Whether you like it or not, Market Research plays an important role in showing the paths a business should take. Of course, choosing the best path depends a lot on the strategic vision and experience of the business, but having Research as the back will help make decisions about Marketing, Trade Marketing or Sales become clear and optimal. more advantageous.
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On the contrary, in the absence of market research, it is easy for businesses to make decisions with “experience” and “intuition”, leading to activities that are easy to follow the path, along with many unpredictable risks. before can. It is the mindset of “getting acquainted with your hands, no need to research” that makes many people struggle when they have to jump into new industries, new markets, and new jobs.
So, when specifically do I need Research? And what kind of Research are there that I can’t help but know?
Research is not a general report that every few months you go to Intedownload for free.
You need to understand that: Research is not a general report that every few months you go to Intedownload for free. There are 6 important and indispensable types of Research that almost any Marketer will encounter more or less. And of course, marketers need to know them by heart to be able to take advantage of their power in any business situation.
When starting to enter a new category or market, you will inevitably have questions: Is this market big or not? How many segments are there currently? What is the market size of each segment? What competitors are there in each segment? Will the annual trend of this industry decrease or increase? All these questions are usually answered by Census
In a nutshell, Census is like a scanner that helps you scan the entire market at scale and very large to answer strategic questions. From the numbers, you will decide which piece of cake you should jump into, who will “compete” with you, and forecast the expected revenue “within reach”.
The simplest form of Census is the reports on the industry, on consumption that Nielsen, Millward Brown,… often share. Of course, if you actually open a business, you need more specific reports. But the downside is that the cost will not be “light”. Because “big answers require big prices”.
2. Usage & Attitudes
Usage & Attitudes is a method of researching and analyzing consumer behavior. There are many definitions of U&A, but in general, it helps businesses “track” the habits of consumers using products in a certain industry.
Usage & Attitudes helps marketers find answers to a range of questions about consumer behavior such as: Who will buy my product? How do they usually use it? What role does the product play in their lives? What concerns them when using the product? How often do they go shopping for products? Do they have any unresolved needs with this product? From there, you will understand the Consumer and come up with a product development strategy, find the “white space” in a category to enter, as well as the positioning to increase the competitiveness of the product in the market. school.
Not only that, U&A also helps Marketers track Consumer usage habits for specific products/Brands. From there, you will understand whether Consumer Brand Awareness & Usage is good or bad. This is the foundation for Innovation and optimization of growth opportunities.
3. Concept & Product Test
It is impossible not to mention the Product Test method. When a business begins to roll out a new product or message, a series of questions will begin to “stretching” and delay the company’s product launch process. For example: “Is the product attractive to consumers?”, “Does consumers recognize outstanding features in the product?”, “Is the concept really effective and profitable for consumers? enterprise?”…
Of course, when developing a new product or message, Marketing is all about the best for the Consumer. But sometimes (actually often) what you think the consumer needs is not what they need, what you think the consumer will like is something they don’t like at all, or they have to wait for an explanation before they can. just feeling excited. At this point, Concept & Product test is the only and most effective way for you to answer the question: After all, with all that you draw, does the consumer like and want to buy it?
To put it plainly, do Product & Concept Test is to take the product you create with all the concepts of Communication, price, packaging, … that you create to sell the product, bring them in front of the Consumer and listen to their feedback. This method will help you collect real feedback from Consumers about your products, thanks to that, new Marketers can come up with a more optimal Concept, as well as stick to the Insight of consumers.
4. Brand Health Check
After determining the business strategy, product strategy, and then bringing the product to market, the next thing you need to do is to check the “health” of that product regularly.
Just like a person needs to have regular medical check-ups to know if he is healthy or carrying a hidden disease. A brand also needs to measure its health in the market, to be able to identify opportunities and risks and promptly make plans to develop the brand.
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Brand Health Check will help Marketers measure and track important brand metrics, as well as evaluate the effectiveness of Marketing Mix activities. Not only that, through the Brand Health Check method, businesses also understand the changes in the market and the impact of competitors on the brand, from which, step by step draw up plans to strengthen and Better brand development.
5. Consumer Panel
The “health” of a brand depends not only on whether the Consumer loves the Brand or not, but also on whether they BUY the product or not.
Normally, to control the situation as well as product consumption in the market, businesses will measure and monitor through 3 main channels: Manufacture, Retailer and Consumer.
Consumer Panel is one of the methods to help analytical marketers collect purchase data right at their households to be able to know product consumption, through consumer behavior and usage habits. .
Through that, marketers can know who the Consumer is (Who), what products they bought (What), in what channels they bought (Where), when consumers often buy products (When). ) and the amount consumed by the consumer in a given time (How much).
However, the disadvantage of this method is whether the consumer or even yourself can remember exactly how much, when and where you bought the product before? This is a huge problem that makes the Consumer Panel method always associated with the concept of “error”.
Therefore, usually, Consumer Pannel will go with Retail Audit, one of the most popular and familiar methods that you cannot ignore in Market Research.
6. Retail Audit
Retail Audit is a method to help businesses control the actual sales and all performance of the Brand right at the Retailer channel – the point of sale.
Thanks to this method, marketers can control how much their products are selling, how much volume they bring in (Value), how much market share they have compared to competitors and the entire industry.
Not only that, but Retail Audit also helps you plan a distribution channel strategy by measuring the number of points of sale you currently have and the specific sales contributed by each point of sale. From there, you will determine which channels are optimal for you to focus on and answer the question: Should I expand my selling point? Many times, the rotation of investment from channels with low sales to channels with high sales has helped you solve the sales problem.
Finally, Retail Audit lets you know the current inventory, and the sales situation of the Brand at each point of sale (Off-take), through which to make adjustments in terms of display, promotion or other activities. Marketing.
With the Retail Audit method, marketers will have more accurate data to be able to assess activities in the market and immediately take a series of actions to minimize risks.
The above are just the simplest and most common types of Research. In reality, Market Research is a long process made up of many methods. Which method to use depends on the project’s purpose of the business. Depending on the problem and situation of the business, the form of Research can be unlimited, you can completely customize Research to answer all your wishes.
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Again and again, doing Research is not easy. The barrier here, in addition to the cost and limitations of knowledge, also comes from the Mindset nature of the business owner. Not everyone accepts to spend from a few hundred million to billions of dong to get the numbers. However, imagine you air a TVC that spends a few billion but it doesn’t work, or even more so when you enter a trillion market and accept to spend a few tens of billions to invest, if you’re wrong. so what? Do you want to spend tens of billions of dong, more than 1000 employees and more than 3 years of testing to learn the lesson, or are you willing to spend on Research to get the answer sooner, with a value of only 1/10? even 1/100 of what you lose?
Do you want to spend tens of billions of dong, more than 1000 employees and more than 3 years of testing to learn the lesson, or are you willing to spend on Research to get the answer sooner, with a value of only 1/10? even 1/100 of what you lose?
Grasping the most basic elements of Research will help you have a basis to master this tool, thereby “unlocking” the opportunities of Brand, of the business, avoiding letting yourself fall into a situation. “slow because of ignorance”.
Find out and sign up for a course WINNING INSIGHT & CONCEPT WRITING: http://insight.cask.edu.vn/