Who uses Marketing Research?:
Marketing research is a crucial aspect of any successful marketing strategy. It involves gathering and analyzing data about target markets, customers, and competitors to gain insights that can be used to make informed decisions about marketing activities.
So, Who uses Marketing Research?
The short answer is that any business or organization that wants to make data-driven decisions about its marketing activities can benefit from marketing research.
This includes large corporations, small businesses, start-ups, non-profit organizations, and even government agencies.
“Across all business functions, the most in-demand skills on LinkedIn are management, communication, customer services, leadership, sales, project management, research, analytical expertise, marketing, and teamwork” – MarketingProfs
For larger corporations, marketing research is often conducted by dedicated research teams or market research firms.
These teams work closely with other departments such as product development, sales, and advertising to ensure that their research findings are used to inform decisions across the entire organization.
“66% of customers expect companies to understand their unique needs and expectations [Salesforce Research]” - Data Axle’s B2B Lead Generation Report [in an Unpredictable Economy]
Small businesses may not have the resources to hire dedicated research teams, but they can still benefit from marketing research.
For example, they may conduct online surveys or focus groups to gain insights into their target market or customer preferences.
They can also use tools such as Google Analytics to analyze website traffic and user behavior.
“42% of small businesses fail because there’s no market need for their services or products” – CB Insights [Poll Analysis of Reasons for Start-ups Failure]
Non-profit organizations can also benefit from marketing research. For example, they may conduct surveys to better understand the needs of their target audience or to gather feedback on their programs or services.
This information can then be used to improve their offerings and increase engagement with their audience.
Even government agencies use marketing research to inform policy decisions and understand public opinion on various issues.
For example, they may conduct surveys or focus groups to gather feedback on proposed legislation or any social welfare programs.
Do you know? - “More than ever before, customers are looking to buy from companies that clearly state their values and prioritize ethical, social, and environmental objectives” – Salesforce Research [State of Marketing, 8th Edition, 2022]
Where to Start Market Research?:
Your market research process starts with the research methods you plan to use based on the context you are researching.
“Some of the biggest changes - and opportunities - today are being driven by artificial intelligence (AI)” – LinkedIn
In summary, anyone who wants to make data-driven decisions about their marketing activities can benefit from marketing research significantly.
Whatever the business you are in, there are many ways to gather and analyze data to gain insights that can help you achieve your marketing goals successfully.
Here's related information that you may also find helpful – Objectives of Marketing Research [You should be serious about].
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