Market Research – Benefits, Methods and Analysis

Market Research is an exhaustive organized process where informative and relevant data is collected for a market/ product or a service. This data is used to study and analyse current market scenario and build future projections which can be used for business planning and strategic moves.

Market Research: Benefits

– Assists in future planning of the business. E.g.

  • Should the company expand its product line
  • Will the product be profitable

– Makes Decision Process easier

– Gives factual information (thus breaking business myths/ and individual perceptions)

– Reduces risks

– Assists in identifying competitive edge

Small or big all enterprises can and should take strategic decisions after conducting a market research in the related field.

Market Research: Methods

There are broadly two types of research

1. Quantitative Research

In this process numerical data is generated which measures the market’s phenomena and demands. This is used for statistical analysis using various mathematical and computational techniques. It quantifies attitudes/opinions/behaviour on a sample and is then extrapolated for the full sample. This is usually conducted through surveys and questionnaire.

2. Qualitative Research

In this more insights and understanding is measured for the topic. It explores various options and gathers opinions. This kind of data is collected through interviews, group discussions etc. The insights are then used to explore various business decisions.

Market Research: Analysis

This is the trickiest part as data collected has to be strategically used in gaining intellectual analysis. Business experts and market research analysts are very well acquainted to do this work.

It is very exhaustive work and various techniques & tools are used to get useful conclusions. Interestingly the same data can be used to make different inferences depending on the research needs and goals. Some common data analysis types are briefed –

Data mining – this technique focuses on modeling and discovery of knowledge discovery for predictive purposes. This method is not useful for descriptive purposes.

Business Intelligence – this technique focuses on business related information covering data analysis that relies on data aggregation.

Statistical applications – it can be

  • Descriptive statistics
  • Exploratory data analysis also called EDA (discover new features)
  • Confirmatory data analysis also known as CDA (confirms the existing hypotheses about the data)
  • Predictive analytics focuses on application of statistical models for predictive forecasting or classification e.g. market growth in 2022- with data available for 2015
  • Text analytics uses statistical, linguistic, & other methods to pull out data and classify the information received from text sources.

This analysis is then constructively used in the business planning bringing a profitable inclination towards the decisions taken. Business planning plays a major role which reflects the survival of the business.

Local Internet Marketing Tools For Small Businesses With Google

Online advertising can be a very cost-effective form of advertising for small and local businesses if planned out correctly. In this article we will be covering specifically Google and their digital advertising opportunities for small businesses and internet marketing local strategies.

The Google advertising platform consists of

  • The Google Search Network,
  • The Google Display Network,
  • YouTube,
  • Google Places
  • Google Mobile

Where Google fits into the online advertising landscape and internet marketing local strategy

We have never seen a downturn in a digital economy and the economic slowdown or lag in the economy is actually fueling online growth. Consumers are more empowered than ever before having access through a variety of devices and are enabled through the wide penetration of the internet and the tools it brings to research, investigate, share opinions, compare and purchase. The economic downturn is going to increase the importance of digital in our lives because it helps us save money time and travel expenses. Any local business owner should learn how to use the tools and advertising capabilities for local internet marketing with Google.

Google is a top 3 internet property in terms of visit, between the display and search partner Google reaches ninety percent of the internet population making Google’s advertising platform number one in terms of audience reach. With over 2.5 billion page views per day and over 450 unique users per month Google provides a platform to reach any consumer in all industries making it very a very important variable for internet marketing local strategies.

Over the past five years the advertising landscape has changed dramatically with online marketing spend experiencing explosive growth and local internet marketing adding to that growth dramatically. While most other media have maintained relative levels of spend with global online advertising spend growing over all it is important to note that newspaper advertising revenue has been cannibalized by online media budgets, local internet marketing is becoming more and more cost-effective because of these changes.

Why is it that online has become so popular?

There are some key factors to take into consideration when determining what media is used in any marketing campaign. Consider the marketing objective of your campaign; is the campaign goal brand awareness, direct sales and accusation, or developing new markets? Also consider the production costs involved the ability to effectively target and measure audiences and the popularity with consumers. Online advertising has experienced immense growth because it allows advertisers the ability to reach a large number of consumers at home or abroad in an efficient and measurable manner. Given the range of advertising options available by combining search, display and video advertising, supported with sophisticated reporting and tracking tools and large audience reach, online marketing campaigns become a compelling concept for any small and local business developing a smart local internet marketing strategy.

When comparing traditional media advertising use to online advertising it is important to take into consideration the consumer buying cycle. Traditional media such as television, radio, print and outdoor advertising are broadcast and are non interactive media. Their primary purpose is to push a message out to an audience and is best suited to develop brand awareness within an audience, as well as attempting to influence consumers during the consideration phase of a buying cycle. These broadcast media are usually referred to as above the line media. Public relations activity, in store promotions and direct mail are used to engage consumers on a more personal and direct level and can be used in any campaign that wants to encourage product trial and establish or to establish loyalty and repurchase.

The introduction of the online advertising media changed the traditional models by giving small and local businesses the ability to cost effectively target potential customers at any time in the buying cycle depending on how the online campaign us constructed. Google search advertising can be used for brand awareness and has also been proven to be a very effective driver of direct sales and very effective for local internet marketing.

So why does Google play such an important part in the local internet marketing landscape?

To answer that we need to understand how the population consumes media. Google understands from researching user behavior that it acts as a core research point for consumers. So what are the other drivers that affect a user’s path? Once a user clicks on a search result they may move to a publisher or site within the display network to collect information. There is an opportunity here for advertisers that are implementing local internet marketing strategies to reinforce their message to the potential customer by using some pretty cool display features on YouTube, or within the vast display network. As the user gathers information they may come back to Google to gather more information. This process may repeat several times. For local and small businesses that want to implement branding and awareness campaigns, huge opportunities exist during this loop to capture attention and reinforce a message or a brand name with a potential customer who is actively collecting information.

Research has shown that television is the biggest driver of online search, in fact 67 percent of internet users have gone online to search for a product advertised offline, as users are exposed to offline messaging they will use Google to learn more about a product or service they may have encountered through another medium. This is how Google adds value to offline advertising and is such an important part for local internet marketing. Applying consistent integrated cross media campaigns will generate a higher return. The value of search does not just end in online clicks and conversions. Consumers use Google to research their purchase decisions in fact, 89 percent of consumer’s research products online, and 63 percent make their purchase offline. It is important to utilize online advertising with local businesses online conversions are not the end of the cycle in the brand awareness campaign and should be added to any effective local internet marketing strategy.

Better Local Internet Marketing Results With Google Services

One in five searches are related to a location-based service, searching on Google or Google maps will produce a map of a geographic location with specific businesses listed on the map. The business information has been aggregated from multiple sources such as phone book information. When the business takes control of their location and uses it in their local internet marketing campaign they can control the information that is presented. Features that enhance a business listing include allowing restaurants to provide a menu as well as the ability for a business to provide a coupon, and provide driving and walking directions.

Better Local Internet Marketing Results with Mobile Integration

Mobile use is growing at an astonishing rate, for each PC sold worldwide in 2009 3.3 phones were sold into the consumer market. Technology is advancing at a break neck rate in mobile computing, with smart phones, Wi-Fi and 3G coming standard in the mobile phone market. With an increasing population having access to a computer in their pocket many opportunities for location-based marketing campaigns are opening up for local businesses to harness local internet marketing and advertising strategies. According to recent figures at the time of this writing there are over five billion active mobile users worldwide and it is reported that smart phone sales have overtaken sales of the classic mobile models. Location targeting features are very effective for local and small businesses and local internet marketing effectiveness because 1 in 3 mobile search queries have local intent. Users could be looking for a nearby store, restaurant or travel destinations. Mobile applications also show a very high tendency to include local information this shows how tightly local and mobile are tied together. When you as a business owner have an ad in the mobile arena, features like click to call can be extremely effective in generating new customers.

As a local business owner teaming up with Google can be a very cost-effective way of advertising your business and staying in contact with your current customers and essential for any marketing campaign that applies local internet marketing.

Mastermind Your Small Business Success

Mastermind Your Small Business Success

Although it had been a dream of my husband’s for decades, the thought of starting a business on my own was simultaneously exhilarating and terrifying. After some careful thought and discussion, my husband Gerard and I cashed in our NY chips and moved to Maine in 2003 to birth Gerard’s “baby”, his jewelry store, Porte4.

For all of you self-employed, small business owners reading this, you know what I mean about the exhilarating / terrifying contrasting emotions that occur in the course of running your own business don’t you? In fact, the exhilaration can turn to terror in the blink of an eye, feeling like the two emotions are inseparable.

But get here, we did and I found the resources available to small business owners and entrepreneurs overwhelming. If you are thinking about starting a business, want to buy a business or want to grow the business you already have, there’s no shortage of information here: SCORE, SBA, ASBDC [http://www.asbdc-us.com], http://www.Business.Gov, Small Business Assistance Center at http://www.sbacnetwork.org. These are just a few; the list goes on & on. Two other great sources of information are Entrepreneur.com and the small business section on About.com ( http://www.about.com/business). Happy researching!!

Gathering the information wasn’t the problem. What I found the most difficult was converting all the information I found into usable and practical ‘how-to’ data. It was data overload and I needed to talk to someone about the real-world of starting the business, not the academics of it. Things like:

  • How do you balance the needs of everyone: customers, employees, family, self?
  • When and how do you make the decision to hire your first employee?
  • …and then how do you recruit and keep great people?
  • What is the right mix for marketing your small business? – Multi-media advertising, PR, speaking, event sponsorship, direct and e-mailing; networking; community involvement …Argh!
  • Growth Strategies – How do you balance the need for growth & innovation yet keep the core of your business steady and strong?
  • Well? Who can you turn to for help in making critical decisions? Wouldn’t it be nice to talk to someone on a regular basis who 1) you could trust and 2) could give you feedback based on their experience?

    Consider joining a small business mastermind forum. Mastermind forums or peer advisory groups provide small business owners and entrepreneurs a confidential environment to share with each other, helping each other by leveraging each other’s experience and knowledge, and so much more.

    The benefits of a good group will FAR exceed the investment.
    Among them are:

  • Reduce Costs: Small business owners often don’t have the budget to “re-invent the wheel”. By learning what other businesses have successfully done, you can save time and money.
  • Avoid Mistakes: Solving business problems on your own can result in costly delays and errors. Learning what others have done can help keep you moving forward.
  • Find New Ideas: Get outside your own paradigm and see through the eyes of other business owners. They may give you a perspective that leads you to a far greater outcome than you could have achieved on your own.
  • Improve Performance: When you look for best practices outside your own business, a wonderful thing happens. You raise the bar of performance and set new standards of excellence to propel your company forward.
  • There are a number of executive / CEO forum groups you can consider. Most are franchised and target the executives of larger companies (those with $10 million in sales or more). From personal experience I know the challenges small business owners and solo-preneurs have are every bit as plentiful and just as frustrating and complex as those of larger organizations. However, the smaller the business the more the professional can benefit from participating in a small business mastermind forum.

    Larger organizations have their boards of directors and big budgets. Small business owners and entrepreneurs should have their own advisory support. Grow your small business success through a small business mastermind group.

    Until next time, BE BOLD, Do Bold Business. Remember, it all starts with a Vision.