Marketing research

What is Marketing Research?

Marketing research is the cornerstone of effective marketing strategies. It is the systematic process of collecting, analyzing, and interpreting information to understand market dynamics, consumer behaviour, and industry trends. In essence, it empowers businesses with the knowledge needed to make informed decisions and develop targeted marketing campaigns.

My Observations

One thing I often see missing from early-stage companies in their marketing job posts/marketing positions that they are hiring for is a propensity to do quality research.

Most roles today state things like drive demand, manage paid accounts, build ABM functions, lead people, develop messaging, etc..

But everything listed above is only as good as the research that is being done and yet it is very rarely ever mentioned.

If you skip to the qualifications section of the job post, anything about research is absent there too.

The best marketing will always have one thing in common—great research prior to campaigns being built.

Go back to where marketing all started and you’ll see it there as well.  B2C brands have been doing this for over a 100 years with deep benches of researchers, including actual scientists who are consistently testing and tweaking things.

If I was building a business and I needed to make early marketing hires, the person I would want would thrive in the weeds that is research.  This is where everything begins.  It’s where your ICP is discovered and your messaging starts to take form.  It’s where differentiators are born.

Research isn’t sexy and doesn’t get the accolades that a cool ad/video/campaign does but none of those cool ads/videos/campaigns exist without sound research.

Being able to create, or curate, data and then craft it into compelling narratives will never go out of style.

Why Marketing Research is Essential for Success

It's astonishing, really, how job posts for marketing roles at these companies wax lyrical about driving demand, managing paid accounts, crafting messaging, and leading teams, yet barely whisper a word about the backbone of any successful marketing endeavour—research.

The Historical Backbone of Successful Marketing

Rewind back to the dawn of marketing, and it's crystal clear that B2C brands have been playing the long game, leveraging legions of researchers (yep, including actual scientists) to test, tweak, and perfect their strategies for well over a century.

So, if I were in the trenches, building a business from the ground up, I'd be on the lookout for a marketer who doesn't just dabble in research but revels in it. Because that's where the magic happens.

Digging a Little Deeper Into The Research

Qualitative vs. Quantitative Research in Marketing

Diving into the research fray, we've got two heavy hitters: qualitative and quantitative research. Qualitative research gets up close and personal, peeling back the layers of consumer behaviour through interviews and focus groups.

How to Conduct Effective Marketing Research

Thinking of rolling up your sleeves and diving into market research? Start by zeroing in on what you're looking to uncover and who you're trying to understand.

The Synergy of First-hand and Secondary Research

When it comes to gathering data, you've got first-hand research—your direct line to the source, be it through surveys, interviews, or just watching and learning. Don't forget to lean into your current customers as they are the ones using your product or service on a daily basis and will be a treasure chest of feedback.

Leveraging Existing Research for Comprehensive Insights

And don't overlook the treasure trove that is existing research. Industry reports, competitor analysis, market trends—there's a goldmine of insights out there, ready for the taking.  And tools like SparkToro are making it even easier to narrow in on your ICP with insights about where they are spending their time. No, I don't have any affiliation with SparkToro—I just happen to think they have a great product.

Finding and Evaluating Marketers with Research Skills

On the hunt for marketers with a knack for research? Keep your eyes peeled for those with a proven track record of diving deep into market analyses and translating their findings into actionable gold.

Key Questions to Ask Potential Marketing Research Experts

When interviewing potential hires, don't shy away from asking pointed questions about their research chops. Probe into their experience with different research methodologies, their approach to data analysis, and how they've historically turned insights into strategies.

To wrap it up, marketing research isn't just a nice-to-have; it's the guiding light for marketing success. It equips businesses to navigate the market with confidence, ensuring strategies are finely tuned to the audience's needs and market opportunities. Marketing research is something that LaunchLeap can help you with if you are looking to really dig in to who your ideal customers are and where they spend time and consume information.

You can learn more about our services here.

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