Research For Marketing - How to Skyrocket Profitability

Research For Marketing - How to Skyrocket Profitability

Market research, defined as the scientific, impartial collection and analysis of intelligence about your prospects, customers, competition, and or marketplace is crucial to establish business success. From large scale omnibus research to informally asking a few existing customers why they buy - all research provides practical knowledge because however it is gathered it will govern your opinions and business decisions.

But in today's competitive marketplace the acquisition of data is has little real value in and of itself, it is the actions that are influenced by it and implemented to provide greater efficiency or profit that give it worth. The worth or effectiveness of market research can only be determined when the actions that it spawns show a return on investment that is greater then the cost of the research itself. For example, in a marketing context the return on investment or ROI is the relationship between the cost of the research and the additional profit generated. So if you spend $500 on market research that leads to actions that yield a revenue increase of $1,250, the research returned a ROI of 1:1.5. Think of it as for every research dollar spent made an additional $1.50 in profit.

There are plenty of different types of market research so this editorial will focus on one that is especially used to boost bottom line profits - Research for Marketing. Profitable businesses do the same things, they are better at attracting more customers and to keeping them loyal for longer. Often the quality of the product is secondary to the quality of the marketing. Great marketing makes and breaks companies and that marketing is guided by research.

Research for Marketing may amplify customer acquisition.

This category of research has been specially created to help you discover why people might buy from you. More importantly it will provide specific intelligence to direct your advertising efforts. This allows you to develop more effective and targeted advertising campaigns that better connect with people that are more likely to purchase and in a way that interests them. This style of research is also used to predict the likely response from advertising before it is ever used - saving both the time and money of expensive testing.

Use Research for Marketing to intensify customer loyalty

You know that happy customers are profitable customers as they are more likely to repeat purchase or become advocates for your brand, product or service. Which is why research for marketing is used for this important aspect of business profitability. For the reason that it elicits the buying motivations of customers you know exactly why they stay loyal and why they might not. By using motivational maps to govern communication content this type of research provides that all interactions with customers reinforce their original buying decision. But does this approach work? Experience shows that customer retention rates can be increased by over 22% using this method.

To find out more just Google 'research for marketing' and you'll discover a number of companies who offer bespoke research that will boost your customer gathering and retention rates.

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