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  • Su Guillory

How Important is Market Research?

Updated: Aug 10, 2022

I’m introducing a new weekly post from my Marketing Associate, Natalie Grbic. Natalie is studying Marketing at the University of Central Florida, and will present the topics she’s studying in marketing, while I will follow up with real-world examples. Hope you like it!


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Natalie As marketers, why do we need research? This was the first question my Marketing Research professor posed in the first lecture class in the beginning of the semester. He then asked, “Isn’t a major in marketing enough to teach us what consumers need, so that we don’t have to conduct any more research?” I thought for a moment and came to the conclusion that the answer is no.

As marketers, we are learning tools and factors, not the answer. We can’t only rely on our own interests and needs because if there is something you should know, it is that you “don’t know.” With research, we are continually keeping up to date with the ever-changing tastes and preferences of consumers. It also reduces the uncertainty that marketers may have.

Marketing research is essential is every business practice whether it be marketing, economics, or even architecture. Some important questions I learned to ask myself as a marketer are:

-What are consumers’ needs? -What are the market segments? -How should I position my new product/service? -What should my promotion look like? -How should I price my product/service?


Susan One of the first things we at Egg ask a new client is, “who is your ideal client?” We ask this to get an understanding of who that person is, then we proceed to conduct market research on this segment.


One example of a grossly under-researched demographic has been the Hispanic population. Only now are researchers realizing Mexicans don’t like to be marketed to in the same way that Puerto Ricans do. Further segmentation is needed. I recently read an article in DMNews about an ad campaign that flopped with Hispanics. Trying to appeal to the large family that is typical to Latinos, the mortgage company created ads with happy families. Studies showed those ads didn’t do as well as ads that featured large upper-class homes. The appeal of upward mobility beat out family.


That being said, yes, market research is very important. Here are 4 reasons you can’t ignore it.

1. It can make an ad campaign backfire. 2. It can cost your company its reputation. 3. It can alienate your target market. 4. It can keep your business from growing.


#marketresearch

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