Use a Marketing Research Plan to Focus on Your Market

A marketing research plan needs to include different types of market research, and include the impact or results of that research in your business and/or your business plan. You can build a stronger value proposition by using a targeted marketing research process and approach.

What are some different types of market research? In terms of the process of analyzing your market, there is primary research (collected for the 'first' time, original investigation) and secondary research (use of data and analysis from other sources - online and offline). Primary is usually more time consuming and expensive but is more likely to be more clearly targeted on a specific issue or problem; secondary may be more general, less targeted but more economical.

Why is having a marketing research plan important to your business? Because without a plan you will not understand as much as you should about your market. For example, you will not know how your market (that is, customers) feels about your service, your products and your brand until they demonstrate it by not buying your products. The opposite of that - buying too much of your products - can also have an impact on your business; you may be forced into the position of not being able to satisfy a demand that you didn't see coming. In either scenario, the result will be unsatisfied customers.

The marketing research process and approach can include using methods such as surveys, interviews (face-to-face or telephone), and focus groups. It can be used to investigate competitive activities and impacts; the health of the industry you operate in; brand awareness and credibility; the impact and effectiveness of your advertising 'spend'; what motivates your customers to buy (from you or your competition); how satisfied your customers are (or aren't) and what it is that makes them satisfied, or not; what products or services you should add to your line; how to more narrowly target your market; whether you should grow your geographically reach; and much more.

Conducting marketing analysis includes defining the management issue or question to be answered (the why); developing the proposal (how will the issue be studied); identifying what will be studied, the time frame (when it will be studied and for how long), and who will be doing the analysis. Once the problem is clearly defined, the key issues in researching revolve around accurate and unbiased data collection, analysis and interpretation of the data and reporting of results.

Of critical importance, once the marketing research plan is completed, and the analysis has been conducted, is to act on the recommendations of the study. The investment of your time and resources must benefit the business: if you trust the results of the analysis and research, then make decisions and take action on the outcomes. If you don't trust or believe the results of the research, then invest in re-doing it, or having a third party consultant or researcher take a different approach. But don't go into a research project with a pre-defined idea of what the result should be; you will build bias into the study and be disappointed in the outcomes.

Different options available for Mobile advertisers

Mobile messaging technology is primarily based on SMS and MMS services. The enormous reach and scale of these two forms of mobile technology have made these 2 mediums a favorite for marketers. There are different variations of mobile marketing that include mobile instant messaging and mobile email. The low rates of these variants are driving marketers to adopt them more quickly than SMS and MMS. The potential of mobile messaging is virtually unlimited. When media publishers distribute mobile content, advertisers use these messages as inventory to embed their advertisement content. Similarly when
a business is providing consumer services through mobile messaging,
advertisers are taking advantage of any excess inventory and embedding their advertising messages. It helps advertisers to quickly help their clients establish their brands and create a loyal band of followers at a much lesser cost than traditional advertisement.

There are 2 types of mobile advertising options that marketers can utilize. The first option is Application-to-Person or what is known as A2P. A2P mode is used for Push Content Services, CRM and Business Services, Interactive Services and Search. Among these Push Content Services and Business Services, inventory is most frequently used by mobile advertisers to push advertisement to subscribers. If a subscriber has subscribed to news updates from New York Times or Bloomberg, it becomes easy for an advertiser to append a 20-60 character message with the message. A subscriber will not mind reading the advertisement as long as he is happy with the actual news

content that is being provided by NYT. Same is the case with Business
Services. When a bank sends an alert to a customer for a withdrawal made from the account, advertisers can take advantage of the remaining space in the message and embed their advertisements. Contests, online voting for nominating a reality show winner and polls also act as advertisement medium for advertisers.

P2P messages are another form of sms marketing that is not commonly used today but advertisers are encouraging subscribers to allow ads in their personal texts for which subscribers will be paid. If advertisers are able to make this form of sms text marketing happen, it will create a great inventory and help companies in creating brands quickly. However there is still some time before this form of marketing takes off.

The success drivers of SMS and MMS marketing are growing numbers of
mobile subscribers, simplicity, engagement and propagation. The measurable results of SMS marketing campaigns help marketers to measure the ROI of the campaigns easily. So, if you have decided to go for a SMS marketing campaign, get in touch quickly with a marketer. They will help you with your campaign starting from buying inventory to campaign launch. You will see tangible benefits within a few weeks of your campaign launch.

Effective Usage of Promotional Products in Your Business

The promotional products have been in the use for a long time and business vendors right from 19th century keep using them. These products are given away as complimentary objects during a sale or a promotional meeting. The important idea is to cross sell the business services and products. The free gifts will keep the common masses reminded about the company and its associated products whenever people use the free product. Every individual is ready to receive any kind of free products. This offers plentiful opportunities to expand the business empire with less amount of investment.

Benefits of Promotional Products:

There are no restrictions in the usage of these products. The product list is endless and almost any product can be used. Can you think of using a cap or a key chain as promotional product to advertise your product? They can be used extensively as these products are widely used by the masses. This frequent usage will improve the visibility of the brand services and products. Hence, the memories about the companies will stay fresh in the minds of the common masses. This gives a whip hand to the business owners during the advertisements in large television media and news print media.

Financial Aspects:

The most important advantage is the financial benefits that are obtained by the usage of promotional products. Hundreds of caps can be bought for a price of $XX dollars and it is very easy to customize the caps. The cost of customization does not go beyond $1 or $2 per cap. Hence the total cost will still not exceed the price cap of few $XX. However, a single advertisement in the television channel or a paper advertisement would cost around hundreds of dollars and this is only for a single day. However, the entire budget of promotional products can be fit into the pockets of business owners without having to feel the pinch of advertising.

Who Can Choose?

Small and medium sized business enterprise owners are the most suitable candidates to choose this form of advertising. However, bigger corporations are still investing a small chunk of money in this form of marketing as they know the importance and value of these services. Word of mouth form of advertising can bring in good amount of returns to the business owners. It is the least expensive way of marketing a product. The business owners always have the advantages in using these products to promote their brands.

Act Fast!

So, are you convinced with the benefits and advantages of using promotional products? It is also important to choose the products accordingly. It is good to stick to simple products that are not perishable and still has wider acceptability. The usage of such products should not be restricted to a set of audience and it should have a longer life expectancy. Have all these points in your mind when you select a promotional product to advertise your services and brand products.

Indians splurge on foreign travel, business services

These payments were "invisibles" in RBI books. Indians spent 70% more in 2004-05 on travel abroad and on sourcing foreign transport, engineering, constancy and distribution services to cope with growing business needs. Also, India’s external sector current account slipped into a deficit of $6.4 billion in 2004-05 after a three-year span of continuous surpluses, preliminary RBI data showed. Non-capital receipts from abroad exceeded payments made overseas by $10.5 billion in the current account in 2003-04. Significantly, as more and more Indians travel abroad and Indian businesses avail of foreign services, payments on these counts are increasing sharply. These payments, categorised as "invisibles", rose sharply last fiscal to touch $45.8 billion.automobile manufacturer India’s strength in its external sector in recent years has been "invisibles." Invisible receipts due to foreign tourists coming to India, Indian workers sending in remittances and exports of services, especially computer software, have been robust and have provided a surplus over invisible payments. In 2004-05 too, invisible receipts were in surplus by about $31.6 billion. But the growth in invisible payments at 70% in 2004-05 was much stronger than the 48% growth in invisible receipts, thereby opening up the possibility of the invisible account getting into the red in coming years.list of automobile manufacturers As such the trade account, representing merchandise exports and imports, went deep into the red in 2004-05, showing the deficit at a historic high of $38.1 billion. But for the surplus in the invisibles, India’s current account gap would have been much larger than a modest $6.4 billion. But if invisible payments continue to grow faster that invisible receipts, the possibility of a deficit in the coming years cannot be ruled out. Huge net capital inflows in 2004-05 amounting to $32.5 billion meant that India could easily negotiate the modest current account deficit of $6.4 billion and yet add over $26.1 billion to its forex kitty.indian automobile manufacturers The viability of India’s external balance of payments would, therefore, depend on invisible surpluses and net capital inflows. The good news is that in 2004-05, receipts grew by 25% from international tourist traffic to India. Private transfers, comprising primarily remittances from Indians working abroad, remained sizeable at $20.9 billion. IT services exports too were buoyant, touching $17.3 billion.

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