Marketing Research Project
So, you’re launching a new product in the market, but don’t know how the consumers are going to respond. Some gifted individuals might have psychic abilities to read precisely what the consumer is thinking. For everyone else, there’s a need to write a marketing research project to unveil deeper truths.
A marketing research project is divided into several sections. The purpose is to understand whether your proposed solution will be accepted by the public or not, in the measure that you are hoping for. It is an expensive marketing investment that acts as a supporting function for all other activities.
Seasoned marketing professionals understand the need to write a marketing research project to protect themselves (and their companies) against major risks. Such projects do not only explore if a certain solution is appropriate, but also the ways to market it to different set of audiences.
Without further ado, let’s take a plunge and see what goes into writing a marketing research project.
1- Planning for Research:
When it is as expensive as a market research study, you need to plan it well. Planning for research entails the following.
- Identifying a Problem:
You need to identify your pain point as precisely as possible – the problem that encouraged you to conduct a research. It may be a failing or less-than-optimal marketing campaign, the launch of a new product, or simply gaining consumer insights about their most pressing problems, but never all three at the same time. In conventional research studies, this would be put down as the “problem statement” which has to be as simple as possible. This is the focal point, around which, you’ll write a marketing research project.
Your research objectives and goals will be based on your problem statement. What do you intend to achieve from this research? This is the part that dictates the direction of your efforts.
- Suggesting a Possible Solution (Hypothesis):
Once you’ve identified the problem, you can go on to propose your solution for it. You’ll have to define the 4Ps – product, price, placement and promotion. Of course, it’ll be experimental, but you need to have something in mind that you’ll be testing. Propose it as a solution and state your expectations as hypothesis. State what you think might be the response of your audience. Be ready to be surprised after the research though.
If you’re trying to gain consumer insights, hypothesis may be a little different, prioritizing problems faced by people. For research about a marketing campaign, you’ll be suggesting reasons why it is not being successful. Hypotheses are based on the solution of your problem statement.
- Collecting Existing Information on the Topic:
If you’re lucky, there will be some prior research available on the subject, AKA secondary data. This comes in very handy for exploratory research. In most cases, when you write a marketing research project, you build up on previous studies to reach a conclusive end.
Not only this, you need to factor in the information of your target audience and your company – for instance, the company’s USP, the competitive advantage it has, the longstanding legacy and consumer loyalty, the most popular demographic segment, the brand awareness levels etc. This is where you build your case by piecing information from all sources.
2- Collecting Data:
- Testing the Acceptance of Your Solution:
To write a marketing research project, you need to include customer opinion as well. These may be collected in the form of focus groups (as is more common in marketing studies), questionnaires, surveys, interviews and others, AKA primary data. While focus groups are conducted in person, questionnaires and surveys can be conducted even on social media channels. This is the most labor-intensive and time-consuming part of the research. You need to prepare the questions you are going to ask and the profile of your prospective responders. Most research agencies will utilize multiple ways of collecting information to ensure high validity.
If you’re analyzing marketing campaigns, you’ll have to conjure marketing collateral before you’re able to question your audiences. For research pertaining to a new product, it is better to have a prototype. Ideally, you don’t just propose solutions; you put the participants in a position where they can experience the change you’re hoping to bring and respond to your questions accordingly.
3- Analysis and Implementation:
- Analytical Outcomes:
The information you’ve collected may be analyzed as numbers (quantitative) or as unique responses (qualitative). Questionnaires and surveys, for the most part, are used to gauge popular opinion. With structured questions and answers, they can be fed directly into the statistical software of your choice to understand the voice of the majority.
Focus groups and interviews are a little more difficult to generalize. Each response is treated individually. Unless there is a trend in the answers, you’ll need to state and analyze everything that the participants said.
Once you’ve analyzed the data you’ve collected and achieved the objectives of your research, the last bit is about implementation. After you write a marketing research project, you are wiser about what your customers are looking for. You are in a position to meet their demands. You need to have a clear set of actionable recommendations for your team.
Profitability is just around the corner! Also we can recommend you SmartWritingService.com as a good research project writing service if you will need a custom written paper in Marketing.