What are the 5 Steps in Marketing Research Process?

Posted on Posted in Marketing

Quality and effective marketing are vital for the success of any organization. As a business owner, you need to make a strategic decision and chose a direction for your company about its services and its products. At this point, you need to conduct strong marketing research for successful of marketing.

Conducting a marketing research is essential to create an effective and well-thought business and marketing plan. An effectual marketing process requires the firm support of research and data. Otherwise, you are just faltering around the dark. That is why doing research should be considered as optional.

Fortunately, the marketing research process doesn’t have to be expensive if we follow it properly. You should also know that it can be broken into 5 simple market research steps which are discussed below to offer helpful information.

What is the first step in the marketing research process? Let’s find out!

1. Define the Problem

This is one of the vital and most difficult steps of the marketing research process as the rest of your research is based on it. Determining the problem is the foundation, so it is important to identify the objective of your research clearly and what problem it’ll be addressing.

Ask as many questions as possible and gather all the relevant data you require to embark on the right marketing plan.

2. Develop your Research Plan

Once the problem is determined, the next phase is to develop and design the research plan. In this phase, you have to decide what type of research you will be conducting and from which sources.

Although there are a large number of online tools and data banks freely available you don’t need to limit yourself to only such kind of research. There are a number of research techniques which can be used, but the following are some cost-effective ones.

  • Interview Client: Asking directly from the customer is one of the best techniques to get honest feedback. This gives you the information straight from the source.
  • Conduct Survey: Conduct some brief survey which helps you to get data quicker and easier for the customer to give you more information.
  • Testing: Test your website and review your analytics. By simply testing what you already have or plan to do, you can observe the differences between user behaviors.

3. Gathers Problem-Specific Data

In this step, you have to collect valid and unbiased data. Use the above-mentioned techniques for data collection which you can use efficiently. Scientific or analytic and emotional data, collect as much as possible.

4. Interpret Data and Report Finding

After all the relevant customer and marketing data has been gathered carefully, it has to be analyzed to determine what it all means and what trends you can see through using such information. If any piece of information is not according to the trend you’re analyzing, it may be irrelevant and of no use to your marketing goal.

Sometimes the result is not according to the assumption you made prior to collecting data so don’t try to make your research fit what you want. As an alternative, try to make new decisions for your business while taking the collected data under consideration.

At this step, it is suggested to take the input of other people in your company. Doing so might give your business a fresh perspective and help figure out things you may have ignored.

5. Take action and Solve Problems

This is the last phase where your research is complete and the owner is now to use the results and apply them to a business’ marketing plans. This is the time you need to start your marketing campaign. When done successfully, your research will prove very helpful in developing business strategies as well as for improving your company services by solving problems that customers have.

Some people may break this marketing process into additional steps but these 5 basic steps mentioned above are all you need to make a good start.

Marketing research can be easier for you through these steps. Remember not to rush through the process and conduct as much research as possible for you. Furthermore, evaluate the gathered data in an unbiased manner.

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