What is the relationship between "market research" and "marketing strategy" ? This is a big question that can arise when conducting market research. And the truth is, these two issues go hand in hand, so we invite you to continue reading this post and find out with us the answer to this question.
What is the relationship between "Market Research" and "Marketing Strategy"?
What is the relationship between "market research" and "marketing strategy"?
The relationship that exists between market research and marketing strategy arises when a company or business needs to develop one effective marketing strategy . That's when market research comes in, as this is what will give you the opportunity to properly target your chosen marketing strategy towards success.
Linking "market research" and "marketing strategy"
To better understand the relationship between these two aspects, we need to understand what each is independently.
Let's start by talking about the term 'market research', which is none other than the data collection and information about the industry or business climate, about customers and their demographics.
In order to obtain and store all this data, companies implement methods such as product testing, surveys, demographic studies and current customer analyzes, and herein lies the importance of market research before launching a service or product.
On the other hand, the Marketing Strategy is to capture the information received in the ongoing market research process to work. This represents the plan or plans the company will implement to attract new customers and reach existing customers.
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The marketing strategy can start from the identification of problems di marketing (introducing new companies to the market, increasing sales, expanding the number of customers, etc.) and the budget available for any implemented strategy is very much in mind. An example of a marketing strategy could be the implementation of the use of advertising on social networks, the creation of email marketing campaigns, among other current techniques.
When both aspects, market research and marketing strategy, are worked together, various benefits are seen for the company that implements it, as it can help the company know which type of advertising will be needed the most, thus obtaining a strategy. successful and good marketing targeted .
Essential elements in a market research in relation to the marketing strategy
Although a market research is composed of various aspects of vital importance, there are two that stand out much more and are fundamental if the market research is linked to the marketing strategy to be implemented.
In this aspect lies the sustainability of market research, it is for them that you should try to get data about your customers even if you have to make offers and gifts so that they can share the information, as it is the only way to achieve an authentic understanding of who your customers are.
Likewise, there are various websites and companies that help others identify who theirs is buyer o are responsible for storing specific customer demographics, so you can take advantage of this help with your research. You can also independently find out which media your customers prefer and leverage them, such as emails, social networks, etc.
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Adjustments over time
Keep in mind that neither marketing strategy nor market research are processes that stagnate or remain static over time, but rather that they evolve and grow as your company grows, develops and consolidates itself in the market.
So you should always adapt your strategy to new marketing trends and new insights you get about your customers and be flexible and willing to change methods implemented.
Market research is one of the most powerful marketing tools for a successful strategy, so take advantage of this relationship and lead your business to success.