Conducting marketing research is a primary step in promoting a product. However, before you launch your product, you need to first identify your target audience to make sure that you are targeting the right customers. This is where your marketing research efforts will come in. Your campaign will attempt to answer the following questions:
“Who are your target customers?” “What are the factors customers consider when buying a new product?,” “How often will customers buy?,”
In general, the goal of doing market research is to arm yourself with the required information to make informed business decisions. Market research centers on what is called as the 4 P’s of marketing namely: product, price, place and promotion. Let us discuss each.
Product. Let us say that you are planning to offer imprinted food candies and what to find out if it will be feasible to do so to a specific type of customer. Your aim is to improve food candies with logo depending on the findings of what your customers really want and need. Your focus will be on features like function, appearance, and customer service.
Price. The price should be based on popular profit margins, competitor price, or the price a customer is willing to pay.
Placement. This refers to the positioning of lollipops with logo you are planning to offer. Decide where to position and the manner of distribution of imprinted lollipops. Compare the characteristics of different locations and the value of point of sales.
Promotion. Determine the best way imprinted popcorns will reach particular market segments. Leverage advertising, publicity, and social media to promote popcorns with logo.
OBJECTIVES OF MARKETING RESEARCH
In market research, intuition and experience can be helpful at times. However, research and facts can give you a more accurate picture of your market. The market can change from time to time so consistent research can help you keep up with the dynamics of economy and demography as well as adjust to new regulations and technological breakthroughs. Marketing research can help you with the following:
Understand Your Customers and Their Preferences
- Create a customer profile (location, age, gender, income level, etc.)
- Create more effective marketing campaigns
- Determine the best business solution
Identify Growth Opportunities and Increase profits
- Identify changes in demand
- Offer new products or services for the new demand
- Find new markets within and outside your location
Recognize and Plan For Industry and Economic Shift
- Shift inventory, price, and staff levels as required
Monitor Market Competition
- Identify your competitors
- Get information on how your competitors do business
- Learn how customers compare you with competitors
Marketing research is the primary step in marketing a product. Upon identification of your target market, you can now set your marketing research project in motion. Here are the steps for doing a market research.
SET GOALS FOR YOUR MARKETING RESEARCH
What is it that you want to achieve after the marketing research? For example, you would want to find out if it is viable to come out with a new line of mints with logo. Develop a timeline for the completion of your project about imprinted mints.
DETERMINE YOUR PRIMARY RESEARCH METHOD
There are different research methods that are available at your disposal. You can conduct phone, online, or face-to-face interviews. You can also conduct mail surveys about imprinted bottled waters, although this will typically generate a low response rate. You can also utilize secret shoppers to pose as real customers and report customer service. Another primary marketing research is to organize a focus group to determine the opinions and beliefs of the participants about bottled waters with logo.
DECIDE ON SECONDARY MARKETING RESEARCH SOURCE
Secondary research for candies with logo can be done quickly and inexpensively because there is existing research already. Possible secondary sources for your project on imprinted candies can come from trade associations, government websites, business libraries, professional organizations, public records, and census data.
ANALYZE COLLECTED DATA
Check the data about imprinted chocolates to make sure that it is reliable, valid, and free from errors. Choose the software that you will use for analyzing the data and determine the level of accuracy needed. Review the data to identify trends about chocolates with logo.
PREPARE YOUR FINDINGS FOR PRESENTATION
Depending on who contracted the marketing research, the presentation of the findings for gums with logo can be done in several ways. It can be done through a meeting with an oral report or formal presentation. A formal written report about gums with logo can also be submitted complete with charts, graphs and text, or through telephone discussion.
TIPS WHEN CONDUCTING MARKETING RESEARCH
- Bear in mind the advantages and disadvantages of the marketing research method. While doing online research about imprinted phone stands can be relatively inexpensive, it will only include current and not potential customers for phone stands with logo. It will also require knowledge of appropriate software.
- Consider hiring a marketing research professional for your marketing research and analysis of the findings about pedometers with logo. Cultural and environmental influences can be crucial in your customer’s buying behavior for imprinted pedometers.