How to identify the success of a market research?
When we talk about digital measurement, we refer to identify the quantitative results involved in the marketing strategy execution. This term comes from the mid-fifties, when marketing emerged a second stage oriented to sales. Due to this concern, they realized that the processes of production and sale of products revolve around the tastes and needs of the consumer.
In this way, market research becomes a fundamental piece to focus the communication of a product, according to the segmentation by target groups.
Currently, a consumer can make between 200 and 1200 online searches before making an offline purchase decision.
How can you identify the success of a market research?
To answer the question, we start from the results and a keyword: measurement.
In the mid-twentieth century, the interests and needs of the consumer could only be known through surveys and other high-cost manual methods, which yielded data before which one could not react immediately. Practice that to date is used less and less, because in this type of exercises, there is no honesty in the consumers or they are left biased by the interviewer, giving an idealized answer of what they think.
This doesn’t indicate that the surveys can’t achieve true data, but if we talk about consumption behaviors and tastes, we must put into practice the observation process to corroborate what consumers say.
Then, the steering wheel strategy was adopted to measure the number of sales. The more catalogs distributed, the more successful the indicator would be.
Today we continue using this same stimulus-response principle, applying digital tools that not only give a positive or negative purchase response, but also characteristics, behaviors, tastes, interests or demographic data of our users.
Think of customers, not in products
Conversions are defined by online and offline moments. Currently, a consumer can make between 200 and 1,200 searches before making a purchase decision, which is ultimately made in the store, point of sale or e-commerce. We are in an interconnected world that triggers reactions from any point of contact.
As a result of the increase in information on customer behavior, it is increasingly complex to define what is done, what is not and extract relevant data from this for business.
It is necessary to know at what point to look and not fall into the temptation to measure everything, the success of the measurement is in identifying the right indicators that will help us meet the business objective.
So, before integrating tools such as Google Analytics to measure strategies, it must be clear in what state the business is (roadmap), what are the KPIs and, consequently, how and where should I measure to focus the metrics on the business objectives?
Remember, “you must measure what really matters to make market decisions and thus generate ROI.” — Alejandro Gutiérrez, Analytics Leader — Grupodot.
The purpose is to think first of the user and then of the product, for this reason we share the important metrics to contribute with a goal:
How to integrate the market objectives to my digital metrics?
Finally, to gather information in successful events, it is essential to understand how to do an analysis to measure or restore business strategies.
- Start with a hypothesis based on a market objective.
- Deploy a testing strategy and be careful not to confuse correlations with causes.
- Make sure that the test variables are consistent.
- Use the following measurement tools according to your needs and the size of your company: Google Analytics 360 = Tag Manager + Optimize + Data Studio.
To improve and implement measurements on your site you can contact Grupodot.
