Research (noun): the systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions.
In the business world the most important type of research is market research. It’s just one of the marketing services you receive in your partnership with Duffy Marketing. The goal of market research is to provide your company with a competitive advantage. Let’s start by making sure we’re all on the same page of what market research is.
Market research is the only way to determine the market (demand) for a particular product or service and how the audience will receive it. This information allows your company to set priorities when it comes to customizing advertising and promotional campaigns.
How Market Research Works
There are two basic components to market research consisting of a combination of primary information and secondary information. Let’s take a closer look at what those terms mean, the differences and the similarities.
- Primary information is data your company collects directly or is collected by a person or business, like Duffy Marketing, hired to conduct the research. The information can generally be divided into two categories:
- Exploratory research has less structure and usually consists of more open-ended questions. The results are presented to your company as areas you may need to address.
- Specific research is the process of finding answers to problems that are often identified during exploratory research.
- Secondary Information is data an outside entity has already gathered. Here are some common examples:
- Government census data
- Local properly records
- Research reports from professional or trade organizations
The critical part of using secondary information is the marketing expertise to interpret the data to build the marketing plan for your company. This is what Duffy Marketing provides to you as part of our marketing services.
Here the key things Duffy Marketing wants you to remember about market research and where you can go from here:
- Companies use the research to find out if new products (or markets) are viable.
- By doing market research, companies can determine their target market.
- The research includes surveys, product testing, and focus groups.
- Duffy Marketing specializes in a competitive analysis to show how your company compares to your direct, top competitors.
Can We Talk?
Your business is likely doing a great job of providing a product or service, but without professional marketing servicesyou are not growing demand. Let Duffy Marketing show you how market research is key to developing an effective marketing plan. Call us today to begin your competitive analysis, and be sure to like and follow us on Facebook and Twitter to learn more.