Tips for marketing research
Marketing research is a great way for a company to become more familiar with their customers. This article gives marketing teams seven tips to help them conduct successful marketing research.
Know what you are looking for
When a marketing team is conducting market research, they need to understand what it is that they are looking for during their research. This can help them use their time more wisely and be more productive.
When a marketing team is conducting marketing research they should be looking for information that will help them better understand the behaviors of their customers, their preferences and their whims. Better understanding the customers can help a company better focus their marketing efforts and create a marketing strategy that actually works.
Customers can help
A simple tip to help a company with their marketing research is for them to use their customers to their advantage. A marketing team can ask their customers for suggestions. This can be a great option, going right to the source. There are several ways that this can be done. For example, a company could leave small suggestion cards for their customers to fill out with their name and address. The customers can leave these cards with the company. Or the marketing team could mail out suggestion cards to a target market that they feel will take the time to mail them back in.
Look at what you have
Marketing teams may be surprised by the amount of information they already have that will help them better understand their customers. Most companies keep papers such as their customers' credit card applications, invoices, and other sales reports. These papers can be a great way for a marketing team to learn more about their customers and their buying habits.
There are many government agencies that can also provide some great information to marketing teams for their marketing research. A marketing team can use government agencies such as the U.S. Bureau of the Census and/or any local economic development office to get information about their customers' buying habits to use for their marketing strategies.
Marketing advisory board
Another option to help a company with their marketing research is for them to create a marketing advisory board for the company. Then when the marketing team needs advice they can ask for the opinions and other observations of the marketing advisory board.
How to keep research costs down
While many of the larger businesses have the money for extensive marketing research, many of the smaller businesses do not have a large budget for marketing research expenses. But a great tip to help out with the lack of money problem for market research is for the smaller business to share with other businesses. The smaller businesses can work together and share the expenses as well as the marketing information that they get from the marketing research they conduct together.
Some people may feel that this is not a good idea since it seems like the business would be sharing information with their business competitors and that never seems to be a good idea. But businesses can share the costs with similar smaller businesses that are located in different cities so they are not exactly competitors since they have different customers.
How many people
When a marketing team is conducting marketing research and they are using a people to fill out surveys or they are questioning people they should make sure to have a lot of people from different backgrounds etc. If the marketing team has a small sample size with similar people, the information they get from their survey will not be as correct compared to having more people who are different. It is important for marketing research to provide good information to the company.