How To Carry Out Marketing Research And Develop Right Marketing Strategy

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  1. s9un

    s9un New Member

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    Why do you think a lot of startup businesses fail? Well there is lot of reason why this happens and some of the reasons include the absence of marketing research and marketing strategy before making major decision in the business. So we’ll be looking at how to carry out marketing research and develop right marketing strategy to back it up.

    When you are carrying out market research it simply means you are trying to get information about your business which includes your customers and your market competitors while marketing strategy will help strategize how you will penetrate the market and get to the top.

    But still the main aim for carrying out market research is to know the needs of your customers, if the market has been capable to meet with their needs and how you can meet those needs.

    How to Carry Out Marketing Research
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    I will be discussing the steps you need to follow if you want to carry out marketing research.


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    Defining the problem
    The first step you should take is to define the problem you want to solve. For instance you might be going into new business in a particular niche and you notice there is a problem that has not been solved already; your duty is to find out that problem is and how you intend to solve it.

    Have a clear goal
    The next step is to define the goal of the project like knowing what you really want to achieve, when there is no definite goal the effectiveness of the project reduces. You should have at the back of your mind what you really want to understand and the important things to focus. A lot of time when people carry out marketing research, they focus on a lot of things that are not important and this takes their time and also leaves them with plenty of unnecessary data to sort out. So just keep it simple and focus on what’s important only.

    When starting your marketing research, you should know what you want to achieve at the end of it all. It is not just enough to have an idea of what you want to achieve, you need to have a clear picture of exactly what you want. To get the clear picture of the project and stick to it, you might need to write out goals, listing them out, once you’ve done this then you need to stick to it till the project is completed.

    Use primary research method
    Once you know the goal of your research, you should carry out primary research method to get the data you need. This method involves you interacting with potential customers or your current customers. There are several ways this can be done, this includes taking surveys, using product sampling to determine behavior of consumers and giving out questionnaires.

    Surveys can be done both online and offline, it is just similar to the surveys we usually see online where it is targeted to a particular group of people. Questionnaires are also similar to survey as they consists series of questions for the purpose of getting data from people.



    Use secondary research method
    Secondary research method should also be used as it gives you knowledge about the market and the competitors. It shows you the strength and weakness of your competitors, you find out how they are ranked and how they can improve their business.

    Secondary research method involves getting data from the originator of a primary research; it is usually a third party process. It is just like accessing information that is already gathered, it quite easy to access which makes this method fast and easy. Most of this information could be gotten online by research done by others or reviews on your competitors by their customers.

    Choose the most effective method
    My advice is you should use the two research method if you have the time and resources to use but you know most times these projects are time bound, then in situation like this I would advise you choose the most effective method.

    For instance if your marketing research is for a product then a primary research like product sampling will be more effective because you will be you’ll be giving out your sample product to potential customers who will give you the necessary feedback you need.

    If you are doing your marketing research for a service, secondary research method might be more effective in the sense that it gives you an idea of what the market looks like, you get data about the market, your competitors, how your competitors are performing and this gives you the knowledge how to make your service competitive with the rest in the market.



    Collate data
    When you are through with primary and secondary research, you should collate all the data gotten and arrange it in a way that it will be easy for you to access. For instance you can arrange the data monthly if it’s a research that took several months to do or you can arrange it alphabetically depending on how the research was carried out but this is done to create easy access to the data.

    You also need to store the data in a safe place so as to have access to it in future; you know you might need to make reference to this data in future. To me it doesn’t make sense to carry out same research twice, let’s say you need the data later and it’s not stored that means you will need to carry out another research, to me that’s waste of time.



    Analyze your data
    This means turning all the data collected into meaningful information which can be used for making decisions. These data are always analyzed in a statistical manner whereby feedbacks are placed in the right group based on the most common response or response of a particular group.

    Take for instance when you did your product sampling, you presented a product and you noticed your prospective customers ordered the product twice on the average, what this implies is some might order once while some might order thrice but most of them ordered twice. That shows you the average volume you should expect, which helps you make decision in terms of volume of production.

    You can also look at it this way, let’s say your marketing research is for a service you want to start offering, you can ask your prospective customers what service do they value most and from the response you can determine what they want the most.



    Be ready to do further research
    You should also be ready to do update on your research as time goes on because consumer habits change with trends. If you want to stay on top of your market you will need flow with trends, you make more research and make changes based on your research. If you don’t update your research, there is high chance you might be stagnant. So you need to constantly update your research from time to time in order to stay on top.



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    How to Develop the Right Marketing Strategy
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    Now that you’re done doing your marketing research, you now have the necessary data you need to help you make decision but that’s not all, the job is not over yet, you need to move to another phase which is developing a marketing strategy. Can you see how it all works, now that you have a clear picture of what the market looks like, you need to develop a marketing strategy that will help you penetrate and get to the top. Let’s discuss how to develop the right marketing strategy.



    Have marketing goals
    Once you are clear about the market and how your business fits in, the next step to take is to state your marketing goals. You should start thinking about what you want to achieve, there are several things you might want to achieve with your business and this could be to increase sales, to increase profit, to get more customers, to satisfy your customers, to expand your business or to create a strong social media presence online.

    When you set goals it keeps you focused on what you intend to achieve, setting goals is what motivates you to keep going even when you don’t feel like.

    Another thing you should know is that you need to set short term and long term goals. You should not just set goals you want to achieve immediately, you should think of your long term goals first, then you can start setting short term goals.



    Profile your potential customers
    Based on the marketing research you have done, you should identify the needs of your potential customers.

    You should also know the prospects that will fit into your top twenty customers as most sales will come from them, this will allow you to put more focus on them. So you need to profile those you want as top twenty customers so that you can develop strategies to get them and also manage them.



    Develop strategies to meet your marketing goals
    When developing strategies to meet your marketing goals, you should use the combination of marketing mix as it will help you develop the right strategies you need, I will not be discussing about marketing mix now as I have done that already but it’s about getting the right combination for place, people, product and price.

    When developing strategies to use, you should put your potential customers into consideration; you should know which medium will be effective in reaching them. For example if potential customers are young people, reaching them via social media will be very effective but if your potential customers are old people the reaching them through social media might not be the best option.

    The most effective way is to develop different strategies you can use to achieve your marketing goals. There are several marketing activities you can consider when developing strategies to use, you can use word of mouth, direct marketing, you can do advertisement through radio, television or newspapers, and you can also reach them through social media.

    Each of this medium works but some of them work better for your potential customer than others, which is why you need to choose the ones that helps you reach out to your potential customers easily.

    Another thing you should look at is to ensure your strategies are not focused on getting new customers only but also on how to retain your customers.



    Test your strategies
    At this point you point, you need to test the strategies you have developed and you can use it for a small group of customers to see how it works. This will help you make a decision as to which strategies will be more effective for your cause.

    Sometimes you need you need to use trial and error method to figure out the strategies that will work because you don’t know which strategy will work well. You just try different strategies, record the results and based on that you can make your decision.



    Conclusion
    The reason why you need to how to carry out marketing research and develop right marketing strategy for your business is basically to ensure success in business.

    Starting a business without putting these factors into consideration is like going on journey and you don’t know where you are going, you don’t know how you will get and you don’t even know what means of transportation you intend to use.

    If you embark on a journey like this, there are chances that you might get lost on the road, you get confused, you waste time and resourses, that’s what it looks like for someone starting a business without considering these factors, there is high probability that the business might fail and the business owner will loss time and resources.

    So, you should ensure you carry out marketing research and develop a marketing strategy when starting a business and even if you’ve started already it is a practice you should continuously carry out so as to follow trends and stay on top of the market.

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