Reasons Why You Should Apply Marketing Research to Your Business

By Sakshi Sakhlecha,Chief Design Officer, at Hyper DesTech

Marketing is vital for any kind of business to be successful. It is also important to promote the business, brand or other offerings to the target audience. To ensure this, it is very important to adopt the best marketing strategies and use the best marketing tools available at hand.

To choose an efficient and effective marketing strategy, it is of utmost importance to conduct some sort of marketing research.

What is Marketing Research?

Marketing research is a process or an array of processes that associate the producer or a customer to the marketer. The information collected is then used to define marketing opportunities, identify problems, appraise marketing conditions and also keep an eye on the marketing functions.

Marketing research is used in a broad spectrum of areas in business. Some of the ways it can be used are discussed below.

• Research about Products
  Product planning and development could benefit a lot from marketing research. It assists in developing and testing new product, making modifications according to the changes in the market, examining the acceptance of new products in the market and also determining new uses of the existing products.


• Research on Advertising
  Market research can be used to evaluate what appeals the most to the consumers and what do they find relatable. It can be used to identify the vital parts of an advertisement like its theme, appeals, ideas, estimation of the value of attention, its conviction value, etc. It is also useful to understand the effectiveness of the advertisements and also conducting research about motivation and media.


• Research about Pricing
  Pricing is a vital component of the marketing mix. Marketing research can be applied here to develop pricing policies and strategies and also to study their effectiveness. It can also be used to decide the pricing of the product. Marketing research helps to study the impact of discounts and other seasonal variables. It also assists to analyse the changes in prices across the lifecycle of the product.


• Research on Sales Analysis
  Sales trends are studied and monitored using marketing research and adopt suitable strategies in accordance with the trends. It is useful in the assessment of the market position, estimating the demand for the product, studying the seasonal variation of the product. It also estimates the size of the market and is useful in conduct needs analysis and find out where the product fits.

Using marketing research to decide the best marketing strategy for any business will assist its growth, help it be more on-trend and connected to the end customer.

Marketing research is the way to go to ensure marketing success!