Marketing Research, Strategies And Tactics
Marketing Research, Strategies And Tactics
The business world is very aware that marketing is one of the most important fundamentals of any company. A company’s employees must believe that the product or service they are offering their customers is the best available on the market. Today’s business environment offers many new research strategies and tactics to keep customers informed, as well as keep tabs on customer expectations and market behavior.
Consumers react differently to promotions, communications and advertising, which is the reason different market segments are targeted by different marketing strategies. The question is how to offer the right product, at the right price, with the optimal placement, with the best possible promotion for the market. In order to properly answer that question today’s companies must invest wisely in market research. Marketing savvy companies save money, time and are more likely to be a success in their market.
There are scores of companies, such as DSS, that are dedicated to carrying out in-depth market research. DSS is a full service market research and information provider which defines market research as “the collection and analysis of data for the purpose of decision making” (DSS Research).
When the data is fully analyzed researchers are able to convey to companies market conditions and market behaviors. This knowledge enables companies to anticipate consumer response to new products and market changes. This article offers several very important reasons to believe in and properly utilized market research. As an example, when the price of making a poor marketing decision more than out-weighs an investment in market research, which plays a large part in companies losing precious market share. Good informed marketing strategies avoid these situations in todays highly competitive, often cut-throat, markets. If a company’s last marketing campaign failed, for whatever reason, market research is paramount in minimizing any possible customer loss and dissatisfaction. Companies must be customer oriented and always know what consumers in their particular market want.
Companies use many tools and devices to conduct market research. In the past, questionnaires, mail surveys or phone calls where used to research the market. These tactics were very good because they queried the consumer in real-time with only proper and pertinent questions.
Today, technology enable companies to more easily research the market online. A lot of useful information is now, literally, at a company’s fingertips. For instance, online surveys offer many advantages over the time-honored paper questionnaires. They cost less, are able to target the consumer or market niche and answers are provided instantly via the internet. Response-based, interactive surveys allow more detailed, pertinent and therefore valuable information to be gathered based on a customer’s or potential customer’s responses.
With this technology come a few downsides. Companies cannot always be sure who is actually responding to the survey. Another drawback is that the survey group is not representative because the population of the Internet, due to its very nature, knows no race, creed, age or any other demographic information. Another important aspect is that often companies must offer some incentive to insure participation, which makes it easier for consumers to reject participation. It has been noted that the worst surveys are ones that are conducted via direct e-mail, which do not offer a link to a more secure website. It is very difficult to get good valid responses because the survey’s questions or content can be can be altered.
These drawbacks make some companies question whether technology is a help or a hindrance. A company can succeed or fail depending on how these resources are utilized and incorporated in the overall marketing strategy. In the technology age of today, companies must recognize that even with the problems with on-line research the positive aspects more than make up for the negatives.
It is this essay writer’s belief that with the proper use of valuable technology companies can gain a competitive edge, increase revenues and effectively address the demands of the consumer by offering quality goods and services on a global scale. SBC, this writer’s employer, knows that effective interaction with the consumer is essential to gain market share. The importance of employee/customer interaction is paramount for real measurable success. Technology today has allowed companies to globally, in real-time conduct market research, on-line surveys and interactive chats via product forums. This sharing of information allows the consumer to get the product or information they need with less time and cost. Simultaneously, companies are able to save time, money and resources, all the while gaining valuable customer feedback that can be used to develop more reliable products and services faster.
DSS Research, Online Research-The Good, The Bad, The Ugly, Ft. Worth TX. Retrieved August 03, 2005 from http://www.dssresearch.com/toolkit/resource/papers/DC05.asp