Marketing research provides companies with a way of gaining an insight on the effectiveness of their products and customer service. It is usually the first step in the marketing process after ideas for the products have been conceived. Small companies use marketing research to obtain information on competitors and determine the needs and wants of non-paying consumers and customers. Marketers then analyze the data in order to develop effective marketing strategies.
The aim of marketing research is to help businesses understand the preferences, attitudes, and behavior of consumers in a market-based economy. It also helps them understand the effects and success of their marketing campaigns. Marketing research as a statistical science was pioneered by Arthur Nielsen with the founding of AC Nielsen Company in 1923.
CHARACTERISTICS OF MARKETING RESEARCH
Marketing research is systematic. All the stages of the process are systematically planned. The procedures of each stage are methodically sound, well-documented, and should be planned in advance. Market researchers use the scientific method in collecting and analyzing data to test prior notions or hypothesis.
Marketing research is objective. The aim of marketing research is to gather accurate information that reflects a true state of affairs. While research is always influenced by the researcher’s research philosophy, it should be free from personal or political biases of the researcher or management. When it is motivated by bias or political gains, it violates professional standards. Chances are, the findings of the research are already predetermined.
One of the best tools used for conducting a marketing research is the promotional product like computer accessories with logo. There are several reasons businesses will undertake market research.
- Identify potential new customers
- Learn more about existing customers
- Inform their decisions regarding existing and new products or services
- Better understand their competitors
- Test new markets
- Identify performance, pricing or promotion opportunities
Here are some ways imprinted computer accessories can help businesses undertake marketing research.
Let us say that a manager of a technology firm wants to conduct a market research on an imprinted flashdrive they will be launching. One platform they can us is a focus group. This is usually done in a focus group facility. It is usually handled by a moderator or special interviewer. He or she will develop a discussion guide composed of 5 to 10 questions about flashdrives with logo. Common questions usually revolve around pricing and whether or not they would buy it. Businesses usually use focus groups to trim down several versions of a product down to the best offering.
One-on-one interviews are conducted in a similar manner to focus groups but involve only one person. The questions are asked while someone is using a product. In the above example, the person being interviewed will be asked questions related to the product say a mousepad with logo. The interviewer will ask them how they like the imprinted mousepad or how easy it is to use. From there, the company will determine whether they need to make changes to the product, based on actual usage.
Phone surveys are designed to further validate information obtained from focus groups and one-on-one interviews. The phone survey is conducted among higher number of consumers and customers. The data obtained from the survey is indicative of what the average consumer would think about a product or service.
For instance, the technology firm above may conduct 300 phone surveys to measure satisfaction about the imprinted mouse they just launched. Using a questionnaire, the marketer would ask key measurable elements such as convenience and ask customers to rate those elements on a scale of 1 to 10. The interviewer will then ask the customer to elaborate on their response. From there, the company will use the information to make improvements on the mouse with logo.
Some companies take their marketing research to the next level by doing an actual test. A technology firm may decide to roll out USB hubs with logo to selected market, advertise it on local television and radio and magazine advertisements. The company will then track sales and profit to validate the success of imprinted USB hubs. The firm would then determine whether the marketing research was an accurate indicator of success.
A pricing research is a type of survey that asks customers to choose between different microfiber cloths with logo with unique features and price levels. Done through conjoint analysis, a pricing research can help you identify which features are most valuable to your consumers and how much they are willing to pay for. This involves some basic research on competitors’ pricing. With these insights, you can have a distinct advantage in pricing imprinted microfiber cloths.
Market segmentation is a survey designed for capturing needs, values, attitudes, and demographics. It is also designed for investigating firmographic such as company size, revenues, and product category relevant to the industry. The main goal of market segmentation is to allow for more efficient and effective strategies for marketing imprinted headphones. Without market segmentation, you may hit a customer accidentally but miss a lot of potential customers for your headphones with logo.So what type of marketing research method will you use for targeting customers for speakers with logo? It will depend on the business issue you are dealing with which could be in one of four key areas namely awareness, targeting, acquisition, and retention. The research firm may recommend the method you can use for targeting customers for imprinted speakers.