Market, in simple words refers to that place where there is exchange of goods and services between two different parties namely, the buyer and seller. This market is so vast that it becomes a necessity for a buyer to identify its target audience.
The purpose of this market research is:
- To identify the target audience, because if the target audience is not set by the buyer it becomes difficult for the buyers to reach its break even point and its sales.
- To know the current market position, analyse and make necessary preparations for the near future to face any kind of risk.
- To analyse the various kinds of risk which can come in the business because of seasonal, technological, economical, political or legal factors.
- Last but not the least, to interpret if the company is brand loyal to its customers and does it provide service at that point of time or not.
- The purpose of marketing research is to make marketing better. It’s the same as with any other research:
- Health research wants to improve health care
- Chemical research wants to invent better chemicals
- Food research wants to establish better nutrition
- Marketing research wants to improve marketing
There are many things that marketers could improve:
- Reach people more precisely where they are receptive to your advertising
- Communicate facts and arguments that have stronger influence on their opinions
- Convey feelings that resonate better with them
- Spread content that is more relevant to them
Marketing research helps them by finding out what people are interested in, which information they need to make good decisions, which emotions they like to feel, etc.
There are many methods for conducting marketing research. The most common approaches are:
- Online surveys
- Qualitative research
- Collecting and analysing data from digital customer journeys like website visits and webshop purchases.