Can you think of the last time you were engaged in a marketing research project? If you’re like most business people, when you hear that question you’re probably thinking about some long-range, very intensive, data-gathering exercise that involved a lot of time, a lot of money and a lot of data analysis. And, yes, that is research. But we’re guessing that you are engaged in research far more frequently than you realize. Importantly, your research efforts don’t have to be full-blown initiatives that involve extensive quantitative research and analysis. Sometimes, yes–but, often, no. The trick is determining when you need to gather more information. And that comes down to two important steps: (more…)
Archive for the ‘Marketing Research’ Category
I’m a proponent of marketing research and the use of data to drive business decisions at every level and in every aspect of organizational performance. I recognize, though, that sometimes the predictive value of research can be questionable and that it can be most useful to evaluate actual behaviors to support future decisions.
Advertising efforts are a good example of this. (more…)
There are four ways that people learn about our products and services:
1. Through their own experiences with us.
2. From their friends, family and colleagues – word of mouth.
3. Through the media – news reports, articles, etc.
4. Directly from us through our own advertising, web sites, social media, etc.
I always list these four sources of information in this order, because (more…)
Every business has competitors and needs to successfully position itself against those competitors to succeed in the marketplace. Creating a competitive analysis matrix can be a good way to help you identify areas of opportunity for your business and its products and services.
A very basic matrix can be produced simply by identifying your key competitors and the attributes that you feel represent competitive factors. Let’s say you’re thinking of (more…)
Advertising campaigns are often expensive investments, particularly for small businesses with little name recognition and limited financial resources. Therefore, it is no surprise that businesses are very interested in measuring the effectiveness of their advertising efforts. Unfortunately, the task of measuring advertising effectiveness is not an easy one. (more…)