If you are going to use SMS mail-outs in your marketing campaign, then you should take this issue seriously. Doing market research has become more popular recently. The first thing to do is to work out if your company needs it.
First we need to have a clear idea of what this work entails.
Market research is the collection, classification and analysis of information about the state of the market- prices, competitors, consumer demand etc. Market data allows businesses to strategise and minimise uncertainty.
If internal marketing analytics answers the question “what is happening?”, then market research will tell you “why this is happening”. For example, why customers leave a product in the shopping cart of your online store and don’t complete their purchases.
Market research is needed to:
- Identify trends.
- Find potential clients, identify their needs and give them what they want.
- Plan new products, services and changes in the company together with your customers, rather than in isolation.
- Increase the efficiency of marketing campaigns
- Get to know your competitors and understand their strengths and weaknesses.
- Build pricing correctly.
- Adjust your business strategy if market trends change.
There are several methods of market research such as observation, focus groups, polls, interviews and experiments. All of them are aimed at a clearer understanding of market trends, customer needs, competitor research, etc.
Let’s take a look at a few of them.
Observation is when researchers observe a person who uses a product under real or simulated conditions.
Focus groups – these are groups of 6-10 people who use and discuss the company’s product with a moderator.
Polling is the most popular and easiest way to do research. Respondents are asked to answer a series of questions, either with a choice of answers or open-ended.
SMS marketing is a simple and relatively cheap tool. Despite the fact that new technologies are developing in the modern world, it remains in demand and is a popular medium for advertising and information. However, in order to use it correctly, you need fully-fledged market research to show you the right way to go.