The Importance of Marketing Research and Focus Groups and Depth Interviews The importance of marketing research cannot be understated, if you run a business. Marketing research has a simple purpose. You use marketing research to make informed business decisions. In business, marketing research gives you information and knowledge to decide about products, advertising, and marketing.
Pexels If you are a business owner looking to enter a new market place or increase your share in a current market, understanding the scale of the opportunity is crucial.
Having the right market intelligence will allow you to allocate your resources appropriately. This then translates into realistic targets for your sales staff selling a product or service at an appropriate competitive price.
However these actions and decisions must be understood in context of the size and nature of the opportunity. This, in itself, is a challenging task.
However this is exactly where VSL can help you identify and exploit your chosen marketplace. We analyse the fundamental but critical business questions, such as; What is the size of the market and is it big enough to interest my business?
What proportion of the market is ever likely to be interested in our offering? What are the precise requirements in terms of the whole customer value proposition — core product, service offering and intangibles?
What are the promotional messages and channels we should adopt? How can I price my products and services in the new target market? What is the optimum channel strategy and which specific intermediaries should we do business with? To provide the market intelligence to answer the above questions, we tailor our B2B market research activities for your business focusing on the key components, such as: Market size research — We will provide you with the data to understand the overall market size and, above all, the addressable market size, i.
We will also look at aspects such as: Once we have mapped out the market on your behalf, we then go on to recommend the path of least resistance for you to enter the the supply-chain. Needs assessment research — For example, market requirements can vary significantly between countries and regions.
Understanding how your product or service may need to be tailored to any particular market location is crucial to ensure a comprehensive and effective market entry.
B2B pricing strategy — We will also conduct competitive pricing studies, as well as statistical price optimisation studies, which will form the foundation of your offering for a business serious about succeeding in a new market place. The results which we are able to attain through our market research is a comprehensive market entry strategy, and a tactical action plan.
This service can cover the entire marketing mix of product, price, place and promotion and forms the basis of an implementation blueprint, which will provide you the client with a clear and decisive way forward in attaining your desired goals.
To find out how we can help you succeed with our intelligent B2B Marketing, please contact the experts at VSL and see how we can help your company skyrocket into a new market.The importance of marketing research cannot be understated, if you run a business. Marketing research has a simple purpose. You use marketing research to make informed business decisions.
The importance of market research can be best perceived by understanding the various factors that impact your business. Market Information This includes factors such as market size (in terms of number of customers), sales revenues (for existing products), market segmentation (geographic, gender, personality, etc.), the demand and supply scenario, and other factors.
Understanding the Importance of Marketing Data Articles | Master's in Business Administration The competitive nature between businesses in the existing digital era demands the utilization of data to accurately pinpoint audiences with the right messages.
The Importance of Market Research. Tweet To provide the market intelligence to answer the above questions, we tailor our B2B market research activities for your business focusing on the key components, This service can cover the entire marketing mix of product, price, place and promotion and forms the basis of an implementation.
This research has important implications for brand and global marketing efforts by consumer-oriented companies. After all, notions about cultural differences are often the basis for international marketing communications as well as global brand management strategies.
When it comes to the success of your business, internet marketing plays a key role. To market yourself and to promote your products and services, you need the support of internet marketing.