The importance of researching the market to attain success
A key factor for any business big or small, new or old is marketing. This is because marketing helps take a company’s products and services to the consumers and all those who matter. But, like there is a particular way to go about every aspect in business, even marketing has a prescribed way in which it should be carried out.
The first step to begin a marketing campaign is by keeping up with current market information and conducting a market research programme that will help gather relevant data that will solve any marketing problems a business may encounter. This step is especially vital in the start up stage of a company. In fact, marketing strategies like product differentiation and market segmentation rely completely on research.
As the success of a market research depends on the data that is collected, it is important to find a fool-proof method to gather this information. The method by which data related to the research is collected is known as primary research. Most businesses use their own resources to collect information.
There are various methods by which data can be collected, but the most common of all is the Questionnaire method. Many times a marketing research targets a particular audience so care should be taken while coming up with questions to gather information. Here are a few pointers that can increase the response rate of your questionnaire.
- Ask questions of shorter length and which are easy to comprehend.
- Ensure that the questionnaires are addressed to certain people whose opinions would be valid to the research.
- Do not let the questionnaire exceed two pages as it may become disinteresting to the people answering the questions.
- Should you choose to mail the questionnaire, attach a professional cover letter that explains to the recipient your requirements adequately.
- To ensure that you get the information you require, sending a reminder at least a fortnight after the first mail maybe necessary. It would also help to include a self addressed, postage-paid envelope.
These steps can ensure that you have a questionnaire that will bring to you the information you need to get started on your marketing strategy. Once the collected data is studied and analysed, you can proceed to the next step of forming a relevant strategy that will help improve the business.
With a thorough market research programme, any business will be able to develop a strong strategy that will result in the success of the company.