Marketing research is very valuable for brands as it is a very simple way to learn more about your customers. Surveys are a great way to get feedback from your target audience on specific items as well as how your brand is doing overall. Interviews are relatively inexpensive and convenient as all you need to do is call one of your customers to get their thoughts. Finally, focus groups are not as valuable because they are very expensive and it’s difficult to get unbiased information from the people in the group.
- There are many uses for market research, such as determining pricing, identifying trends, and testing concepts.
- Research may be conducted through phone or web interviews, focus groups, or online surveys.
- Research is useless if you don’t take the time to analyze the data, draw conclusions, and take action based on the results.
“If you take nothing else away from this market research definition, remember one thing: data is the foundation of a company’s marketing strategy.”