What is Market Research?
Market Research is the study and collecting of data about the needs, likes and dislikes of your audience. It’s getting to know the consumer.
How Does Market Research Work?
Know Your Audience
Market Research is the foundation of any strategy. Without it, your structure (campaign) is sure to crumble (and miss the mark). Do your homework and learn about the consumer - for example: needs, lifestyles, desires, buying habits - before you think about delivering your message.
They may both be sports fans, but you don't speak to a Golf fan the same way you speak to a Hockey Fan. Again, learn about who you are talking to. There is a wide range of personalities out there but they can be grouped into types. You may be a teacher, but you wouldn't have your First Grade Class study MacBeth!
Trends, industry shifts and needs of the public change all the time. Market Research allows you to pinpoint what your audience is into at the time of your launch.
Market Research Best Practices
Discovering trends in your audience is a great use of Market Research. If you find that your consumer is the type that uses coupons, then you will likely want to incorporate couponing into your campaign.
Primary and Secondary Data
Primary data is what comes from the research that you conduct. Secondary research is pre-existing data that you can use. There is a ton of existing public research that can be used to learn about your consumer. So start with Secondary Data and then hone in on your audience by designing the best primary research your money can buy.
New Media, New Research Data
With the presence of new media, we can learn a great deal about a consumer because behavior is recorded in so many ways. Searches, Clicks, Hits, Durations and Downloads are just some of the behaviors that can be studied with Market Research, helping you get your message out with the best possible strategy.