Power of Data Research
For effective marketing, a company requires detailed market research and data analysis. Businesses consider marketing strategies and campaigns as the foundation of marketing success. But in truth, without proper research, marketing strategies wouldn’t have a path to success. Data Research is a vital part of the marketing process. Market research can be done and used in many ways.
- Research can help you evaluate if new products or services have a market, and if you should develop them.
- You can review the productivity and success of customer-centric departments, such as customer service.
- Data research can assess new market trends and economic disruption that can impact your business.
- You can track your competitors monthly and gauge the effect on our client base.
- You can re-evaluate your current marketing strategies and develop new strategies to promote your business.
- You can research and target your specific accounts and sales opportunities using ABM.
Reporting vs Analysis vs Insight
There is a lot of confusion when it comes to using the right words such as reporting, analysis, and insight in Market Research.
Reporting – Reporting is the first and very elementary step of data research marketing. It’s all about the collection and organization of data to start the marketing narrative.
Analysis – Analysis is a process of closely looking at the individual reports and data and putting them together as a whole to find the correlation between each other. Analysis always has an objective.
Insight – Insight is the last stage of data research. Insight is about discovering unknown facts and bringing more understanding and vision into your marketing operations. It is the agglomeration of loads of analysis of your data over time.
Syndicated Research vs Customized Research
A syndicated research study is not done for a specific client and is conducted and generally funded by a market research firm. The data of such research reports are made available online for anyone to procure. A syndicated research provider focuses on specific types of data to provide long-term strategic insights. Many companies use syndicated information as a cost-effective way to gain an insight into macro-level trends of their market. Unlike custom research, these research reports are very generic and do not cover niche topics or challenges.
Custom research offers a tailored approach for studying niche businesses, company challenges, marketing trends, competitive analysis, or ABM (Account-Based Marketing) research. For example, if a High-tech company wants to obtain all the information about their target accounts in its pipeline, like the accounts’ basic company information, financial numbers, install base, acquisitions and mergers, decision-makers, organizational chart, industry challenges, etc., this type of information is called a custom research project. Such research and analysis projects are done for specific needs and are kept confidential for the client only.
Do I Really Need the Third Eye and Ear? – Why Outsource the Research Process
Conducting customized market research is one of the best ways to determine what your customer base needs or wants and how they behave, whether they harmonize with you or your competitors’ marketing efforts. Today’s consumer is showing a reasonable amount of interest through promotional advertisements (both online and offline), hence data has been growing and impacting marketing efforts. This has triggered marketing leaders to broadly understand their customers, latent markets, and competitors. This is when outsourcing comes into the picture. A third-party research company like Markable Solutions can become the much needed third eye and ear of your marketing team by conducting custom research on your behalf and compiling the data so you can make the strategic decisions needed to take your company forward.
Benefits of Outsourcing Your Market Research Process
Here are some of the major reasons why you should be outsourcing your research process:
- Access to an expert research team
- Unbiased findings
- Guaranteed researched data security
- Saves internal company time and resources
- Faster data acquisition
- High-quality reports for management
Custom Research Services with Markable Solutions
Markable Solutions offers a tailored market research approach to fit your specific business needs. We not only deliver quick and quality custom market research and analysis but also ensure providing valuable insights to unravel your oppressive business challenges resourcefully. Our custom market research services include the following major offerings:
1. Account Profiling and Intelligence
Account-Based Marketing (ABM) has become the standard best practice for B2B companies to funnel down their sales pipelines. With Markable Solutions’ Account Profiling Services, Marketers can now give their Sales team the insights to better reach and engage with their target accounts. Our account profiling services include sales enablement reports, media monitoring reports, and custom dossiers.
2. Market and Competitive Intelligence
Markable solutions cover a wide range of intelligence offerings including market analysis – market entry and expansion studies, competitor analysis, substitute products (or services) analysis, market growth trends and predictions, B2B branding research, customer segmentation research, You can use our intelligence services to comprehend your target market and competitors better than ever before.
3. Survey Services
Markable Solutions helps you create, publish, and manage surveys (online and offline) with expert research guidance to fit your unique strategic needs. We offer customer satisfaction, customer loyalty, and feedback surveys to B2B companies. Our research services include questionnaire writing, survey hosting on suitable survey tools, survey management, data collection and analysis, and report writing.