award-Winning Relationship Marketing Coach who's helped
hundreds of small business owners take dramatic steps in
their businesses to get them to the next level in business,
revenues and life. She offers one-on-one coaching, group
coaching and do-it-yourself marketing planning products. Go
online now to get started with her Free Report and Free
Audio at http://www.jumpstartyourmarketing.com !
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