Understanding the needs and expectations of customers is a crucial concept for the success of any company. In this context, marketing research becomes an indispensable tool, allowing businesses to delve into the secrets of consumer preferences. We explain the essence of marketing research, their role in business decision-making, the research process, and the types of marketing research that support companies in effective market analysis.
What is marketing research?
Marketing research is a systematic process of collecting, analyzing, and interpreting information aimed at understanding the market, customers, and competition. It is a comprehensive tool that allows obtaining a complete picture of the business environment surrounding a company. Marketing research relies on various data collection techniques, such as surveys, interviews, observations, or statistical analyses.
The role of marketing research in business decision-making
Business decisions based on intuition or subjective beliefs can lead to risks and financial losses. Here comes the crucial role of marketing research. Through them, companies can precisely identify target groups, understand their needs, and track market trends. This information forms the foundation for making informed decisions, helping to adapt products, services, and marketing strategies to the real expectations of customers.
The marketing research process
The marketing research process includes several key stages. Initially, research questions are posed, goals are defined, and data collection methods are determined. Then, information is gathered, both primary (newly acquired) and secondary (already existing). After collecting data, analysis, interpretation, and presentation of results follow, leading to the formulation of specific recommendations for the company. Finally, in the last stage, the company can adjust its strategies based on the obtained information.
The key element of research - a well-chosen sample, not necessarily larger is better
The most important element of research is a well-chosen research sample. The researcher designing the study must be aware that by asking questions to the target group, they effectively reach those individuals. Also, selecting the appropriate set of questions, whether in surveys or interviews, is crucial. It should be noted that a survey that is too long causes respondent fatigue and reduces their willingness to participate in our study/experiment.
- In summary, a well-chosen sample does not necessarily have to be of the highest numerical value. With an unlimited budget, it would be best to include as many people from the target group as possible in the study. However, in practice, the non-randomness of the sample means that we can generalize the sample results to the population with a predetermined error usually not higher than +/-2% to 4%. - comments Rafał Piszczek, CEO of Biostat.
Types of marketing research
There are several main types of marketing research, each with its specific applications. Quantitative research based on numbers and statistics is excellent for analyzing large population groups. Among this type of research, we can mention quantitative telephone surveys or quantitative online surveys.
On the other hand, qualitative research, based on in-depth interviews or observations, allows understanding more subtle aspects, such as emotions or consumer motivations. Essentially, we distinguish in-depth group interviews (focus interviews) and in-depth individual interviews. Experimental research, in turn, allows controlled testing of new ideas, products, or marketing messages before their introduction to the market.
In summary, understanding marketing research is a key element of effective business management in today's business world. These studies not only provide valuable information but also enable companies to adapt to the dynamically changing market environment, translating into lasting success and competitiveness in the market.
