Market Research Aids Marketing Strategy

Marketing strategy is a method of focusing an organization’s energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm’s marketing goals, and explains how they will be achieved, ideally within a stated timeframe.

Marketing strategy determines the choice of target market segments, positioning, marketing mix and allocation of resources. From the above definition it is very clear, for any marketing strategy to be successful; a lot of information is required. This information can come in the form of secondary or primary data. However, it is important to note the difference between secondary and primary data.

Secondary data is data collected by someone other than the user. Common sources of secondary data for social science include censuses, surveys, organizational records and data collected through qualitative methodologies or qualitative research. Whereas, Primary data, by contrast, are collected by the researcher conducting the research.

Both primary and secondary data are useful in aiding the formulation of an effective marketing strategy. It is important to note that market research in this case plays an integral part by providing the much needed market insights to aid formulation of an effective marketing strategy which is customer/client oriented.

To your success

Market research an integral part of business strategy

Market research is an integral part of any business process. It is critical to comprehend one’s business thoroughly and this can be done by collecting and analyzing information that contributes to a more holistic understanding of consumers, market niches, and marketing programs. Market research aids in providing important information and in guiding business strategy.

The essence of a good business strategy cannot be over emphasized. All firms, from one-person start-ups to global conglomerates, should have a strategy.

Following a good, distinctive strategy will ensure that a business builds, maintains, and continually strengthens a specific identity in the marketplace.

Market research information (market insights) will aid in coming up with a market oriented business strategy. In order to succeed in your business, it is prudent to ensure every decision you make in growing your business is supported by market insights (market research). In order to stay ahead of your competition this year, you may need to consider commissioning the following surveys:

Perception Survey

The purpose of conducting a Perception survey is to understand how your brand is viewed in the market, what brand attributes are preferred by customers, and to identify how your customers competitively position your products/services.

Customer Satisfaction Survey

Customer satisfaction is essential to the survival of every business. The question is how do we find out whether our customers are satisfied? The best way to find out whether your customers are satisfied is to speak to them. When you conduct a customer satisfaction survey, it is important to address all key service and product areas. This way you will get important feedback regarding on how you are faring in terms of meeting your customers’ needs.

Employee Perception Survey

An Employee Perception Survey (EPS) is an employee attitude survey that provides an important view of your company through the eyes of your employees. This survey allows employees to give honest, confidential input about their job and your company. This discreet feedback provides a powerful tool for understanding and meeting employee needs. Employees that are satisfied and motivated perform better, leading to improved customer loyalty.

For more information  feel free to contact me here