What is Marketing Research?
Marketing research refers to a study of the market, i.e. consumers but it also analyses other companies selling similar products or service. The goal of marketing research isn’t to learn more about the market itself but to answer questions like why some products sell and others don’t, why some companies are more successful from their competitors, etc. and ultimately, determine what can be done better in presenting a product/service to the target audience and of course, encourage consumers to buy.
Consumer Vs B2B Marketing Research
Many companies that want to increase their sales decide to conduct a consumer research with an aim to determine consumer habits. A number of methods can be used to get the necessary information to evaluate the success of previous marketing campaigns and develop a strategy to bring better results.
In addition to studying consumers to find a way to make products/service more appealing to them and of course, increase the sales, some companies also conduct the so-called B2B (business-to-business) marketing research. The researchers, however, don’t study the competition but rather how businesses are selling products or service to other businesses. The end goal is virtually the same as in consumer research with the difference that the researchers study businesses rather than consumers.
Marketing Vs Market Research
Marketing research shouldn’t be confused with market research. As explained above, marketing research wants to understand why consumers or/and businesses buy products/service they buy, why some products/service sell and other don’t, etc. with an aim to improve the company’s sales. Market research, on the other hand, wants to determine which groups of population in a particular market are most likely to buy a particular product/service with the goal to determine the target audience including the average age, gender, income and other factors relevant for learning more about potential buyers.
Marketing Research Techniques
Marketing research techniques can broadly be divided into:
Qualitative. This research technique obtains information needed for analysis from a small group of respondents. But while its results can’t be applied to the entire population they provide more detailed information than quantitative research.
Quantitative. Its findings are based on a larger number of respondents which makes it statistically more relevant than qualitative research. However, methods such as questionnaires and surveys can miss important details.
In order to overcome the disadvantages of different marketing research techniques, the researchers often use a combination of two or more techniques.