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Volume
6, Issue 1
Putting
the "Aim" into the "Ready, Aim, Fire"
of
Business
The role of Market Research in
your effective marketing program
Most
people know that a good business plan has a solid,
well thought out marketing plan. Moreover, your
organization's growth plans are continually evolving
and the external environment is ever changing.
Market research helps improve your aim when shooting
for success. Read
More >> |
Limits
of In-House Research
Why basing important business
decisions on an in-house written
survey
may be penny-wise and pound-foolish
Many
people open their own retail stores or restaurants,
thinking that since they have shopped or dined
many times, they know what to do. They usually
find, after investing a sizable amount of
time and money, that "it's not as easy
as it looks!"
The same can be said for research.
Many believe that because they have taken
a survey or two, they know how to create their
own. Many
ask themselves, "How hard could it be?"
In truth, just like most other professions,
it is much harder than it looks to do well.
Read
More >> |
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Putting
the "Aim" into the "Ready, Aim,
Fire" of Business
The role of Market Research
in your effective marketing program |
Most
people know that a good business plan has a
solid, well thought out marketing plan. Moreover,
your organization's growth plans are continually
evolving and the external environment is ever
changing. Market research helps improve your
aim when shooting for success.
Planning
and execution is an iterative process. (See
diagram). In this progression, research leads
to strategic planning, tactical decisions, execution
of the action plans, and back to research. It
can also help shape your marketing and promotion
plans as you address the study's findings.
Market research usually stems
from the need to uncover answers. Poor market
research will tell you the "what" (e.g.
"How many people in this segment use our
product?"). Good market research goes beyond
the "what" and helps you discover the
"why" (e.g. "Why do they feel that
way?"). This often gets into attitudes, opinions,
and perceptions - an area where we have had over
18 years of experience. Research
will help your organization further define your
target market(s) and identify your strengths
and weaknesses as well as those of your competition
or peers. It can also tell you where your organization
and its products or services are positioned
in the minds of your customers, what your customers
find important, and how you are doing in the
eyes of your customer.
New (or modified) product testing
is also fertile ground for research work. Before
investing significant time and financial resources
into a new offering, many companies invest in
research to make sure the company is heading
down the right path. In addition, for some companies,
gauging employee's feelings on a variety of
issues is important.
In short, before pulling the
trigger on that new product or marketing plan,
consider investing in the research to help ensure
a greater chance of success!
|
|
|
Limits
of In-house Research
Why basing
important business decisions on an in-house written
survey may be penny-wise and pound-foolish
 |
|
Many people open their own
retail stores or restaurants, thinking that
since they have shopped or dined many times,
they know what to do. They usually find, after
investing a sizable amount of time and money,
that "it's not as easy as it looks!"
The same can be said for research.
Many believe that because they have taken
a survey or two, they know how to create their
own. Many
ask themselves, "How hard could it be?"
In truth, just like most other professions,
it is much harder than it looks to do well.
Getting a sufficient number
of people, not to mention the right people,
to take the survey is critical. The size of
an appropriate sample is dependent on a number
of variables, including how many total respondents
exist (the "universe") and how reliable
you want the results to be (the "sampling
error"). We have both the tools and the
experience to address these issues.
In addition, what questions
are asked and how they are asked are extremely
important. Different question order or phrasing
can yield drastically different, and many
times incorrect, results.
What's more is that there
are a number of methods to use for market
research studies. Sometimes telephone calls
are the best way to reach your intended respondents,
while other times the web or mail is best.
Still other options include panels, focus
groups, and in-depth interviews. Choosing
the wrong method can affect your results.
Lastly, good analysis goes
beyond simple tabulations or averages. At
Vernon Research, we do advanced work such
as factor analysis, regression, and conjoint
analysis to answer research questions.. When
you are going to make important organizational
decisions and take action on the results,
you want information you can "hang your
hat on" and of which you can be confident.
The
end result? Better data, better analysis,
and better decisions.
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