What Are The Key Stages Of Marketing Research Processes?
Marketing research process term is a huge process that consists of understanding the market, developing strategies that will perform on the market, placement of the products that will perform in the market, and finally ensuring the company’s evolution.
Marketing strategies term is not new it was also used during traditional marketing but was not valued. However, with the advent of digital marketing, where everything can be measured, marketers have seriously started taking the whole marketing research process.
If you are here, that means you are already a marketer. If so, then you must have heard of the 4 Ps. or the marketing Mix.
- Product: Good and services.
- Price: Cost of the products and services.
- Place: Location where the product is marketed.
- Promotion: It includes advertisements for products & services.
These are the forms of the marketing mix or, rather, marketing factors that need to work in harmony to be successful in the market.
What Is Marketing Research?
Marketing research is all about gathering information, sorting it out, and then making decisions on the basis of the data. This process might seem quite simple, but that is not the case. Marketing research processes take on many forms, and one of the common forms are systematic inquiries.
Not all the research processes indeed follow a generalized pattern. However, in the case of marketing research, the sequence follows a generalized pattern.
What Are The Types Of Marketing Research Process?
Marketing Research Processes generally are categorized into primary and secondary.
You usually do the primary research process, or you can hire someone to do that for you. This process involves visiting customers or prospect customers directly to collect information.
The whole process can involve the following procedure.
- Asking Questions.
- Focus Groups.
- Visits your competitors’ locations to have better insight.
Secondary data are the information that you do collect yourself. Instead, they are just the collection of the data that are being collected over time. The following can be the resources for the secondary marketing research process.
- White papers.
- Analyst reports.
- Customers emails.
- Customers surveys and feedback.
- Competitive research work
Key Stages In Your Marketing Research Process
You will be surprised to know that the marketing research process is one of the organization’s first things to be allotted with the budget. Though it might not be the best decision for the companies planning to launch a new product very soon, it is a part of the marketing strategies.
Let’s explore the key stages of the marketing Research Process.
1. Identify the correct sequence in the marketing research process.
Any research starts with identifying the problem. If you have even been a part of a management team, you would have noticed that the discussion highlights the issues that the management team is facing while processing. These problems need to be understood, and a solution is formulated to tackle these problems.
However, most of the problems faced by the management are not directly related to research material. Hence, the first thing is to break the problems down into researchable terms and elements. Once you can break the problem into research table terms, you will be able to find s solutions for it.
2. Developing A Research Process.
The scientific method to go around the marketing research process is standard investigations. This practice helps you to use the existing information and knowledge as a starting point of the research. And from here, you can slowly proceed forward.
The following steps are the best way to approach scientific methods.
- Define a problem.
- Develop a hypothesis to understand the problems.
- Once you know the root cause of the problems, try to find relevant solutions.
- Conduct tests to see the extent of the solution.
- Go through the results.
The terminology, as mentioned above, is the norm in the marketing industry and is used in the marketing research process. However, you might also find some businesses adding their own few stages to match their needs.
3. Selecting A sample.
Yes, it is important to choose the correct inquiry methods to collect the most relevant data, but you mustn’t forget about the research method. There are two methodologies that are used while collecting data.
Experimental research is process orientated, and the researchers can control the variable.
Non-experimental research allows you to observe the whole process and restrict your intervention.
4. Gathering Relevant Information.
Your research data will depend on the techniques you have selected to gather the data. Whether you are collecting data in an operational (O data) way or an experienced (X data) way, the type of data gathered will be different.
O data are the operational data and represent your business’s costs, accounting, and ROI. This data will tell what has happened but will not tell you the reasons.
X Data is just the opposite of the operation data. These data are more emotional and though oriented data.
Both the types of data work separately to give your different kind of information. However, if you can merge the data into one, you will be able to see complete data with pictorial representation.
5. Organizing collected data.
The collected raw data are of no use. You will find no value in unsorted data. They hold no insightful importance. However, once you have sorted them out, the data now uncover some useful information that can help your organization boost its business.
Statistical data can reveal the following.
- Whether the collected data is worth your time or just results collected by chance.
- Does it have any insight to help your business?
- What research you should cover.
- Insight on the meaningful changes that your organization has gone through in the last year.
6. Present findings.
Your marketing research process culminates all the findings in one place. These collected data should be enough for the decision making bodies whose decisions are data influential. The collected data can show the following findings.
- Performance of the organization.
- A field where the organization has improved.
- A field where the organization needs to work on.
- Pictorial representation of the collected data.
Today with the new technologies intervention, representation of the data has become easier.
7. Take Research-based decisions.
Data and research is one thing, but they are worth nothing if they do not have insightful value. The data collected needs to have insightful value and must highlight the next course of action.
Here are some of the actions that the data can ask you to perform.
- Customer Retention
- Employee Safety Concern
- Boost Marketing Efficiency
- Addresses problems.
Frequently Asked Question
We get a lot of emails from our readers on several marketing subjects. Some ask us questions that are really hard for the new guns in the industry. We have curated a few questions covering their queries.
i) Which of the following is considered a step in the marketing research process?
Every industry has its own research work and follows its own marketing research process. However, some key stages remain the same for all industries. In this article, we have covered those key stages. If you have not read the full article, make an effort to read it. You will find the answer you are looking for.
ii) What are the four steps of the marketing research process in their correct sequence?
A marketing research process consists of several steps and layers. To collect more detailed information, you have to cover more steps. We have already covered the necessary steps in this article. If these steps might seem too much for you. Let me jot down four simple steps for you.
- Identifying the problem.
- Developing a research plan.
- Collecting information.
- Final reports.
The marketing research process is the very first step of any project. It consumes lots of time and organizational investment. Here in this article, we have covered every aspect of the marketing research process. Even after this, you find yourself not getting the answer you were looking for. Feel free to contact us. We are always here to help you.