Market Research Process

Running a business not only requires planning on how to build a business. However, it also requires a market research process to make the brand bigger and even become the market leader.

Marketing aims to introduce a product to the public through different mediums, both digital and conventional, so market research regarding the interest in the product is highly needed. A further explanation of what marketing research is can be found below.

What Is Market Research?

Market research is the process of collecting data on products and markets to guide all marketing activities. Market research is conducted by analyzing the condition of a product or service that is or is not produced by the target market.

Market research requires various data sources for more accurate results and is processed using multiple methods. This is because a company needs data that truly reveals the market conditions for products to develop new marketing strategies and increase sales. Market research is also used as a measure of the success of products in circulation.

Purposes of Market Research

Marketing research not only aims to help companies determine marketing and sales strategies but there are many important goals related to the development of a company. The purposes of marketing research that you should be aware of include:

  • Evaluate products of goods and services so that the advantages and disadvantages of the product are known.
  • Help exploit market gaps to develop products and meet market demands
  • Help determine the appropriate sales method to achieve the goal
  • Obtain information on product reviews provided directly by consumers
  • Know the extent to which the success of the product launch process goes public

The Importance of Market Research for Online Business

It should be noted that market research has great benefits for running a business, especially an online business. Marketing research can help you determine market segmentation so that product benefits and goals can be communicated. In addition, research provides various data that can help improve business performance and product quality.

A business is created by seeking market opportunities through the provision of goods and services. So a variety of information about market needs can help provide preferences for goods or services that are currently needed and in high demand.

In digital marketing, it is important to follow changing trends. This can be a marketing opportunity as the product has the potential to be seen by more people.

Data gathered through marketing research can also be used to target advertising more effectively through digital marketing.

As a business owner, you can analyze your customers’ shopping habits and determine what types of marketing appeal to your target market. Then, apply the strategy put together based on the data to achieve maximum marketing goals.

The Role of Market Research In Marketing Plans and Strategies

1. Create Ideas

Any market growth can help you build your business concept. Specifically, it informs you about the market that will develop and serves as a foundation for your business once you run the business on your own.

2. Variation of Idea Selection

Don’t limit yourself to just one business concept when you are operating in the market, because there are many possibilities. In the future, you may find several concepts that meet your needs and can be used alternatively.

3. Facilitating Concept Development

The difficulty of developing a concept is one of the frequently felt obstacles in terms of the business development of the company. With the help of market research, you can access a wealth of information and data that can be used as a tool to develop a business plan.

4. Development and Marketing Strategy

Through market research, you can connect to a series of active training. This is important because it shows how quickly market conditions can change from one day to the next. You can get a variety of insights that can be used to guide subsequent marketing plans with the right strategy.

5. Product Development

Have you ever thought about how a company can increase sales by simply changing the packaging that is available to customers? This is due to strategic adjustments made through increased marketing that targets the target market or market segments so they can understand the needs well.

6. Test Market (Goal of Commercialization)

Any market research can be used as a test to determine whether the results of existing research serve our purposes. This has a clear impact on commercialization or creating future sales that align with consumer needs.

6 Steps In The Marketing Research Process

Marketing research has several processes that must be considered. Conduct the market research process sequentially so that the data produced is valid and can be used to plan, evaluate, and develop marketing strategies. The following are the steps in the marketing research process:

1. Problem Formulation

All research requires a problem formulation as the initial research framework. Find problems in marketing that make product sales suboptimal so that later research can proceed by the objectives and provide answers to the problems formulated earlier.

2. Determine The Nature of The Marketing Research Data

After formulating the problem, determine the type of data needed in the market research. There are different types of market research based on the data needed, such as competitive analysis, product sales, marketing strategies, price competition, and more.

Determining the type of data is done to avoid broadening the focus of the research data search and producing a lot of data that has nothing to do with the problem.

3. Define Marketing Research Methods

Marketing research can be conducted using a variety of data collection methods, namely questionnaires, focus group discussions, surveys, interviews, and observations. Match the research method to the target market and the company’s ability to obtain sources.

However, the convenience of today’s technology makes it easier for researchers to find sources and retrieve data without distance and time constraints.

It is recommended to use two types of data, primary data obtained directly from the target market and secondary data obtained by referring to multiple sources, both books, online sites, and expert opinions.

4. Data Collection

After the overall marketing research design has been assembled, you can begin conducting the research using the specified method. Choose sources that know products and marketing processes both digitally and conventionally. Also, make sure that the source is responsive and provides honest answers so that the data collected is accurate.

5. Data Analysis

After all the data has been collected, the next step is analysis. Raw data is usually difficult to provide answers to problems, considering the different answers that come from multiple sources. For this reason, it is necessary to analyze to create data that is easy to read and conclude.

6. Prepare a Report on The Results of The Market Research

The final step in the market research process is the creation of a research report. The market research report includes all research plans, research processes, and results found. Through this report, companies find answers to problems and can design new marketing plans as solutions.

So, this is a market research process that has various benefits for your business. Marketing is the key to the success of a product, because thanks to good advertising, the product becomes known to a wider audience.

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