The marketing research is one of the tools that help the organizations to identify opportunities and make rational decisions using data. It helps to choose the right direction for the product and service. It is the backbone of business decisions. Without marketing research, you are just wondering around the dark. Therefore, it is important to do a strong marketing research before developing a marketing campaign. Let’s review the 5 step marketing research approach.
1. Defining The Problem
Defining the problems is the most important step in the market research because in this step you lay the foundation for the rest of your research. Here defining the problem means asking as many questions as possible and gathering all the relevant data to embark on the right marketing plan. Once the problem has been precisely defined, the research can be conducted properly. It is very important that the researcher must clearly define the objectives of the research, because if the research is done on the wrong problem, it will be the wastage of effort, time and resources for the company. Example of business problem may be ‘Which features should be added in the new version of product?’
2. Develop The Research Plan
Once you know the problem you are going to address, it’s time to develop and design the research plan. The research plan is a blueprint for conducting the marketing research. There are many methods by which you can build your research plan such as taking interview, conducting survey, analysis of secondary data (published data), online research etc.
3. Collect Relevant Data
After analyzing of secondary data, the next step is to collect primary data. The primary data may be quantitative or qualitative. The quantitative data can be measured in numbers like percentages, averages or other statistics while qualitative data cannot be measured, it is just observation. By observation, past behavior of people is analyzed in order to predict future behavior. In this step, all the relevant information is collected to solve the defined problem.
4. Analyzing The Data
Once the data is collected, it’s time to analyze it. When analyzing the data, it’s important to look for trends instead of specific piece of information. You may find the result not according to your assumptions you made before collecting the data. So don’t try to make your research fit your assumptions instead try to make new decisions while considering collected data. It is recommended to get the input of other people in your company at this step. Doing so might give your business a fresh perspective and point out anything you may have overlooked.
5. Take Action
This is the last step where your research is complete. It’s time to present your findings in order to take action by developing marketing campaign. However, this round of research is complete but it’s not over. Because the business environment and trends are changing constantly, which means the research is never over. It is the best practice to analyze your data on a regular basis in order to see where you can improve. Always do your research. The more you know about the industry, the more successful your marketing efforts will be.