We all know what market research is, and how it is imperative before launching a new product in the market. But how many of us know what role it plays in product marketing? Is it essential? Can market research services actually help boost product or brand promotion in any way? Read on to find out!
How market research aids in target marketing efforts
Marketing efforts can be more fruitful when you specifically target a particular segment of people. For example, consider a brand that sells plus sized apparel. Rather than marketing to the entire population where its store is located, if the brand promotes specifically to plus-sized people, chances of conversion are higher.
Market research comes into the picture in such a scenario. Out of the entire population in the target city, what is the demand for plus-sized men and women’s clothing? How does the brand target them correctly to build brand awareness and recall? All these queries can be resolved through a proper market research exercise.
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Market research plays a vital role in any marketing strategy that’s centred on goal-oriented results. Right from whom to target, where to advertise, what to include in your brand message, and every other aspect of your promotional campaign can benefit from exhaustive market research.
Know the right research method that will work for your product
Broadly speaking, there are two types of market research: qualitative and quantitative. Knowing which one is best suited to your needs is crucial.
Quantitative research involves numbers and trends. Here you will be using a lot of surveys, polls, social media analysis, etc. to gain insights. This type of research gives you numerical data to answer important questions regarding your target audience.
Qualitative research comes into the picture when you need more in-depth answers to your problem statements. Here you deploy tools like interviews, observational study and focus groups to understand consumer behaviour and needs.
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Both of these methods will help you understand your target customer better, and thereby prioritize those marketing tactics that promise the highest revenue potential. So, go ahead and leverage the potential of market research to market your new or existing products and services better. Rest assured that your efforts will lead to better product awareness and eventual conversions.
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