Market Research

By Pat Smith

Conducting market research is essential for success. Not only does research reveal how well a product or service will be accepted into the marketplace, it also provides data about competitors, customers, and market trends.

There are many ways to conduct market research. One of the more popular methods is connecting with consumers through social media marketing endeavors. This is a good way to be interactive with consumers, but it is crucial to have adequate staffing to respond to concerns and complaints quickly.

Another is to organize a focus group to discuss the pros and cons of the product or service. Focus groups provide an intimate setting where people are allowed to give their honest opinion.

It can be helpful to work with a marketing agency that specializes in focus groups. The companies prescreen members to ensure quality interviews that provide benefit to everyone involved.

When newly added services and merchandise affect employees it can be beneficial to conduct market research in-house. Presenting the agenda to employees helps companies determine training requirements, personal views, and understand the kinds of marketing materials staff members will need.

Anyone starting a business needs to conduct market research to find out if there is a need for what they offer. It's also a good idea to obtain competitive analysis reports to find out what competitors offer.

Companies that want to fully understand what is happening in their market sector ought to make use of competitive intelligence programs. CIP legally collects and analyzes data provided through various methods such as public databases, competitive benchmarking, surveys and interviews.

Businesses that plan on exporting products need to engage in extensive market research. Global exporting involves many factors that are not necessary when selling domestically. Companies need to obtain trade statistics, distribution channels, market openness, tariffs and taxes, broker commissions, and shipping costs.

Companies that participate in Internet marketing should consider establishing methods to track digital brand advertising measurements. One of the greatest challenges facing online advertisers is the inability to accurately track site impressions and click-through rates.

One way to overcome challenges associated with digital ad tracking is to employ the services of marketing technologists. These specialists are trained in many facets of online marketing and can automate market research programs using a mix of technologies.

For instance, marketing technologists can help companies acquire valuable data or capture leads that are placed into the sales funnel. This can be accomplished by developing landing pages for specific products or services and providing valuable information via webinars or autoresponders.

Last, but not least, companies can hire market research companies to gather required data. It's crucial to determine the objectives so agencies can deliver the correct type of information.

Market research agencies also offer resources for starting a business, creating a business plan, and setting up a strategic marketing management system. Working together with professionals can help business owners avoid costly mistakes and learn the best approaches for reaching their target market.

At Online Marketing DNA we specialize in developing unique marketing packages for each client. We can help companies every step of the way by providing market research reports and industry analysis and establishing the most beneficial online marketing strategies.

We work closely with every client and are limited to the number of people we can accept into our program. If you're ready to start or expand a business, we encourage you to peruse our website to learn more about our company and services. Or, visit our online marketing blog if you want to learn more about market research and Internet marketing strategies.