My Five Takeaway’s
- Market Research
- Two Types of data
- 5 basic Marketing Research Methods
- New Marketing Research Methods
Market research is the process of gathering information about consumers needs and preferences.
Marketing research is very important and around the internet age market research lagged behind but is now gaining ground according to this article. When market research first began it was all done by paper and pen surveys. When the internet was first coming out marketing firms kept to the paper and pen surveys and they relied and just their company to gather all the information. Now they care taking full advantage of new technology and are having companies themselves use software to collect information for them. It is now easier than ever to collect customer feedback and many customers are willing to share their feedback which greatly benefits everyone.
Two Types of Data
They are two main types of data which are quantitative and qualitative.
Quantitative data is measurable data often numbers while qualitative data is based upon observation or communication with customers. Qualitative Research is ideal for earlier phases of research projects while for the latter part of the research project, Quantitative Research is highly recommended. Quantitative Research provides the researcher a clearer picture of what to expect in their research compared to Qualitative Research. Both quantitative and qualitative are important to help get a complete understanding.
5 basic Marketing Research Methods
The five basic marketing research methods are surveys, focus groups, personal interviews, observation, and field trails. Each one of these methods can be fairly simple to gather information that can be of great use. Each one has positives and drawback such as focus groups, they can be a great way to tell what people think of a product and how they act but people are easily influenced in groups and can cause inaccurate information.
New Marketing Research Methods
As technology is always advancing and changing so is marketing research along with many other fields. Market Research are shifting from self-reporting such as surveys and focus groups to observational research and experiments as the information gathered is much more reliable. Bio-metric is another new tool which measures a subjects physical response to stimuli which provides valuable data that a subject might not be able to willing to express verbally. As technology continues to evolve and advance the way we gather information does as well.
Positioning is how you decide to be in the market.
When positioning your brand and coming up with a positioning statement you want to keep it to one or two benefits rather than a whole list. When coming up with a positioning statement you need to identify your target audiences most pressing problems, then rank the listed problems and get input from key stakeholders and finally make sure that it’s unique and stand out from your competitors.