Marketing Research is a quantitative and qualitative way of researching the marketing mix to create a path for marketing producting or service. It will allow you to determine whether the product or service shall fulfill the requirements of a client or customer. Marketing research includes collection and analysis of data to draw inferences and take marketing decisions. Marketing Research helps you to develop a fail proof markting strategy
Marketing Research includes
- Customer Research
- Product or service Research
- Advertisement Research
- Sales Research
- Staff Skills Research
- Product Market Fit Research
- Channel Research
In short you have to research on each element of your Marketing Mix
Some of the key elements that you should Understand are
- Business Model
- Business Goal / Objective
- Product / Service attributes
- Customers
- Customer journey
- Customer Behaviour
- Customer Requirements - Does my product or service solve his / her requirements?
- Customer Scenario
- Marketing Ecosystem
- Content Inventory
- Budgeting
Every organization has its own style of operating and catering to customer need / requirements. Marketing Research depends on what you are objective is (in simple terms what is it that your are trying to find - whether it is the channel that you have to market or the product USP that you should promote or who should this product be marketed to, etc..) Marketing Research helps you - When you are trying to market a product or service and you are unable to plan your marketing mix.
You can analyse
- Already existing data with your organization / colleagues / peers
- Collect new data through interviews / survey
- Experiment various techniques to identify which works best
Based on your analysis you will have various parameter to understand the complete marketing mix.
We at Ephrath Digital Marketing and Technologies adopt a scientific approach in developing the Marketing Strategy for our clients. The first and foremost step when creating a strategy is to carryout marketing research which includes Competitive Research as well. Our Core strength is providing solutions to very complex marketing problems.
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