The Most Important Steps in Marketing Research Process
Research before You Start Marketing
While it may be true that it is quicker just to put your business or its products out there with advertising, you may end up putting it all in the wrong places. Good marketing strategy starts with research. You have to first research to figure out who you’re marketing to, what their age is, what they like, where they are and what they can afford, or are willing to spend for what you’re offering. Sounds a little complicated doesn’t it?
The First Step
Okay so you have a product or service that you want to market to the people that will buy it or use it. The first order of business is to figure out who those people are, and not just who they are, but at what age they are interested in what you have. After all an unmarried fifty year old male with no kids, probably isn’t interested in in kid’s toys. You see what I mean? Always market your product to the market it fits.
Fill-in-the blank Excel KPI templates, dashboards, scorecards:
The Second Step
So the next thing on the list is going to be prices. You obviously want to make a fair amount of money, but if you price something too high then it won’t sell. Why? Well no one wants to spend more than they should on something they can get cheaper elsewhere. That and sometimes we want something, and just can’t afford it. So if something doesn’t need to be a high price, then don’t make it one.
The third step is location, and it’s a big one. You can put advertising anywhere you want but the fact is that your product might not be marketable everywhere. We would all love it if our businesses made money everywhere in the world but to be honest that will probably never happen. For one, I personally only speak English. For me to market in another country it would help if I spoke its language or at least hired someone that did. Then there’s the matter of selling something in an area where it’s just not wanted. I doubt you’re going to sell an American Flag in France.
You get the idea anyways. Also you’re looking at age group location. If you’re selling life insurance then a retirement community might be a worthy place of advertising. It’s all in the research though. A good place to advertise might also already have similar advertising in it at a better price. There are a lot of factors to consider with location, and you need to go over all that apply to you.
So Let’s Recap
Here’s a final list of things to consider before you start your marketing process.
• Who Are You Marketing Too?
• What Is Their Age Group?
• Who Will Buy or Purchase from You.
• What Location Are They In.
• What Other Business Operate In That Location.
Finally you should base a marketing plan on these factors and what you have discovered from your research on them. Then you can market your product or services successfully!
Now Absolutely FREE: