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Marketing research
Marketing Research

Does marketing research add value to a business?

Are you wondering if marketing research is what you need in your current project or job? Have you ever wondered if marketing research brings value to a brand or business? Well, in my experience it does.

I have been very lucky to be part of several marketing research projects. I am no expert in the subject by any means, but I have enjoyed the process of building research projects and the value it can bring to a company, so for me, the answer is it does ad value, but you have to be very careful of where you start.

In my experience, the key for a research project to bring real value to a company is to identify the fundamental question or need you are trying to fill with this information. If you don’t go through this step first, your research project might go in a very different direction and you may not get the answers or information that you need. Research projects also tend to be expensive, so having a clear understanding of the question or need you are trying to solve will make your inversion worth it.

A great example of research that adds value that I saw recently was with Tide. I am a fanatic of the Super Bowl commercials, and in the commercial Tide produced for this spot is very clear they used marketing research to develop the concept. As everyone knows it costs millions of dollars to advertise during the Super Bowl, and brands have about 30 seconds to get the message across.

I imagine sales of detergents might have gone down last year, and probably the leaders at Tide were wondering why?

The Tide commercial encourages people to wash their clothes more often. I imagine sales of detergents might have gone down last year, and probably the leaders at Tide were wondering why? If people are more concerned about their health and sanitizing more than ever, why are detergent sales not growing? They had a valid question, and that was the key to start their research project. And Tide having the budget to advertise during the Super Bowl, definitely had enough budget to conduct a research study of why their sales were down. As you can see in the commercial, they found their answer, people are washing their clothes less often than before. They don’t go into detail about why this is happening, but we can assume since consumers are staying at home more, and clothes tend to get less dirty, they can use a piece (a hoody in this case) for many days without washing it.

So, to answer the question, will market research ad value to your company or brand? My answer would be Yes, but first, you should take the time to ask that key question of what information you need or what gap you are trying to fill. If you have that answer, then yes research will always add value!

If you want to learn more about the commercial click here.

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andreaizas