Marketing Research Effectiveness

Marketing research effectiveness has traditionally been defined as a short-term gain for the business. Marketers are getting better with research and many of them find that the information gathered is used to help all aspects of the company. Everyone is able to boost sales together by finding a good advertising program to use, developing a quality product, and building a sound reputation. There are 5 things that define market research effectiveness:
1. Marketing Strategy
2. Marketing Creative
3. Marketing Execution
4. Marketing Infrastructure
5. Exogenous Factors

Your marketing strategy is the most important part of marketing research effectiveness. If you don't spend the time getting to know your competition and your customers, how can you deliver a quality product to them? The marketing strategy must clearly define your target audience and then find a way to reach them. Use some different marketing strategies to get the attention of your customers. If you haven't used the internet to market, try using it for a change. You can get a lot done with search engine optimization and reach a whole new audience.

Marketing creatively refers to finding a new marketing strategy. Every business is trying to come up with a new and original idea to gain new customers. Take a look at all the different marketing concepts Coca-Cola has tried over the years. Come up with an original idea and run with it. Even changing your logo can give your company a new look and inspire customers to start buying from you again.

Another important part of marketing research effectiveness is marketing execution. This refers to making changes in the way you market to increase revenue. Most marketers will re-do their products or pricing structure to get a good idea as to what they need to change in order to find their target audience. Others will look at new promotional ideas or placement of their products. The execution can include all types of marketing like radio, television, online, and print. Marketing execution is used when you see your entire marketing campaign come together and finally reach your audience.

You must take a look at your marketing infrastructure. The marketing infrastructure refers to the management of your budgets, activities, and agencies that help to get your marketing campaign off the floor. The marketing infrastructure is used to help assign specific tasks to your marketing team and other departments within the organization.

Lastly there are exogenous factors that determine your marketing research effectiveness. You must spend time getting to know how your customers spend money, how they react to change, and economic conditions that may influence their spending. Customers are often influenced by pricing and advertising. Pricing plays a huge role in any business size because it can persuade a customer to purchase a product or it can convince them not to. Your company image will also command a certain price. For example, when you pick up two products that are essentially the same but one is $1.00 cheaper, which one will you buy? Are you motivated by the price or are you motivated by the name? Johnson and Johnson commands a higher price than Kroger or other store-brand items. Once you have your reputation established, you can start to command more money for your products.

Don't forget about checking multiple advertising avenues. Consider partnering with other companies to advertise your company and to find new customers. Advertising is effective if you do it properly and if you can focus on your target audience. Learn how to draw customers to you and persuade them to continue buying from your company for many years to come.