Are you confused about how advertising and market research agencies are co-dependent on each other? These two aspects of advertising are very much inter-connected. The best market research agencies employ a certain set of tactics to increase sales. If you are wondering how advertising agencies do market research, keep reading.
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Market research is not just about clients. As a marketer, you must understand the market and how it works. To get started, read our blog on B2B MARKETING IN INDIA: PRACTICAL KNOWLEDGE, COST, AND RESULTS. Advertising and market research go hand-in-hand when you look at your prospects. In order to deliver results, you must know your audience. For that, you may also like to read our blog on STEPS TO IDENTIFY THE TARGET MARKET: KNOW WHAT IS MARKET.
According to a popular research, agencies that regularly research their client markets (at least quarterly) grow ten times more faster than firms that don’t. So therefore, if you are looking forward to know about the best market research agencies, keep reading.
What is Market Research?
Market Research has a lot of criteria and facets. They include:
- Making reports of the emerging issues and trends in order to adapt and improve the products and services of your clients
- Reviewing areas of advertising and market research that have been misinterpreted by clients previously and need quick attention.
- Locating purchasing patterns of consumer habits that have been overlooked by the best market research agencies. It involves putting these habits to your benefits.
How advertising agencies do market research?
Now that we have covered what we mean by ‘market research’, we must know why and how advertising agencies do market research? The functionality and methods include:
- Phone Interviews: These involve telephonic conversations between a potential customer and a company interviewer. Even the most reluctant participant may open up when approached by a good interviewer. Call centers are a proof of this tactic. Calls are more personal and engaging. However, if the interviewer is not skillful, it might cause backlash from the customer. He must have outstanding communication and behavioral skills to influence the customers. To this end, read our blog on GOOD COMMUNICATION SKILLS – AN INDISPENSABLE PART OF WORK and ESSENTIAL BEHAVIORAL SKILLS THAT EMPLOYERS NEED IN INDIA. Telephonic conversation is also a good way of clearing doubts or fears a customer may have regarding the product while listing its benefits. It is an essential advertising and market research strategy. Fortunately, there are many tools (Dialer Software) which make the process of dialing easier.
- Surveys: Surveys can be both online and in-person. It is the second best advertising and market research strategy. Conversations are more varied and engaging in surveys. It is a chance for your customer to get in touch with like-minded people. A surveying executive must be shrewd and engaging with a ready set of questions. He should encourage intense discussion relating to the product. All doubts and fears regarding the service or the product should be put to rest. Surveys are also good for demonstrations of products that a company might plan to release in the future. It is a good way to test the waters before diving in headlong.
How do you put the information from market research to use?
Now that we have visited the ways to conduct researches, we must now get to crucial ways this information can be put to use. It is the answer to how advertising and market research are related.
- Tapping into the consumer’s weakness regarding products. For illustration, if you are a chocolate company and the market research reports say most people have a natural weakness for mocha compared to regular chocolate. Then, you may use this information to bring out a mocha flavored candy bar. It is a good way to redefine the position of the company and get ahead of the competitors. Buyers will favor your company if you know what they like.
- Introduce upcoming products to your buyers. Make use of this information to convince old clients to return to your brand. Or, if you are just starting out, here’s A BEGINNER’S GUIDE ON HOW TO ATTRACT NEW CUSTOMERS TO BUSINESS which briefs important steps to be taken by a business owner.
The best market research agencies aim to bring credibility and goodwill to the company. As a marketing company, it is useful in increasing your visible expertise by pulling data and results from your researches. You may write blog posts and articles that address urgent market challenges through your acquired knowledge.