Recommendations on pricing or competitive analysis of pricing can be offered to finance to review if applicable. The business plan itself and the vision of the business rely on the validity of your market research and intelligence. Your strategy should be well thought out but flexible enough to allow for changes in the market. Much of the information you’ll find will overlap, though your reasoning or the insights that you’re gathering serve different purposes. Our services. Market research, on the other hand, will give you information on the market as a whole which can offer insights as to why certain campaigns may perform at different levels. This might include new campaigns, the target market you’re serving, the branding, messaging, and other aspects of your offerings. The fundamental difference between Market Research and Marketing Research is in terms of time. The outcome that drove them to reevaluate was We want our supplier to ‘take charge’ of the whole transaction. Marketing research is the course you would take to help answer these questions that the analytics can only help you guess at. This data will help you to compare your strengths and weaknesses against direct competition. This information lets you assess whether their customer base might be the same as yours. As markets become more crowded and buyers are inundated with marketing messages, your ability to differentiate and position yourself becomes crucial. For smaller companies, marketing research can help fill these gaps with knowledge. Post was not sent - check your email addresses! On a wider scale, these tools can help you determine whether your campaigns are working, but they can also be used to investigate specific data sets for campaigns or purposes. For instance, if both companies provided pet grooming services but one company was on location and there was a lengthy waiting period and the other company brought a mobile dog grooming station to the client, those would cater to different customer bases. A good quantitative design employs exercises in which the respondent is asked to make choices on what is important to them and identifies the difficulty a respondent is having in achieving their most important outcomes. Market research differs - market research meaning the whole market. Receive great industry news once a week in your inbox. 1. Marketing Intelligence on the other hand is not directed by project specific or variable specific objective. Hubspot’s findings that ~72% of businesses perform market research but only ~22% plan on performing research this year suggests that many businesses still take an ad-hoc, uneven approach to their market research. Change ), You are commenting using your Google account. All rights reserved. Even more importantly, it may not effectively address the competitive reaction to making a change in any one or all of the marketing variables. To identify which new flavors should be introduced, the company decides to carry out a market research and collect data through surveys, Figure 01: Cereal market categorization in the USA. Continuing from the above example, by looking at the chart above regarding the cereal market in USA, General Mills can understand their market potential (the company is only 3% away from becoming a market leader) and can evaluate options to select the best option. Market intelligence is wider in scope and gives you a view of current trends and opportunities. / Privacy Policy Any new product line or offering should start with ample research and market intelligence and all investment decisions should be made with these insights in mind. The marketing position might be something as unique as an offering that's different from everything else in the market. Market research describes what is occurring as it occurs, so you can react tactically. May 31, 2016 / Justine Brown. Then you need to figure out what your benefit is. Marketing intelligence is the data—and the process of using it—to guide marketing decisions. Marketing research vs marketing analytics: what are the differences? Market research is heavily relied upon when the marketing strategy is being assessed and developed. ( Log Out /  Marketing intelligence is the practice of gathering data relevant to the marketing efforts of an organization, then analyzing that data to accurately and efficiently guide the decision-making process of campaigns. The terms are similar but the way you go about compiling the research and the data that's useful for each activity are separate and serve different purposes.