Using Market Research to Understand Marketing

Whether a business is large or small, young or old, all business owners know the importance of understanding their consumers. The target market, or the group to whom marketing strategies are directed, is quite dynamic. What is the target consumer’s demographic? What thoughts and attitudes do they hold? What ad placement will be most effective? What channel of advertising is best suited to their needs? All of these questions can be answered through market research.

One way that companies conduct market research is through the collection of quantitative and qualitative data. Quantitative market research includes objective methods such as mail, phone and internet surveys which use structured questions with pre-determined answers. These surveys aim to collect objective, statistical data. On the other hand, qualitative data is more subjective, and is collected through methods such as focus groups and in-depth interviews.

Market research can also be a reflective exercise, as some have tried to understand the best direction in a difficult economy. Recently, B2B International conducted a study on marketing strategies in the current economy. Through internet surveys, they found that marketers are cutting back costs, and focusing on expanding their current markets. An overwhelming majority of respondents cited that their goal is to “seek more business from existing products in existing markets.” Though the market may look dismal now, many marketers have an optimistic attitude toward the upcoming year.

Market research has also found that a majority of marketing dollars are moving to the web. Not only is this approach more viable due to increased internet traffic, but it is also more ecological based on the decreased use of paper supplies. With tactics such as search engine optimization and social networking, print advertising and print media may soon be a thing of the past. However, no matter the tactic in use, the bottom line of any marketing campaign is to know your audience. This thorough knowledge of your target market makes it is possible to select the most effective strategy.

The author of this article is employed by Capitol Research Services. Capitol Research is a market research services company based in East Lansing, MI. For more information, visit their web site at http://www.capitolresearchservices.com.

Resources cited:
http://www.allbusiness.com/services/business-services/3974105-1.html
http://www.marketresearchworld.net/index.php?option=com_content&task=view&id=2590&Itemid=67