Before content marketing emerged as the powerful marketing tool it is today, traditional marketing outreach focused on promotions, product features and self-serving messaging. With the growth of the internet, a global marketplace, digital marketing and social media, companies have transformed the way they communicate with prospects and customers. Today 90% of marketers put customers’ informational needs first. They recognize delivering informative, engaging and even entertaining messages to customers and prospects through a variety of communication channels is essential to capturing their hearts, minds and pocketbook. That’s where market research comes into play.
Options in Market Research
When conducting market research, it is important to determine what kind of results you are seeking: quantitative or qualitative. Quantitative market research provides numerical data including statistics, demographics, rankings and percentages. On the other hand, qualitative research gathers information about views and attitudes. It is equally important to decide whether to invest in formal research, considered primary research, or informal (secondary) research. Choosing the right approach depends on the industry you’re in, personnel resources, budget and goals.
Primary or formal market research. This is a method used by companies that want to acquire new and original information to better position themselves for growth, deepen their understanding of their target market, develop a competitive edge and create thought leadership status. Examples of primary research include surveys, interviews, focus groups and direct observations. This approach takes more time to complete than other methods. In addition, it requires analytical skills to interpret the findings. Bringing in external experts to assist can be more expensive than other forms of market research.
Secondary or informal market research. In contrast, this approach gathers data and information from external sources. This includes internet research, existing market data and existing company data based on lists and databases. Secondary research may also involve information gathered from third parties such as industry bodies, government agencies or other published materials. Consider secondary information with the credibility of the source in mind.
The Audience’s Perspective
Accurate and specific information about customers, prospects, competitors and the industry is a crucial foundation to any marketing plan. The purpose of market research is not only to get the most out of your marketing efforts, but also to give a voice to your audience. By staying in communication with the people who benefit from your products or services, you’ll be able to produce messaging that pertains to their needs. Furthermore, you’ll know how to best address their challenges and create a business relationship that stands the test of time.
