Methods: Market Research
Ninety percent of marketing is finding out what customers think, what the market will bear, and what trends are rising or falling int he coming months. Gathering all this knowledge about the market is the domain of market research. Market research involves talking to or interacting with customers in a way that can be analyzed and developed into useful business knowledge. Much of the guerrilla marketing done in an early brand phase double as on-the-ground market research - talking to cuatomers at trade shows, tracking responses to press release messages, analyzing where traffic flows on the company web site, and A/B message testing on a site or sales e-mail. As a brand develops and the stakes get higher, more systematic market research methods need to be brought to bear - formal customer interviews, phone and online surveys, A/B testing of advertising messages, etc. When a 3% difference in sell-through can equal millions in revenue, the cost of thorough research is a well-placed investment.