Marketing

8 Modern Marketing Research Methods Every Business Should Know

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Introduction:

Marketing research is not just about asking people questions and taking answers it is about

gathering information about potential customers and the market.

That information is then used to create products and services that meet the needs of their target audience

  • For example, to help you understand: before reading the menu of the restaurant we check rating or reviews online.Like that before doing business,we do research of market,customers and competitors

Why is market research needed ?

  • Is there any need for your product?
  • How many people are interested to buy your product?
    • Where they live?
    • What is their age?
    • What is their income?
  • How saturated is your market?
  • Is there any similar offering available?
  • How much are customers paying for the same offering?
  • Are there any future threats?

1.Behavioral research:

Behavioral research is about that what people do matters more than what they say they will do.

behavioral research looks at real actions such as clicks, scrolling and purchases

examples:

Funnel analysis: A data-driven method used to track the steps users take toward a goal

Website heatmaps:Website heatmap is a data visualization tool that users use. a color-coded overlay (mostly red for high activity and blue for low activity) to represent user behavior and engagement.

Purchase behavior patterns: Consistent habits and preferences that consumers do when buying products.

2.Social listening research:

Social listening research is the process of monitoring, collecting and understanding online conversations to better understand customers.

The following tools are used

  • Hootsuite insights
  • Google Alerts
  • Brandwatch

3.Predictive research:

Predictive research tells you what may happen in the future by using:

  • Historical data
  • Statistical modeling

4.Micro moment research:why customers buy in seconds

Micro moment research studies about the exact moments when someone picks their device usually a smartphone, to learn, go, do or buy something now.

5.Customer journey research:

A process of analyzing every interaction a customer has with a brand

Its purpose is to collect data on how customers purchase the product.

The stages of journey

Awareness: How do they find your brand

social ads or google

Consideration:Now the customer compares your product with your competitors.

Purchase: When the customer decides on a product, they then proceed to purchase it.

Retention: Now here your company can understand why customers are leaving or they coming back again

Advocacy: Here, customers share their feedback with others.

6.Pricing Sensitivity Research:

Pricing sensitivity research measures

how price changes affect consumers purchasing behavior.

Methods

  • Van Westendorp Price Testing
  • A/B Pricing Experiments
  • Competitor Pricing Anchoring Analysis

7.Trends and horizon research:

This method of marketing research studies the future possibilities by analyzing and understanding emerging patterns (trends).used for innovation planning, market entry timing,and long term strategy

sources

  • Industry reports
  • Patent filing
  • Startup ecosystem

8.Experiment-Driven research

Experiment-driven research is a method

in which ideas are tested through controlled experiment to determine what causes specific result.

examples

  • Landing page experiment
  • Ad creative testing

if you want to know marketing plan Vs marketing strategy click on this link

Marketing Strategy Vs Marketing Plan(Difference Every Business Should Know)

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Introduction:

Many people don’t know the main difference between the marketing strategy and marketing Plan so in this blog you will learn the what the differences are as well as when and why Marketing strategy and marketing plan are used.

and this article is for the students, and business owners who want to understand what marketing strategy and marketing plan is.

Marketing strategy

A marketing strategy is a complete plan that has or contains company’s marketing goals and purpose.Marketing strategy is used after doing market research.

Why its important? (marketing strategy)

A marketing strategy guides the company to know their potential customers.

Without marketing strategy you would not know the customer you are targeting are right ones.

Marketing strategy gives clear direction.

Marketing strategy guides you to identify who the customers are.

Marketing strategy helps the company that How the company wants their product to be perceived.

Core elements of a strong marketing strategy

1.Market focus: making sure that focusing on a group of customers whom we are going to target

2.Differentiation: what offer you are giving to your customer which are different from your competitors

3. Customer psychology: a marketing strategy guides you When,how, and why customer make decision to buy a product

4. Brand direction: marketing strategy also helps you how the brand should be perceived in the market

Marketing plan:

A marketing plan is a process made by the companies to achieve its targeted goals or purpose by the marketing plan.

It tells you what marketing actions company will take and when will company take the marketing action and how will the company take the action.

Marketing plan includes

  • target market
  • marketing budget
  • platform (digital or offline)

A marketing plan converts marketing strategy into action.

Why its important? (marketing plan)

A marketing plan guides not only the execution of the strategy but it also

Help to measure the result after execution is started.

It also save the time and money because everyone knows in a company what is the plan.

so it prevents Time wasted on aimless activity which will not produce any useful result to the company.

What goes into the marketing plan?

A clear objective

marketing plan always starts with a clear objective The objectives such as

  • increasing brand awareness
  • increasing sales and others

In clear objective you can use SMART framework which will ensure your goals.

2. Target audience. (who this plan is for )

A marketing plan define

  • who the audience is.
  • where they spend time mostly offline or online.

3. Main message (what company wants them to understand)

Marketing plan describes what is the main message of the company,what is the usp (unique selling proposition) and it can be the value that is highlighted.

4.Marketing channel (where company will reach people)

marketing plan helps where the marketing activities will be done it includes

  • Content marketing: such as blogs or videos
  • Social media: interacting with users on Instagram or Facebook.
  • Email marketing: doing communication with loyal customers.

5. Content and tactics:

The marketing plan guides you understand what actions will be taken such as

  • what type of content to be created
  • What key activity includes in execution

6.Timeline(when things will happen)

a marketing plan also includes which activities will be done or how long it will be taken.

7.Budget overview (if applicable):

if in marketing plan money is involved it includes

  • Total spend: how much money will be spent
  • Distribution: where it will be used or distributed in different marketing activities

8.Measurement and metrics:

A marketing plan must have to define how the success will be measured, such as sales can be an example of it

9.Review and Adjustment process:

a marketing plan can be adjusted and best possible plan can be made after reviewing performance or identifying what is working or not working.

Key Takeaways

Marketing strategy provides direction.

Marketing plan provides execution.

Marketing strategy guides the company that how the company wants their product to be perceived.

Marketing plan guides you what marketing actions are ,when they will be taken,how they will be taken.

without Marketing strategy marketing efforts lack focus .

without Marketing plan strategies only remains as ideas.

Both Marketing strategy and Marketing plan are important to achieve marketing goals.