Sunday, February 22, 2009

7 Characteristics of Good Marketing Research

Yesterday I blogged about how to set up your marketing research plan. A friend noted that it was "too long" so I began to think about how to crystalize what good research is into a shorter hit list. Below are seven characteristics of good marketing research; keeping these in mind should help you in your efforts to gain insights into your communities.

NUMBER ONE: Effective marketing research uses the principles of the scientific method — observation, hypothesis, prediction, and testing. Since the goal of conducting a marketing research project is to uncover useful information, how you conduct your research is vitally important. Good research follows this standard process.

NUMBER TWO: Good marketing research develops innovative ways to solve a problem. This requires some level of creativity in your research. Other than traditional methods such as surveys and polls, in what various ways can the problem be evaluated? Are you even studying the right problem?

NUMBER THREE: Reliable marketing research uses multiple methods to acquire data and shy away from over-reliance on any one method. In your research, always make sure you adopt the research to the problem. In other words, don't say you want to do a survey and then figure out a problem to solve. Also, don’t be fooled into thinking that one method is better than others. Good research recognizes the value of using multiple methods and sources to achieve reliable information.

NUMBER FOUR: Savvy marketing researchers recognize the interdependence of research models and the data collected. The research model you choose will ultimately determine the type of information, its validity, and your ability to act based on findings. Therefore, always base your research efforts on solid models that are clearly defined and as explicit as possible.

NUMBER FIVE: Smart marketers understand the relationship between the value of information and its cost. There are always lots of questions to be asked and problems to be solved. However, to steward resources effectively, marketers need to consider the cost of market research, the value of the information gathered, and the likelihood of management’s ability or willingness to act on such information.

NUMBER SIX: Good marketing researchers show little reliance upon glib or stereotyped assumptions made by managers about how a market works. Often times, those in the midst of a market are unable to clearly see the market. The “forest through the trees” scenario applies here.

NUMBER SEVEN: Responsible marketing research is a win-win-win situation. It shows a healthy respect for the company, the product and the customers and never tries to harm or take advantage of customers.

So, there you have it. Seven ways to ensure your research is going to be useful and action-oriented when you're finished. And, hopefully, this wasn't too long of a post! :-)

-- David Kinard, PCM


Donald said...

I appreciate the labour you have put in developing this blog. Nice and informative.

Munene(TES) said...

In dead you are a real marketing researcher.I appreciate your work.

ephilanthropy said...

It allows a sneak peak into the minds of their target market and what it is they really want. Companies will be able to mold and build their businesses focused on the demands of their end users.

Kevin Clement said...

Nice one I poses some all these characters without Knowling.
Guess who am I?
Nice time

Kevin Clement said...

Nice one I poses some all these characters without Knowling.
Guess who am I?
Nice time

Kevin Clement said...

Nice one I poses some all these characters without Knowling.
Guess who am I?
Nice time

Anonymous said...

A good work, keep it up.

Anonymous said...

it was good and useful to us.

christyjames said...

Its really a great for business you must be make strategy of your business.
KOL management | Key Opinion Leader Management

emarks said...

To reach out the target audience we provide the updated business and consumer database.our lists are prepacked and customized which helps the customer to meet the exact requirements. I would like to share about the leading mailing list vendor, database broker
Business & Consumer Database

William Noah said...

It is enchanted my mind in zenith level after reading it daily blogsite and website about the high-flown vista of Buy Used Goods Trinidad and Buy Property Trinidad. I hope It give me wide chance and scope to sell my old product in afordable price. Also I have the scope to buy old product in the section of Buy Property Trinidad. For further info you may have to log in its web portal.

Louis Martin said...

Market Research

Great Article, Thanks for sharing.

Star India Equity Tips said...

This opinion on the market research gives a trading for the reading changes for better services.

Commodity Trading Tips
Nifty Future Tips

Gilbert C. Kelly said...

We realize that in the Celebrity Industry, everything is a buzz, each move a big name makes is a gigantic prattle. All things considered, in Business and Marketing there's likewise what we call "hot issue", there are loads of viable strategies spreading on the web and "Influencer Marketing" is the person who raised up and outstands among them. See More

Unknown said...

Nice but what are the current qualities