What is Marketing Research?

Knowing your customers is essential to your company’s success. That’s where Marketing Research comes in. By analyzing your competitors and understanding the buying behaviors of your clients, your can insure that you are correctly placed in the market to reach your goals.

There are a number of techniques that can be used to do market research. These include:

• Ad Tracking
• Demand Estimation
• Sales Forecasting
• Test Marketing
• Brand Research
• Competitor Research

Why is Marketing Research Important?

The American Marketing Association recently unveiled a new definition of marketing:

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Whether you are managing customer loyalty or looking to introduce a new product, marketing research is an essential component of your success. Informed business decisions can minimize risk and enhance productivity. Market research can help you communicate better and identify new opportunities.

How should a vendor for Marketing Research be selected?

There are some important things to consider when choosing to work with a marketing research provider:

• Define Your Requirements – What techniques do you need to implement? Are you looking for information on competitors or do you want to run consumer tests on a new product? Find a firm that has experience in the areas you need.
• Cost – Find out exactly what it will cost to achieve your goals. More expensive does not always mean better. Tell potential vendors your budget and have them present a plan that matches your numbers.
• What do others say? A vendor’s reputation is the key to a successful relationship. Ask for references and call all of them. Compose questions that are important for your company, and make notes of any potential problem areas that you find. Go back and discuss these problems with the vendor.

Additional Resources:

• American Marketing Association:

http://www.marketingpower.com/

• Market Research: How to Get Great Results:

http://www.youtube.com/watch?v=QlRgywPFBNM

• Market Research Blog

http://www.epiar.com/market-research-blog/