What do you think the first step should be when you plan to initiate a business or pitch an idea for Start-up, having a product or services to offer? Or having a foolproof marketing and sale strategy in place?
In our opinion, both are of equal importance. But, when it comes to the very first step, it should be ‘Market Research’ on what the competition you will be facing, what consumer you should be targeting, and most importantly, what your customers want and how it can be accessed by them that doesn’t exist in the market. Answering these will help you understand the market better, create a realistic goal that will be achievable.
Yet, the most frequently asked question by people is, how they can conduct market research on their own and what tools they can use in the era of Digital media. By taking these concerns in mind, we have crafted this article which gives an introduction on how you can conduct market research. Along with a brief overview of Inbound marketing software and marketing management with HubSpot, and how HubSpot Consultants can help you in establishing the ecosystem for research.
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What is Market Research?
Marketing research is all about predicting the market position of a business and forecasting the future on the based of 4Ps, product, price, promotion, and place. But the most important thing is to identify who your target audiences are, where they are located, what product they are using, and what influences their buying decision.
No matter what era you live in, the research tactics remain the same, but tools surely innovate and in today’s world, Digital Media has taken over the traditional marketing tools. Now using it, you can not only identify where your target audience is located, but you can also find out whom they reach out to for information and suggestions. This makes marketing research easy.
To devise an effective inbound marketing strategy and to integrate search tools with your HubSpot CRM or marketing automation software you can always reach out to Techloyce.
Importance of Marketing Research
Marketing research is more than what you think of, it is about knowing the gap in the marketing, the sentiments of consumers, the problem they are facing, and the solution they deem efficient. But the most important thing that marketing research offers is how you can persuade people to switch. Other essential benefits, it offers are:
- Better Communication Strategies with the leads and prospects. In addition to this, it offers clarity and consistency of communication through content and product.
- Another important thing about it is, it allows businesses and marketers to Set Realistic Expectations when it comes to branding.
- Unlike in the past, it helps in identifying opportunities either in terms of customers to reach or market to enter.
- Since a business takes a calculative risk and decision backed by the data, it Lower Failure Risk and sets any business on the right path from the very start.
- Lastly, comprehensive 360-degree market research provides key information on target audience demographics and behaviour that helps marketers and sale specialists to get Deep Insights into customers and devise strategies according to their buyers’ personas.
Read More About: 9 HubSpot Integrations That Will Boost Your Business Efficiency
How To Conduct Market Research?
This is the most essential question and there is no simple answer, the thing that you need to understand is everything is dependent on you what you want to know. If you are in the quest of learning about numbers or statistics then Quantitative research is your option. However, if you want to know about the hidden relationship between two things or what forces your audience to change their behavior then Qualitative research has all the answers that you need.
In addition to the type of research, there are more things that you need to identify, that is the what methods to use. And be vary, every method will produce different results. Some of the most commonly used qualitative research methods are target audience interviews, focus groups, campaign research, and observation. On the other hand, quantitive research includes product research, pricing comparison, competitors analysis, loyalty, and awareness research.
Hold on! selecting the type is just the beginning. The next step is to orient your research for which you have to answer these questions:
- What you want to find
- What is the estimated demand for your product
- Who are the direct and indirect target audiences of your product
- How to get the right answers
- Select the right group of people
After outlining the answers you can start devising questions that you want to ask your audience. And make sure to write hypothetical answers, this will help you navigate the search and create a comprehensive tool that will get you all the answers that you seek.
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How HubSpot Marketing Hub & CRM Can Assist
HubSpot Marketing Hub is a complete suite that contains all the right tools that are needed by the marketers, from traffic analytics to the behavior of customers there are many tools that can help you in your digital marketing research.
First, it offers a Dashboard that contains all essential marketing analytics statistics, that include the key metrics of the visitor by using which you can create ‘Persona’ to categorize your visitor. Moreover, it offers Automation by using which you can schedule your content posting, conduct A/B testing, and use an AI chatbot that answers every question of your audience by following the ‘If & Then’ rules set by the marketing administrator.
Moreover, Marketing Hub is linked with the CRM where the data from Sales Hub, Services Hub, and Operation Hub is collected and stored in the central system. This helps in devising comprehensive report using visuals and charts that needs zero technical skills.
Conclusion
Conducting marketing research is not an easy task it requires comprehensive planning, otherwise, the risk of failure is higher. However, if you planning to hire a big firm to conduct market research for you, then we have news, by using multiple digital marketing and social media tools you can gain deep insight into your visitor in minutes. But the key to success lies in updated CRM.
For HubSpot Marketing Hub implementation and integration we recommend you to hire certified HubSpot Consultants.
