Any enterprise is interested in the maximum level of liquidity of its products. But having a steadily growing sales in an ever-changing market is not easy. To withstand the onslaught of competition and timely respond to new trends, you need high-quality analytics.
Why marketing research is relevant
To begin with, it is worth noting the fact that this function (analytics, research) is one of the key tasks of the marketing department. At the same time, the research process itself should be understood as collecting information related to the activities of the company. The data that was received should be evaluated in several key areas (promotion, product, customers, price). The conclusions obtained as a result of such a study help determine the most relevant direction for the development of the enterprise in general and its individual elements in particular. A competent and correct strategy is extremely important for the stable growth of the company.
You should understand that such a marketing analysis - it is not always laborious and complex research, in the process of which significant resources are involved. Many medium and small firms can get fairly accurate analytics at relatively low cost.
Goal Definition
Before proceeding with the collection of information necessary for a qualitative analysis, it is necessary to set specific tasks. In other words, the methods of marketing analysis are focused on specific tactical or strategic goals. The depth and scale of the study depends on which direction will be chosen as a guide.
The goals set determine the form of analysis: it can be descriptive, used to develop forecasts or identify causal relationships. The result of this work is the formation of a hypothesis, which can be described as an assumption regarding the nature and ways of solving the considered phenomena.
The working hypothesis should provide the following indicators:
- verifiability of reliable scientific assumptions;
- its predictability;
- the ability to express key assumptions not only through logical conclusions, but also in the form of economic and mathematical constructions.
Research program
This term should be understood as a plan developed in order to get answers to questions that include a system of marketing analysis. It allows you to link the material, temporary and other types of resources allocated for the implementation of the task.
The research program (plan) makes it possible to establish a system of indicators and determine a set of tools, as well as the need for information that is needed to obtain it.
Search for secondary information
Marketing analysis involves the study of two types of data: secondary and primary.
Secondary information means those data that were previously collected to achieve other goals, but which are relevant in the format of the current study. As a key advantage of this type of information, you can determine their availability and low cost.
But such material also has drawbacks: since this information was collected to solve another problem, their content is not always relevant. In other words, secondary information is often incomplete, outdated, not directly related to the current goal and unreliable.
Carrying out a marketing analysis of an enterprise, the following sources can be used to obtain secondary data:
- newsletters of various organizations;
- media;
- statistical compilations;
- sites of competing companies;
- publications of consulting and research firms;
- industry and thematic information resources;
- internal reports of the enterprise conducting the study;
- a survey of company employees;
- information received from consumers, etc.
After collecting all the information of a secondary nature, it is necessary to conduct a thorough analysis of them and identify those that are most relevant for solving the current problem. Work is being completed with secondary data in the final report.
Primary Information Collection
Concerning the topic of primary data, it is worth noting that marketing research includes the collection of information in this category when secondary information was not enough. At the same time, it is necessary to be able to collect information of the primary type, since in the CIS conditions it is rather difficult to get access to industry and company information. Moreover, specialists have to face the lack of culture and developed marketing infrastructure in the country. In addition, many companies did not have time to accumulate such valuable experience in using marketing strategies.
Data collection techniques
In the process of searching for primary information, three main tools are used:
- Experiment method. In this case, the information that a full-fledged marketing analysis requires is obtained by evaluating causal relationships. During the experiment, one or more variable parameters change, after which the effect of the change made on another element is recorded. An experiment should be understood as field study with a change in specific parameters in a real market, and modeling a specific situation artificially. The value of this technique lies in the fact that with its help it becomes possible to determine the reaction of various groups of people, including potential buyers, to specific factors and their subsequent changes.
- Observation method. This method of obtaining data can be described as one of the most low-cost and affordable ways of collecting information. Its use is relevant when the impact on the respondent should be minimal. The essence of the observation in the framework of achieving the goal of marketing analysis comes down to a descriptive study of the data, during which the respondent's actions are recorded without direct contact with him.
- Poll. This method of obtaining relevant information is one of the most common and universal. In this case, the marketer contacts directly with the respondents, with the goal of knowing their mood, opinion and specific facts. The survey can be conducted through questionnaires, a telephone conversation or through personal contact.
Quality research
Marketing analysis also implies this type of information collection, during which answers to the questions “why” and “how” are given. In this case, information is collected regarding the behavior, views and opinions of a particular small group of people. The data collected, as a rule, are not quantified, but they provide a clear understanding of the way of thinking of representatives of the target audience of a particular manufacturer.
Such information is especially relevant in the development of brands, advertising campaigns and a new line of products. Qualitative research also helps to examine in detail the image of enterprises. The main methods of this data collection include protocol analysis, in-depth interviews and focus groups.
In-depth interview
Considering conducting a marketing analysis, it is worth paying more attention to this type of communication.This term should be understood as a poorly structured conversation with the respondent, in such a form that stimulates him to detailed answers to questions raised by the interviewer.
A distinctive feature of this method of obtaining data is a free style of conversation on a topic that is relevant for the specialist conducting the study. In the process of such a conversation, a lot of useful information can be obtained from the respondent regarding his personal attitude to a particular brand, the reasons for purchasing the product, and more.
In order for the in-depth interview to be successful, the structure of the future dialogue is initially developed, then the stage of careful selection of respondents follows, after which the information received is processed and an analytical report is prepared.
Focus group
It is difficult to imagine a marketing analysis of the market without using this tool. A focus group should be understood as a group interview conducted by the moderator in the form of a collective discussion, which moves according to the originally developed scenario.
The value of the focus group lies in the free atmosphere, allowing participants to express their thoughts, emotions and feelings on the issue of interest to the organizer.
From 6 to 12 people, who are the most typical representatives of Central Asia, usually take part in such an event. The conversation lasts approximately 1.5 hours. The process of communication is unobtrusively led by the host.
After the work with the focus group is completed, the video and audio recordings are analyzed. Completes the reporting process.
This event is entrusted to a specialist who is able to accurately identify the attitude of group members to the issues discussed.
A focus group, the use of which involves a complete marketing analysis, can be effective in the following situations:
- clarification of information that was obtained through quantitative research;
- the study of colloquial terminology of representatives of the target audience, as well as the nuances of their perception;
- familiarization with the motivation and demands of consumers;
- assessment of the relevance of new packaging, advertising, product lines and the company's image itself;
- the formation of new ideas related to advertising, products, etc.
Protocol Analysis
Under this technique, it is understood that the respondent is placed in a situation where he has to make a decision regarding the purchase of goods. Moreover, the responsibilities of the study participant include a description of all the factors that influenced the decision-making process. At the same time, the respondent imagines a real situation in which he must make a decision regarding a specific product. In some cases, a dictaphone is used in the research process to capture the respondent’s comments.
The analysis of the protocol is necessary for the competent formation of a model of a potential buyer’s decision on the acquisition of company products.
Quantitative analysis
To obtain more accurate and relevant conclusions, a marketing analysis of an enterprise should include this technique. As a feature of this type of research, one can determine orientation to the questions of “how much” and “who”. This type of information gathering differs from a qualitative methodology in obtaining quantitative information regarding a limited range of problems, but with the participation of a large number of respondents. This approach makes it possible to process information using statistical methods and project the results obtained on the entire group of consumers.
Quantitative research allows marketers to establish a degree brand recognition determine market volumes, identify key consumer groups, etc. The following tools are used to collect this type of data:
- Audit This refers to the analysis of distribution, prices, promotional materials and assortment.
- Poll.In this case, it is a question of revealing the opinion of the respondent regarding a certain group of issues.
Using telephone surveys
Through modern means of communication, interviewers can conduct fairly convenient short-term surveys and immediately enter the data into the system using a computer. As a result, the input of information and its coding is much faster, as well as gaining access to the research results. Telephone interviews are widespread and show a high percentage of efficiency.
In addition, a similar marketing research tool is much cheaper for the company.
Marketing analysis. Example
Modeling the real process of market research will best help you see the form of practical application of the above methods.
For example, you can take an online store of modern youth clothing. On the basis of a key task, the essence of which is reduced to a certain increase in sales during the year, the goals are formed:
- attracting the attention of CA to the assortment;
- store recognition among representatives of the target audience;
- motivation of potential buyers to purchase products of this particular store.
The next step is to identify the relevant groups of data needed to form a successful marketing strategy. In this case, specific issues should be highlighted:
1. What communication channels can be considered the most effective for contacting representatives of Central Asia (TV, magazines, social networks, etc.)?
2. What factors can most effectively influence potential buyers in the decision-making process regarding a purchase?
3. What online stores with a similar profile can be classified as the most successful?
At the same time, the target audience is young people aged 18 to 25 years who are not indifferent to a stylish image.
The next stage is the collection of information using the tools that were discussed above. Data on potential competitors can be obtained through an online survey of Central Asia and secondary research. In-depth interviews, online surveys and focus groups will help identify factors that influence the purchase of goods. As for communication channels, the same methods are used here as in identifying consumption factors, with the exception of in-depth interviews.
After all the information has been collected, they need to be analyzed. As a result, such a marketing analysis of the company and its market position will help to draw up the most profitable strategy for promoting the product and brand formation.
As you can see, without research with a marketing focus, it’s quite difficult to correctly determine the course of movement and the form of development of an enterprise or store. Therefore, such an analysis will always be relevant.
