Business market research enables companies to make critical business decisions about how to best meet customer needs and grow profits. Through the use of quantitative and qualitative research companies can use business market research to establish the four P’s of marketing: product, price, place and promotion.
Market research helps companies to understand the consumer’s expectations and monitor their experience so that they can stay at the top of trends while converting more buyers.
Here are 5 ways to use market research to increase the success of your marketing endeavors.
Stand out: The ultimate goal with any research project is to figure out a way to build an amazing brand and customer experience that differentiates you positively from the competition. Find out what your target audience wants and then give it to them. Then ask them if they are still satisfied and continue to improve based on their feedback.
Enhance your marketing: Monitor and measure your marketing efforts with regular testing. If your website is your primary advertising portal, then use A/B testing to refine your marketing message and increase conversion. There are a lot of parameters you can change to increase conversion rates, such as headlines, layouts, color schemes, prices and content.
Simplify your purchase process: Many sales are lost online or in the store when a buyer gets confused, loses trust or just gets plain irritated with the cumbersome process. Via live or online “real-time” research you can see how customers experience the check-out process and hear their feedback. Make regular improvements and continually ask for feedback. Marketing should not be ignored during the check-out period. This is where you can also offer upgrades or additional products that increase sales and make customers happy.
Review your product for improvement: Just because your customers loved your product last week doesn’t mean that future customers will love it next week. Find out what product enhancements would be attractive to your market. Do they truly like your current color choices, the size of the product, or its packaging? Use market research to get more insight into your customer’s opinions. Sentiment changes with the times, so it is important to stay ahead of the competition by asking your customers regularly what they want and then give it to them.
Know your customer: Through the use of market research you can truly market to the specific needs and desires of your target market. For example, single moms are busy and under pressure to stay on budget. Knowing your target market’s concerns enables you to direct your marketing messages directly to them to strike an emotional chord and give them exactly what they think they need.
Research Optimus can help you to increase your marketing effectiveness. We offer comprehensive business research services that can help you to create a marketing strategy that strengthens your brand. Talk to our “analyst on hire” today to learn more about how we can help you use online research for your next marketing campaign.
– Research Optimus