The fundamental importance of market research for marketing decisions.
While it is true that the job of marketing is to tell the story of a product through magic, stories and emotions, the success of a marketing campaign depends not on the creativity of the message but on its ability to reach the right audience in the best way and at the best time.
If you are an entrepreneur or marketing director you know this all too well.
And you also know that a winning campaign does not start from brainstorming among creatives but from objective data. That’s why, if you have to make any crucial marketing decision for your company (or your future company) you should have all the necessary information first.
How to get them? The answer comes from market research and agencies specializing in this area such as CMI.
Effectively, market surveys are essential for marketers to make useful and wise decisions for the company. When to launch a new product, through which channels, etc.
We will tell you a strong sentence, but not exaggerated.
Marketing decisions cannot be made without market research.
And do you know why?
Because taking it simply by analyzing documents in the company, taking a look at what competitors are doing and looking here and there on Google would be like blindly betting and crossing your fingers. And when it comes to business, to the adrenaline rush of risk better to prefer the security of objective data. Don’t you think so?
In this article we will delve into the importance of market research as it relates to business marketing decisions, how counterproductive “do-it-yourself market research” is, and how useful surveys conducted by analyzing Big Data online are.
Of course, we cannot leave without analyzing the definition of market research!
What is market research and what are its objectives?
Market research includes the systematic and objective search, collection, and analysis of information relevant to the identification and solution of any marketing problem.
Already this definition makes you realize that the goal of market research is precisely to recognize and solve business marketing problems.
For this reason, investigations should include extensive-but at the same time meticulous-data collection.
On the one hand, a large amount of useful data has to be collected, and on the other hand, it has to be analyzed and interpreted and then selected to offer companies a clear and actionable prospectus with respect to marketing objectives and actions to achieve them.
This is why we need to be clear that actionable market research is not surveys, focus groups and interviews. These conventional survey methods allow us to poll only small (though potentially representative) samples of people who express their opinions based on what they are asked by the interviewer.
The results that are obtained by using these methodologies can therefore be biased and approximate.
So what is the really useful method for solving companies’ marketing problems?
Come on, I bet you’ve already thought about it.
Let’s talk aboutonline Big Data analysis, the only way to hear the honest opinion of thousands (or millions) of people at once!
Read also: How much does market research cost? Prices and methods of the best market surveys
Market surveys conducted through online Big Data analysis: why are they the only reliable research?
As you well know, the Web is the virtual place where people from all over the world every day inform themselves, communicate, browse, shop, and write opinions. Not many people over 80 will do it, but trust me: their children and grandchildren will.
The Internet is chock-full of useful data for companies like yours, because that’s where your target customers, your competitors… And probably so are you. Totally public data, as useful as it is difficult to unearth…
Our market research based on web listening allows us to collect a large amount of data related to what people think about a particular topic.
Specifically, we can intercept information regarding your target market, your target customers, your competitors, and your brand, solving problems and questions related to these elements.
For example, we can provide you with tools and solutions to solve a reputational crisis, inform you about trends in your industry (current and future), give you useful information on choosing products to launch in the market, and much more.
Are you wondering how we do it? Through the use of complex software that allows us to investigate the web to really help companies, from any industry.
But the use of software is not enough. We need to bring all our skills to bear to implement all stages of market research, namely:
- Definition of the problem and objectives that move the investigation
- Identification of data sources
- Interception of online information
- Market analysis, or the analysis and interpretation of the data collected
- Presentation of results to clients
In short, you only get the right answers if you ask the right questions.
That’s not all: we at CMI add one more step to those listed above. Let’s talk aboutoffering advice regarding possible marketing choices and strategies that can be adopted to solve business dilemmas and problems.
Not opinions, but suggestions based on data. There is a big difference…
Read also: Market research & marketing: 5 (vital) data you could get today
What are the essential reasons why market research is critical to business decisions?
Important yes, but are market surveys even indispensable for all major marketing decisions and strategies?
Yes. You should know that all marketing managers of the largest players have already been using market surveys for years to refine ideas during the decision-making process.
Because digital marketing and innovation if successful produces results, otherwise it is just costs.
And no company today has the luxury of a washout of its marketing campaigns. Neither the SME nor large companies.
In this context, the results of a market survey are really decisive in any field related directly or indirectly to the promotion of goods and/or services.
Wouldn’t you want to know if that campaign you’re working on will really work before you invest your budget in that operation?
Market research alone does not guarantee success, but it is the key to achieving it.
Would you like to know how we can help your company achieve your marketing goals?
Contact us now to schedule a free consultation!
