Service goals of marketing research
You have definitely heard what marketing research is. Maybe you even did it by yourself or were involved. For the next 5 minutes, we will try to increase your marketing research knowledge and perhaps make you think about the needs for changes.
What was interesting to your clients yesterday is no longer relevant for them. The market is changing and new trends are emerging. In order to remain successful and take leading positions in the market, you have to keep pace with the times.
According to the European Society of Marketing Research Professionals (ESOMAR), over the last 20 years, the global marketing research market has grown by almost 150 times and is constantly continuing to grow. According to the latest Market Research report, it has reached more than $48 billion this year. This means that marketing research is one of the key elements of strategy formation for absolutely any brand, regardless of scale.
At the same time, the accuracy of research results depends not only on the sample but also on the selected tools, methodologies and metrics used by companies conducting market research.
Today different types of marketing research exist. Experts have dozens of different metrics that are used to determine:
– brand awareness;
– its position in the market;
– the target audience;
– strengths and weaknesses of the company;
– loyalty and stability of the client base;
– consumer attitude towards the brand;
– satisfaction of the audience;
– customer insights.
The main two types of market research are qualitative and quantitative research methods.
The first one includes in-depth interviews with consumers, expert opinions and focus groups. Such a method does not require significant financial investments and it reveals the main motives of the consumer, his pain points and insights on the products and services using.
The next one is quantitative research methods.
As a result of quantitative marketing research, you get figures and prove hypotheses formed on the basis of qualitative research, which can help to form the right brand strategy. They are also used when you need accurate statistics.
For effective business organization and functioning, we recommend to use them comprehensively. The key to the success of such research is an adequate analysis of the situation with the provision of possible solutions to problems.
Global marketing research companies help:
- to study the own potential (analysis of sales market, identification of consumer motives);
- to find out how competitors work;
- to provide possible ways of solving existing problems and preventing the possible ones.
When you become familiar with the main objectives of the marketing research, you may wonder whether your company should conduct it. In such a case we offer you a test developed by specialists to find out whether you need marketing research.
- The sales have fallen.
- The competitors have taken your position in the markets.
- There is a growth in the employee turnover rate.
- You don’t know who your target audience is.
- You want to change the marketing strategy of the company.
- You are not sure about the level of service quality provided by your employees.
- You need information about market recognition, insider information about competitors.
If you answered “yes” to three questions, you should definitely do the marketing research.
Scheduling Worldwide by 4Service offers you step-by-step instructions to solve the problems.
- Identify the problem and set goals. It should be clearly defined: what we are investigating and why we are doing this.
- Develop a research plan taking into account our best practices, market trends, and expert opinions.
- Collect information from a variety of sources, taking into account information about competitors.
- Analyze the data obtained.
- Present the results in the form of clear and simple conclusions for implementation in your business.
Our method offers a mystery shopping service for solving this and other problems. It helps to:
1) increase sales
2) increase customer loyalty
3) reduce customer churn
4) explore the insights
5) identify pain points on the client’s path
6) increase the average bill and high margin products sales
Contact us for detail information. Scheduling Worldwide by 4Service will be glad to make your service better!