Market research is a critical aspect of marketing. It helps you figure out what your audience wants and how they think, so you can make the best decisions when it comes to promoting and advertising your product or service.
Market research involves researching the buying landscape (the market), getting feedback from potential customers, either by talking to them in person, or by using surveys or questionnaires.
You can also use market research to learn more about what competitors in your industry are doing, to better understand your industry and make sure you stand out from the competition.
By undertaking market research you'll be better prepared to create a successful marketing plan and ultimately win over more customers.
Big data is a term used to describe immense and complex datasets which can be difficult to process using traditional methods of data analysis. It is often referred to as a type of analytics, or ‘business intelligence’, and refers to the large amounts of structured and unstructured data that can be collected, stored and mined for patterns and insights.
The buyer’s journey is the process of a potential customer becoming aware of a product or service, learning about it, and then eventually making a purchase decision that they believe is the right one for them. This journey is made up of three distinct stages; awareness, consideration, and decision.
The Buying cycle is an important concept for marketers to consider during the planning process - it is the journey the customer takes from the moment they recognize a need or want and end with a purchase. The buying cycle is an integral part of a successful marketing strategy and understanding each of the stages involved can help a company target their customers more effectively.
Competitors refer to other companies or organisations in the same field or industry offering similar products and services that have an effect on the profitability of a company. A company needs to have a complete understanding of its competitors and the competition in the industry in order to effectively compete and remain profitable.
Customer is a term used in marketing to refer to an individual or group that purchases or utilizes a particular product or service. A customer is often seen as the most important part of any business, due to the fact that they are the ones who ultimately bring in revenue and profits as they purchase products or services.
The Customer acquisition journey is the process that a business takes in order to acquire customers from initial contact to purchase or sign-up. It is an essential component of any customer relationship management (CRM) strategy, and can have a major impact on customer loyalty, retention and satisfaction.
A Focus group is an important tool for marketers, who use the information gathered from focus groups to inform marketing strategies, product development, and other crucial elements of their work. Focus groups involve bringing a small number of participants together (typically between 8-12 people) to discuss a specific product or service – either one already available to the public, or one in development.
Geographical targeting is a strategic technique used by marketers to target potential customers in a specific area or region. This strategy allows marketers to create more effective marketing campaigns by tailoring messages, content, promotional activities, and pricing to the relevant local audience.
Head-to-head competition is an important marketing concept which is used to describe a situation in which two or more companies are directly competing against each other for the same customers. Companies involved in head-to-head competition are typically offering the same or similar products or services, and have a common target market.
Industry news is a term used to describe information about the latest developments and trends in a particular sector or industry, as well as news about major players in the industry. The term ‘industry news’ usually refers to news from various industry sources including trade publications, websites, blogs, and conferences.
A judgment sample, also known as a judgemental sample, is a type of non-probability sampling that involves choosing study participants based on the researcher’s personal judgement about which individuals are most appropriate for a study. Rather than a random selection process, a judgment sample allows researchers to be proactive when deciding who to include.
Key items in marketing is a term used to refer to the most important parts of the marketing mix, which is made up of the product, pricing, promotion, and place. The key items in this mix are the most important components that need to be taken into consideration when developing a successful marketing strategy.
Lead scoring is a method used by modern marketers to define the value of prospects, contacts and customers. It is used to identify the best prospects for sales activities, and to help prioritize marketing efforts, so that the most valuable contacts and leads receive the resources needed to drive conversions.
Lifecycle stages are a concept used in marketing to describe the stages of a consumer’s relationship with a certain product or brand over time. Understanding the lifecycle stages of a product or brand enables marketers to optimise their marketing strategies and campaigns in a way that more effectively meets the needs of their customers.
Markets, or marketplaces, are the places that buyers and sellers come together to conduct transactions in goods, services or investments. They are the economic mechanism of balance and competition that allows the free exchange of goods and services, and the determining of prices in an efficient and fair way.
Mass customisation is a marketing approach which seeks to tailor products to fit the unique needs and wants of individual customers. It is a type of personalisation in which standardised products, such as cars and clothes, are produced or modified for each customer based on their preferences.
SWOT analysis is a strategic planning tool that businesses and entrepreneurs use to assess their internal strengths and weaknesses, as well as external opportunities and threats. It is a useful tool that can be used by both small and large businesses to gain insight into how their products, services, and operations stack up against the competition.
Targeting in marketing refers to the process of aiming promotions and marketing messages towards specific individuals or groups of potential customers, in order to increase their likelihood of making a purchase. The targeting strategy used by a business is an important part of their overall marketing mix, as it helps them to ensure that the right message is seen by the right people.