The following shows a typical example of how we’d go about approaching market research. We’ll also use this space to talk about developments at MSI, new approaches we’ve experimented with and our ongoing effort to improve the quality of the insights we derive and the respondent experience. Sit back, relax and enjoy the musings of our senior management.  Hopefully you’ll find some things to make you think, smile or just provide a break over lunch. In today’s competitive, global markets, a marketing strategy is an essential part of business success.
To understand the benefits of market research fully, you must first understand a few market research concepts. By combining reputable secondary sources with your primary sources, you can compare trends and figures across a wide range of markets, demographics and periods to uncover hidden trends or predict the best ways to market your business.
Set Goals and Objectives: The key to keeping market research efficient and affordable is understanding exactly what you hope to gain.
Curate Your Research Sources: From census records to customer questionnaires, there are near-endless sources of information available for market research.
Assign Questions to Sources: By assigning various questions to each information source, you create a map of your market research efforts. Start Researching: All that is left is to start analyzing your data and finding answers to your questions. One of the most important aspects of creating an effective marketing strategy is knowing your target market. There is an intense discussion among marketing researchers about whether DIY research is going to replace external marketing research vendors. After being on both sides of the river, I think external marketing research vendors will still be needed for years to come despite the spread of DIY marketing research. The DIY marketing research team doesn’t have qualified staff to design and execute the type of research needed or the expertise to interpret the results and extract actionable insights. Hi Michaela – there are some really valid points here against DIY research, which is especially relevant to hear from someone who comes from the client side and understands the pressures that are driving client-side research teams to use DIY methods. It is often necessary to commission marketing research to estimate total market size and calculate a company’s market share.
Recently when our research manager left on emergency medical leave, we had the most important piece of annual research produced by the association looming over our heads. When I speak to most entrepreneurs about business plans, many of them believe that the process ends after it’s written. 2) Accuracy of Information - While we use reasonable effort to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this website is accurate, complete, reliable, current or error-free. 3) Disclaimer of Warranties and Limitations of Liability - This website is provided on an “as is” and “as available” basis.
4) Links to Third Party Websites - For your convenience, this website may contain hyperlinks to websites and servers maintained by third parties. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Clipping is a handy way to collect and organize the most important slides from a presentation. Market research provides important information to identify and analyze the market need, market size and competition. Back in the 70’s and 80’s, when I first became a market researcher, much of our information was gathered from yearly conferences that were well attended by the thought leaders of our industry.  Although these still exist, blogging has become a primary method to start a dialogue on key trends in today’s environment. We will be highlighting key trends within the wider marketplace, cutting-edge ideas about marketing and the impact of quickly evolving technologies on our daily lives. From determining your target audience to establishing metrics and milestones for your marketing efforts, market research is an important part of developing your marketing strategy.
Market research is the process of analyzing your brand, products, customers, competition and other aspects to reveal trends about your market. Many trade organizations, government organizations and universities maintain vast databases of secondary research findings. However, there are a few common steps that you can include in your process to optimize your market research efforts.
By setting goals and objectives, you can track your progress to ensure that you are always heading towards your goals.
By organizing your intended sources, you can keep your market research streamlined and efficient. Creating a list before you start will ensure that you have all of the information that you need to proceed with your marketing strategy. This allows you to check progress and reduce the time spent obtaining answers to your questions. As you proceed, compare your answers and sources to help uncover trends and verify accuracy. Market research offers numerous ways to help you find a market for your product or service. Market research allows you to dig deeper than simple demographics and determine not only who to target, but also when to target them and which platforms will allow you to market to your audience with maximum efficiency.
A common mistake made by many market research beginners is limiting their market research to primary sources and customers or clients.


Market research offers a variety of tools to help ensure that your marketing strategy is efficient and maximize the benefits of your marketing efforts. I was the ultimate DIY research department at several of my former employers on the client side. To be totally self-sufficient a DIY marketing research team would need to have a staff of researchers with expertise and hands-on experience in a wide range of research methodologies, which is costly and nearly impossible. Many large research agencies have established processes and standardized methods that have been tested over time, which provides consistency in data collec­tion and reporting (e.g. External market­ing researchers are neutral judges of research results and don’t have a vested interest in its outcome one way or the other.
Public data gathered internally is often received with some skepticism, particularly if it is favorable to the company’s brands and products, so companies are better off by using a neutral third-party vendor that can assure the data is legit. There are more and more companies who are mining their cus­tomer base and using them as the primary source of sampling. If we look only at the cash that could have been paid to an external vendor, DIY research is definitely cheaper.
We were then introduced to Relevant Insights who analyzed the situation and stepped into help. Primary research means you are directly obtaining feedback or data from your target market. Presentation of the information via the Internet is not intended to create, and receipt does not constitute, an accountant-client relationship. We assume no liability or responsibility for any errors or omissions in the content of this website or such other material or communications. This is why many owners will want to take a look at this helpful business marketing research plan. We hope this blog will help you work smarter so you can more easily reach your marketing and sales goals.
While primary research often requires increased time and monetary investment, it has the potential to obtain targeted information for your business. Market research provides a glimpse into the common language and problems of your target audience. These important reasons outline a few of the crucial aspects of developing a marketing strategy. The rapid proliferation of DIY marketing research is making some external marketing researchers anxious about their livelihood, while others are simply angry about the trend towards “good enough” research which can poten­tially produce biased data and misguided conclusions. I was able to provide high quality primary mar­keting research at a very low cost, and a quick turnaround. My team could tackle many research projects that could have otherwise gone to external marketing research vendors. They also need researchers that can interpret results in meaningful ways to offer actionable insights. We don’t feel the pressure to get some hypotheses confirmed and our compensation doesn’t depend on it. This often touches on sensitive topics regarding satisfaction with management, salary, co-workers, etc. This can also be needed when internal teams in an organization ask for resources to launch a product, invest in an idea, etc. Some companies are creating online communities they can re­cruit from for research purposes. With their assistance, we were able to complete the research project on schedule and in a way that met the expectations of our thousands of members.
Some methods of conducting primary research is through surveys, questionnaires, focus groups, or in-person interviews. Deciding between these two types of data will determine the format of the questions you would like to ask.
Great, you’ve determined the correct number of samples to have, now you decide to hand your surveys to any John Doe on the street! Internet users and online readers are advised not to act upon this information without seeking the service of a professional accountant. We do not assume any responsibility or liability for the actions, products, services and content of these sites or the parties that operate them.
This document has been created to provide support for any major marketing initiative undertaken by the company. By including your competition in your market research efforts, you can gain from their experience, find new ways to differentiate your marketing strategy and brand from the competition and avoid costly mistakes that they might have made. Familiarity and emotional connection are two of the most powerful tools in any marketer’s tool kit. There are also boutique research vendors that can provide more custom approaches and innovative solutions (often accompanied with a more personal­ized attention and commitment).
Nowadays, DIY marketing research teams are often small and don’t have time to handle all the internal requests. Using a third-party to gather and analyze data helps to protect employees’ identity and avoid any type of retaliation against them. They need a credible data source to explain the rational of their request, and at times this means data gathered and interpreted by a knowledgeable neutral third-party.


However, often companies must go outside their customer base in order to identify growth opportunities.
I have seen many cases in which the research needs to be done again due to bad research designs at the hands of inexperienced DIY research teams. Regarding cost, there are smaller boutique firms that can be very cost-effective and offer a great service and quality work without costing a fortune.
So many new business owners believe that all they need to do is pick an X number of people (lets say 100) to ask their marketing questions to and that represents a good sample size.
Neither we nor our suppliers shall be liable for any damages of any kind with the use of this website. There are a few different features that will be included in this document, which will help people anticipate the success of a program.Many people will be interested in how they can actually get linked up with all the support that they need for these programs going forward.
DIY research teams can add value to the service they offer internally by selecting external vendors that have spent the time and resources on developing processes, learning new methodologies and gather­ing experiences from different industries that can guarantee data quality and meaningful insights. They may need to outsource parts of some projects or entire projects as other priori­ties take place. DIY research teams can also play a neutral role, but sometimes they can’t help but infuse certain bias without knowing it based on industry knowledge and office politics. In times when many think they can write a survey because of access to cheap survey tools, the need for expertise is often disregarded costing thousands of dollars in wasted resources on decisions made on less than reliable data. This involves collecting information through newspapers, magazines, census data, or trade publications. Most start-ups I talk to typically only rely on secondary research, but in order to obtain the most relevant feedback on whether your target market is interested in the products or services you’re offering, primary research is absolutely necessary. For example, understanding how much income your potential customers earn, how old are they, how big is the typical household, how many years of post-secondary education do they have, or even how many times they go to the movies. This business marketing research plan will make these systems much easier to manage, which will be appealing to many owners out there.Reviewing the Business Marketing Research PlanThere are a few different variables that people can expect to use when they try out the business marketing research plan.
Speaking to your audience in their own words about your product will improve engagement and increase the overall effectiveness of your marketing efforts. Those who say they do “everything” internally are often limited to do certain types of research with moderate to low level of complexity. I have seen many instances in which a DIY research team’s internal clients, hoping to get a particular outcome, explicitly request the use of a particular methodology, (for some reason focus groups are always top of mind), which may not be the right one to tackle the business issue in question.
There are cases in which customers might be unwilling to air certain opinions about a company if they know they are being surveyed by the company’s employees and can be easily identified. In estimating the actual cost of DIY research, companies need to factor in the alternative cost of getting bad data quality, an inadequate research approach and misleading conclusions.
In my experience on the client side, I always got a better value for my money from smaller research firms.
The data you gather from the testing will either validate your assumptions or invalidate them which will cause you to do some major revisions to your initial business plan.
This should have been previously defined in your business plan, but if you haven’t then consider who are your ideal customers, where are they located, and how will you find them.
This program has provided people with the opportunity that they need to rapidly increase the amount of business that they do. You recognize them easily, when the answer is “We have SurveyMonkey.” Sooner or later they go looking for a research vendor that can help them extract deeper insights from collected data or simply provide a different approach that better answers questions related to the business issues at hand. Sometimes the DIY team is able to push back, but at other times they can’t and the internal client wins. Even if customers know the research is being sponsored by a company, knowing that a third party is collecting the data and analyzing it mitigates confidentiality concerns. But owners should familiarize themselves with the document that will help cover the business marketing research plan. When the stakes are high, management is aware that “good enough” research is simply not enough. Others ask us to design and program conjoint studies, while they do the simula­tions themselves. Some examples of qualitative data is the gender of your market, the type of religion they have, their race, their occupation, or even their political association. It involves knowing how big your total population is and what do you want your confidence level to be. This will go a long way towards helping people get the results that they want to see for their business soon.The document itself will be free and easy for anyone to download from the website. Sometimes we come at the end of the process to analyze the data or write the reports, while in many occasions we take on projects from start to finish. Luckily, for those that are mathematically adverse, there are a few resources online that can help calculate the correct size for you. This will be simple to do, since the document can quickly be customized.Guide to Understanding the Business Marketing Research PlanEvery owner will need to decide what kinds of details they might like to incorporate within the business marketing research plan.
This will go a long way towards streamlining this process and organizing the marketing research properly. Every team member should be briefed on how they can put this plan in to effect.Download: Business Marketing Research PlanNot what you were looking for?



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