As a professor at a globally recognized business school -- specifically, The Haub School of Business at Saint Joseph's University in Philadelphia, PA, I teach students in the Undergraduate and Master's Programs how to utilize marketing research to make smart business decisions in the "real world."
During this period of uncertainty, I've been fielding calls to explain the concept of RISK REDUCTION by utilizing marketing research.
To understand this is to understand the fundamentals of my craft...
SECONDARY RESEARCH -- As in our course at SJU, the process begins with an assessment of sources that are in the public domain. This is a process of due-diligence and it involves review of your website, your social media, your competitors (including those you haven't been considering competitors!), your product line, and the performance of your products! Once we have this information and agree to move forward, we move into "point of sale" data.
SYNDICATED RESEARCH -- Using data from one of the key syndicated research services, we first secure a "snapshot of your category" -- shows us who you compete against (including brands that may be outside your current footprint) and most importantly, the factors that are related to sales performance in the marketplace... factors such as performance versus "Year Ago" as well as distribution, average retail price paid (ask me about the client who was paying every month for price reductions at shelf, only to learn through this look, that the retailer had NEVER passed the discount on to consumers!), and level of discounting going on -- versus your competitors.
QUALITATIVE RESEARCH -- By discussing your issues with your target audience, we can learn SO much about your success or wherever you are versus YAGO. We can learn about emerging issues that you should be considering in your product design and most importantly, your MARKETING COMMUNICATION!Â
WARNING: Do NOT conduct a survey without using qualitative research FIRST (e.g. focus groups or in-depth interviews) -- remember, Mr. Trump IS changing your consumer!
QUANTITATIVE RESEARCH -- Finally, we can use survey research to understand key METRICS about your brand(s). This includes concept acceptance, product performance, product line optimization, awareness and usage insight, and performance versus your competition. This is NOT SURVEY MONKEY or even QUALTRICS... because it's much more than simply fielding a survey, it's about connecting the data to your business and your corporate objectives! That's why you need to use a professional researcher, not some junior associate or worse, the salesperson from one of these DIY services!
Marketing Research is about RISK REDUCTION... without doing your "homework" with a professional, your risk is enormous -- both in terms of TIME and MONEY! Call me.