A few important steps to be kept in mind are:
1) Target Audience – Identifying the focus group – the customers, and carefully analysing their buying behaviour
2) Brand Building and Brand positioning: Preparation of Marketing Strategy for rightly placing your product or service and on how to attract the identified audience.
3) Understanding the very purpose of existence and survival of business and category in the long run
4) Dynamism and forward thinking are great virtues for you, To keep pace with the ever changing world, trends and markets, we need to be moving at its pace. Thus, constant innovation, new product launches, old product relaunches and finding newer markets for older products etc.
5) Strategizing and profitability
6) Choosing one or a mix of Quantitative and Qualitative research methodologies.
7) Gauging Competition: Understanding of local and global competition, market, funds, internal organisational factors etc. are important
8) Contingency planning or planning for a fall-back situation is the key to your long-term sustenance in the market
9) Knowing your operating markets thoroughly – Market trend analysis and feasibility study are of great importance too.
10) ‘KYC’ – Knowing your customer well, is half battle won!
11) Full utilisation of media, especially social media, is a must, to strategically place your organisation. Extensive usage of social media and SEO has become generic to all businesses today and thus should be incorporated without fail.
12) Use of other forms of media like Advertising, brand merchandising etc.also hold great importance in leaving an imprint on the minds of the targeted audience.
13) Judicious usage of all the available resources (people and funds)
14) Ultimate fulfilment of Business goals and objectives
There is confusion and constant debate on the similarity and differences between Market Research and Marketing Research Companies. These 2 terms are very often used interchangeably.
A Market Research Company focusses only on Market Intelligence, specifically. It focusses on the targeted Market for the placement of the product, collect data about it, measure trends and analyse the demand and supply etc.
Whereas, a Marketing Research Company tries to get a holistic view of the Markets, Consumers, channels of Marketing, processes, etc; keeping in mind the 4Ps of Marketing- Product, Price, Place and Promotion. It aids in the strategic decision making about the product and brand positioning; systematic deployment of these strategies; and step-wise implementation of them through a well-analysed and scientific approach.
Thus, if an organisation is trying to define an overall strategy on its products and services, be it new product development or the old product re-launches; it has to have a good Marketing Research Company with an embedded strength of Market research.