Posts Tagged ‘market research’

Outsourcing Internet Marketing Research

The integral part of any marketing initiative is market research. Comprehensive market research identifies the wants and requirements of the potential target market. It provides information that helps to make operational business decisions. It is good to outsource Internet marketing research, as it is advantageous for businesses in many ways.

Features of Outsourcing Internet Marketing Research

Specialized Expertise
The online marketing research firms offers specialist services to almost all kinds of businesses. Because major operational business decisions can be taken based upon the marketing research reports, it should be carried out by the research professionals. Professional online marketing research firms do have professionals with expertise in online search techniques. Online marketing research professionals are familiar with reliable data sources and with the techniques to the reliable information.

Less Time
The professional marketing research firms operate according to a timetable and schedule. They will give timely updates and status reports to the client to make sure that the research project is going in the right direction. This will make the report delivered on time according to the client’s requirement. And also the in-house research reports may be delayed as all the resources may not be employed on the research project.

Limited to Specific Businesses
Online research reports are limited to some specific business. It is well known that online research projects are entirely dependent on the information available on the Internet. That means, if the information about a particular industry or the topic is not available on the Internet, the objective of the research may not be fulfilled.

Cost Effective
The main reason for the outsourcing is to get quality services in a cost effective manner. The research firms will have all the built-in infrastructure and resources to do the research project. As they are exclusively focused on the research they know how to reduce the cost of the project. At the same time by assigning the research project to a research firm, the company can reduce the operational costs and concentrate more on their core business.

Unbiased Report
In some cases of in-house research, there is a chance of the report may be influenced by the internal environment of the company. At the same time the professional online marketing research firms can deliver the impartial research report with an objective perspective.

The research done by an external source will have credibility because it is done by a professional agency. However, to deliver a good online research project there should be good knowledge about the local market of the client. Globalization with the aid of the Internet is bridging this gap.

The Role Of Internet In Marketing Research

Marketing research specifies the information required to address the vital issues in decision making, designs methods for collecting information, manages and implements the data collection process, analyzes and communicates the findings and their implications. In simple marketing research is about researching the whole company’s marketing process.

The Role of Internet in Marketing Research:
Internet became the part and parcel of the businesses to make and convey decisions. The decision-making is done based on the information generated by the marketing research. Increasingly Internet is becoming a major source for the marketing research. The reason is Internet contains vast resource of information available for market research.

Access to Multiple Resources
Accessing information through the Internet is an efficient alternative to hours spent with traditional sources like libraries. The Internet connects businesses, academic institutions, trade associations, government agencies and private individuals. Using browsers, it is possible to access the sites or user groups who are linked through the Net.

Information at Finger Tips
Any kind of information that is available in Internet is just a few clicks away. For marketing research, the Internet has two important sources of information. One is the websites, which represent companies, organizations and individuals to promote their products, services or communicate their views. The other source is user groups. The information given in the websites rather than the user groups is more reliable for a researcher. The companies and organizations generally give genuine information about their businesses in their official portals. The user groups can give some useful leads by giving key words and URLs.

Exchange Information Globally in Less Time
Through Internet it is possible to send and receive information from far distant countries. For example, you can send and receive market reports to and from China as easy as Canada. All this will happen in few minutes with less effort and cost. The effortless transmission of information across the boundaries made the job of the marketing research easier, to process both globalized and localized information for the marketing research.

It is undisputed to state that Internet has a vital role to play in the marketing research. The information base in Internet is expanding by the online versions of the other sources of information such as libraries, press, books etc. This will give a new exposure to the marketing research to become more effective and efficient in delivering better results.

Internet Marketing For The Novice

Many businesses are not only depending on their physical offices in marketing whatever product they have available for the general public. With the introduction of the internet, there are many changes that took place in the business world.

The internet allows a particular organization to reach many prospective clients wherever they are. Even if you have one office, you can practically advertise your goods/services anywhere in the world.

Putting your business in the internet world is not an easy task. Don’t regard the internet as a medium for advertising your business because it is more than that. You have to maximize the use of the unique qualities of the web, and in this manner, you will be able to provide prospects and clients with a better experience.

Internet marketing, this are two simple words but when put together, it covers a lot of subject matters that needs considerable amount of attention. The basics of internet marketing includes researching the market, search engines, advertising (email), marketing, promotion (local) and marketing offline.

Let’s start with researching the market. You have to identify first your market, and think of ways on how to reach those markets. You should be able to convey a message with value, for your prospects and clients to get a better understanding of what you are trying to advertise.

The two most important words in market research are target and hit. An effective marketing research should be able to hit the identified target. Your target will depend largely on what your business can provide to clients. Examples are children aged 7-12; or it can be men and women.

Marketing research further involves primary and secondary research, combined research, quantitative and qualitative.

The next internet marketing basic is the search engine. This has two types, namely: directories search engine and the PPC (pay per click) engines. If you are to engage in internet marketing, the presence of a search engine is quite important. Although it can be quite expensive, most business can’t possibly do without it because it is the most effective way to advertise the business.

Directories require a huge amount of patience for effective marketing. You have to wait for a couple of weeks before you actually appear on the site. Your site position can also change without further notice because this engines change their indexes and ranking rules every now and then.

PPC engines are more expensive but easier to utilize. You can obtain a much higher listing and fast and steady results.

Advertising is the next basic on the list. After you identify the desires and general wants of your target, you can also identify their interests. There are different publications which take up advertising; you can also make use of newsletter list advertising. It has three types: solo advertisement, classified ads, and top line ads.

Marketing through email usually leads to several problems, but despite this situation, it is quite effective because you can actually generate a response from three targets. You can make use of opt-in, newsletter, and UCE.

Email by opt-in is done by creating email addresses by which you send messages occasionally. Newsletter marketing on the other hand is similar to opt-in but it includes information like insights and articles. The UCE is also a form of advertising and is really effective, it also known as unsolicited commercial email.

The second to the last internet marketing basic is promotion. Make sure that you also promote in your local area, besides your first real clients will surely come from somewhere near your place. Since many businesses focus their attention to web audiences, they often forget to advertise locally. You can make use of press releases, magazines, newspapers, business guides, and many more.

Finally, marketing offline; classified ads are good if the publication itself focuses on your target market, otherwise you can do without it. Instead, you can correctly make use of print advertising, URLs, and movie slides.

Without advertisement, any business will fail. It is therefore imperative to have a good team that could handle all your business advertising, offline or online. Internet marketing requires a lot of thought, effort, and time. If you devote all these aspects towards proper advertising, all your efforts will be worthy once you see the business’ success.

Challenges In Internet Marketing Research

Internet marketing research is the processof searching the internet for the purpose of gathering information about your nichemarket segments, so that you can further analyze it to explore new opportunities in themarket. It can further help in identifying problems, potential challenges and monitor the performance ofa company. Internet contains vast amounts of information and data, but the problem is not the volume but finding necessary relevant information required is a big challenge.

There are challenges that are very unusual from traditional research methods that internet marketing research has to overcome to get the desired quality results. As there is a vast amount of data and subject material is extremely wide in variety on the internet, processing this data into reliable information presents a big challenge.

Internet is easy and convenient platform to publish information for profitable or non-profitable purposes. Absence of regulation on the internet content makes the matter worse. Given the enormous amount of information which is available on internet, major challenge in doing marketing research is credibility of the source and accuracy, reliability, and value of the data. It implies that in order to determine the suitability of information it is very important to evaluate the data.

The Internet has already evolved as favorite tool of marketing research and the benefits are many. However, depending upon the requirements, it is important to figure out the researchmethodology which will suit you best and will help you deliver morevalue.

Here are three types of market research

ExploratoryResearch
It is an unstructured form of research and findings are based mainly on secondary data, case studies, pilot projectsetc. and gathers general information about market and its various segments. Exploratory research is used to search the marketfor new ideas and explore potential market opportunities.
DescriptiveResearch
Descriptive research is morestructured and it provides detailed analysis aboutthe markets. Though it requires larger volumes of data collection and accurate analysis, it provides specific answers to multiple point questions.
Casual Research
Casual research helps to identify potential problems, locate its specificcauses and guide you to formulateeffective solutions and eliminate the root cause of the problemaltogether. It in fact helps you to understand the relationship between the market, business and its target audiences.

Challenges of Internet Marketing Research
Although Internet Marketing Research has many advantages like, cost effective and time saving, there are challenges in doing market research, which are as follows:

Outdated Data: Considerable amount of data found in web pages can be outdated, either published well in past or become outdated very quickly due to the pace of change within in industry itself.

Credibility: Many a times, the data collected may not be credible. It is possible that information is published by someone who is not an expert on the industry trends. Because important decisions based on information, its credibility is always important. There are several tests which will help you to judge the credibility of the information, like author’s credentials, accuracy test, timeliness of the work, and comprehensiveness of information etc.

Accuracy of data: Overall quality of research is directly related to the accuracy of information source. There are many websites and blogs that generally provide incorrect information. A researcher has to identify reliable sources related to the subject and analyze and crosscheck from various sources to validate its accuracy. Factual, detailed, exactness and purpose reflect intentions of completeness and accuracy of information.

Limited Useful Data: Sometimes it can take days or weeks to gather the desired data because the publishers are reluctant to give away the complete details freely online or information and data are restricted and incomplete and required data may not be available from the same source and has to be replaced with data from other qualified sources.

Internet is evolving growing in size every moment and though the vast information available on internet is free of cost, it requires lot of effort, skill and technique to filter out information. There are various internet tools and search engine techniques that enable to find the qualified data useful for research.