Objectives of Marketing Research
Updated: Mar 18
Objectives of Marketing Research:
The primary objective of marketing research is to assist companies in understanding their target market and the demand for their products. This information can be used to decide which products to develop, how to position products in the market, and how to price products for maximum sales.
Market research involves gathering survey data from a target audience in order to gain insight into their needs, preferences, and behavior. This information can be used to improve marketing efforts and achieve better results.
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Objectives of Market Research:
Here are the 4 core objectives of marketing research:
1. Measure awareness of a product or service:
Marketing research can help you understand how well-known your product or service is and how widely it is used. It can also help you understand what messaging is most effective in promoting your product or service.
2. Gauge interest in a product or service:
Marketing research can help you understand how attractive your product or service is to potential customers.
You can measure interest based on factors such as desire, willingness to purchase, and the likelihood of purchase.
3. Test new product concepts:
Marketing research can help you evaluate the viability of new product concepts before you invest in development or marketing efforts.
You can test different names, packaging, or features to determine what is most likely to be successful with your target audience.
“Spend time testing new methods for acquiring clients and new messaging tactics until you feel like you’ve found a highly successful, easily repeatable process” – Cloud Campaign
4. Optimize marketing campaigns:
After new products are launched, marketing research can help you evaluate the effectiveness of your marketing efforts.
You can use the data collected in market surveys to improve the performance of your campaigns by adjusting messaging, campaign timing, or media selection.
Overall, marketing research objective as a strategy helps gain insight into the target market, understand your customer needs, behaviors, and expectations that could assist in improving your business products and services, thereby making more effective marketing campaigns to achieve the desired results.
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