The Importance of Marketing Research Tools in Developing a Marketing Strategy

Businesses today are very different from those of the past. Business today is far more aggressive in their pursuit of success. With the growth of the Internet, competitiveness has gone global. Millions of businesses compete everyday, and it is necessary to arm your self with the right tools to close the sale.

A business that wants to remain competitive and be profitable will need to understand the products that their target market is looking for. This kind of information only comes from marketing research. Not only will they need to understand what products should be brought into the market, but also the success of their current products. Information on what they are doing right and what could use some improvement is vital to a businesses success. It is only with the correct data that a business can create a marketing plan or adjust the one they already have.

For market research to be useful it must contain a detailed plan on the method that will be used to collect the information and how that information will be analyzed. This will ensure that there is applicable information that allows management to make the correct decisions. When the research is completed the resulting information is given to the marketing group or managers of the business. All of this information will aid the marketing team in creating the correct promotions and marketing strategies to gain the market share they are after.

There are two different types of research that is conducted when marketing research is being gathered. The first type is secondary research. This refers to information that is already available. A database is typically created to contain information related to the competitors, the market demographics, rate of use, population, lifestyle patterns and behaviors of the market audience. With this information the database can be used to create situational scenarios that will help the business determine their overall strategy.

The second type of research is called primary research. This is information that is generated through current sales and how the current marketing plan is working. The plans that the company is already working will be measured against the sales to determine if changes must be made. The effectiveness of competitors in the market is also analyzed and communicated with primary research.

The methods used to collect the data can fall into two categories. The first method is quantitative and uses an analysis that is mathematical in nature. This method uses a very large sampling of the population.

The second method of data collection is qualitative. This method uses one on one interviews to gather information about the personal beliefs and values that the user of the products has. This information is the basis of quantitative research.

In today's competitive business world it is important to have the right data to properly develop a marketing plan. Without a plan to market products a business is set up to fail. Marketing methods and tools are the basis of the marketing strategy that a company will use to rise to the top of their market.

Peter Geisheker, CEO
The Geisheker Group marketing companies
"We don't help you compete, we help you dominate"
(920) 471-1638
Fax: (920) 491-9090

Why Competitive Research is the Backbone of Any Successful Marketing Campaign

Businesses, particularly small ones, tend to get caught up in all of their own day-to-day affairs and operations. In the case of marketing, a business owner may be struggling to put together that winning campaign – trying to focus on being clever and memorable. But only looking at your own business is half the marketing battle. You need to be taking clear notes on your competition. That doesn't mean plagiarizing their campaigns, of course. It means taking the time to do some competitive research. Why? Because competitive research shows you how to position your company in the minds of your market.

Research shows you what your competition is doing. That sounds like an obvious statement, but it's an important one. If you look closely at what your competitors are doing, you can see what is working for them. Every business should have a unique approach to their market – something that they can offer that their competitors cannot. By researching what they are doing, you can see how they are positioning themselves in the marketplace. And by evaluating their success, you see what angles are going to bring in business and what angles are not.

As a simple example, let's say you run a struggling office supply company. You have better prices than your competitors, but you are still getting beat. You are positioning yourself as the best-priced office supply company in town in all of your marketing materials. By looking at your competition, you see they have a website where customers can fill up an order cart and have supplies sent right to their office. That tells you that the market wants convenience more than anything else. Now you set up a website and advertise that you are easy-to-use and have the best prices in town. Sales go up.

You also can take a look at what your competition is not doing. This can be valuable if there is a need in your market that hasn't been fulfilled. Back to your office supply company: you are starting to catch up with your competitors, but you haven't gotten there yet. You need to take an angle that will really bring customers in. After looking closely at your competition, you see that their customers log in every week to place orders. You know that it would be much easier on the customer if they could automate those orders. So, you implement a new system that allows automatic reordering of supplies that customers use up regularly. Now, not only are you saving them more money than your competitor, you are also saving them more time. Sales skyrocket.

The goal in studying competition is not just to see what they are doing. Your goal is to see if what they're doing is working. Through competitive research, you gain valuable insight on your market: you see what they want and what they don't want. Using this information can help you take a strong position in the marketplace, filling a need that your prospective customer hasn't had filled before.

How you position yourself in the market is the most important decision you can make in your marketing. Competitive research will help you make the right decision.

To your business success!

Peter Geisheker, CEO
The Geisheker Group marketing agency
"We don't help you compete, we help you dominate"
http://www.geisheker.com
(920) 471-1638