Marketing measures today must be both effective and efficient because only in this way can companies remain competitive. Customer needs change quickly, new trends constantly emerge, so it is crucial to stay flexible. A comprehensive market research process gains a profound understanding of markets and customers. The tools for market research are equally important to verify the effectiveness of these measures. Below, you will find an overview of five content-related must-haves (1-5) and five formal must-haves (6-10) for market research in the companies. Additionally, you will receive useful tips.
1. Sales and revenue statistics for market research in the companies
Trade and consumer panel data from renowned market research companies are indispensable tools for businesses because they provide valuable insights into market trends, consumer behavior, and product performance. The precise data on sales, revenue, distribution, and much more are crucial for improving sales strategies, as only precise information creates a solid foundation.
Tip: Use regularly updated statistics to adjust your strategy and stay up to date so that you can always respond to current developments.
2. Brand image and brand strength measurement
Understanding brand image and brand strength is crucial for the positioning and long-term success of a company because a strong brand image fosters trust and loyalty. Therefore, measuring the strength and image of brands helps companies optimize their strategy. The study by Plumeyer and colleagues [1] proves exactly this.
Tip: Conduct regular analyses to monitor and specifically improve the perception of your brand so that you strengthen your position in the market.
3. Advertising tracking studies
Advertising tracking studies help companies measure the success of their marketing campaigns because they analyze how well the advertisement resonates with the target audience and what impact it has on purchasing behavior. Based on my experience, such studies are essential for maximizing advertising effectiveness and using the marketing budget efficiently.
Tip: Rely on continuous advertising tracking to increase the effectiveness of your campaigns.
4. Psychologically based studies
Psychologically based studies on category needs and brand perception provide deeper insights into consumer behavior. A study by Taute, Peterson, and Sierra in the Journal of Brand Management describes how these studies can deepen the understanding of customer needs and adjust brand strategy accordingly [2].
Tip: Integrate psychological insights into your market research to develop a deeper understanding of your customers and improve your marketing strategies so that you can act even more precisely.
5. Precise segmentation
The precise segmentation of the target audience allows companies to apply their marketing measures in a targeted and efficient manner because it is based on tailored statistical methods. Therefore, segmentation is key to successful customer acquisition and customer retention.
Tip: Choose the right methods for precise segmentation to personalize your marketing strategies and improve customer communication so that your messages become more relevant and effective.
6. Reliable data sources for market research in the companies
Reliable data sources are the foundation of any market research because, without accurate and trustworthy data, no well-founded decisions can be made. From my own experience, I can say that investing in high-quality data sources is worthwhile because once we worked on a project and used data that was two years old but publicly available. Shortly afterward, when we requested current data, we realized that our previous comparative analysis and our conclusions were distorted. Since then, we ensure that our data sources are regularly updated and verified.
Tip: Regularly update and verify your data sources so that you always rely on valid data.
7. Data analysis competence
The ability to analyze data and derive meaningful insights from it is a must in market research. This requires both technical knowledge in handling analysis tools and analytical skills to recognize patterns and trends in the data. Undoubtedly, solid analytical skills are crucial to gaining useful insights from data. Training and further education play an important role in improving the skills of market researchers.
Tip: Invest in training and further education for your team to strengthen data analysis competence so that your team always stays up to date.
8. Artificial intelligence (AI) for market research in the companies
There is no doubt that artificial intelligence is transforming market research. A study by Verma and colleagues [3] shows to what extent AI analysis tools process data faster and more accurately. These technologies help to recognize hidden patterns and make precise predictions. Text mining and machine learning algorithms can be used in areas such as banking and finance, art marketing, retail, and tourism to identify profitable customer segments. A combination of data optimization techniques and machine learning can also narrow down target customers. The authors write: “Artificial intelligence transforms market research through its ability to analyze large amounts of data precisely.”
Tip: Integrate AI technologies into your market research to gain deeper insights.
9. Action-oriented results
The results of market research must be action-oriented and implementable. It is not enough to present data and analyses; the results should provide concrete recommendations for action that can be easily put into practice. Based on my experience, reports that contain clear and implementable recommendations have a direct impact on business decisions and the strategic orientation of the company.
Tip: Ensure that your reports and presentations contain clear and implementable recommendations based on research results so that you can benefit directly from them.
10. Cost-benefit analysis (CBA) in market research in the companies
A thorough CBA is essential to ensure that the expenses for market research are in proportion to the achieved benefits. According to Harvard Business School Online, this analysis enables companies to use their resources effectively and achieve a clear ROI. Finally, a detailed evaluation of costs and expected benefits from market research provides a well-founded basis for strategic decisions.
Tip: Also consider potential long-term impacts in the CBA to continuously optimize your market research and make long-term successful decisions.
If you apply and integrate these “must-haves” in your company, your company will become more efficient and innovative. This way, your company will remain successful in the long term. Therefore, it is important to regularly review and adjust these points so that the company grows along with the market.
Discover Market research management by BESTVISO and benefit from these 10 must-haves from now on!
Sources:
- Plumeyer, A., Kottemann, P., Böger, D., & Decker, R. (2019). Measuring brand image: a systematic review, practical guidance, and future research directions. Review of Managerial Science, 13, 227-265.
- Taute, H. A., Peterson, J., & Sierra, J. J. (2014). Perceived needs and emotional responses to brands: A dual-process view. Journal of Brand Management, 21, 23-42.
- Verma, S., Sharma, R., Deb, S., & Maitra, D. (2021). Artificial intelligence in marketing: Systematic review and future research direction. International Journal of Information Management Data Insights, 1(1), 100002.