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Marketing Strategies of Online Sellers

Most market research culminates with a report of the findings. It’s important to determine how you’ll organize the data even before collecting it to make sure that you’re using the right methods to gather the data. 

How to Organize Your Market Research Data

The report should be useful for you to use when trying to create products, market products, or otherwise communicate with your audience. 

Here are some tips.

How Will You Use the Data?

How you will use the data matters a lot in terms of how you’ll organize it. For example, if you are conducting research that will help you create a brand new solution for your audience, you’ll want to organize the data for internal use.

The Type of Data

Some data types will work great in a spreadsheet, others in a pie chart; some will be best reported in writing within a report. You’ll need to determine by the type of data how you’ll best organize it.

What Are You Trying to Impact?

If you’re trying to determine how you can affect your revenue, then you’ll want to study issues that you can impact, like click-through rate, sales conversions, traffic, and more. Ask yourself what results you expect, and then move from there.

What Impacts Your Goals?

Sometimes the things we do affect what we are hoping to change. For example, if you want to make more sales, but you don’t create or hire someone who has experience making amazing and high converting sales pages, you might fail.

Create a Logical Naming Convention

One thing that can irritate organizing data is finding it when you need to use it. Thankfully, you can figure out a logical naming convention to use so that when you search for the information on your computer, Google Drive or Dropbox, you’ll be able to locate the information easier. Set up a naming convention that includes the subject keywords, data, results, and discovery information. 

Clean It Up

Once you collect data, you’ll need to determine what data is useful and what is not useful. Determine which data is important for you, is easily quantifiable, and allows you to make excellent decisions. Throw everything else out because you don’t need it. 

Mix It Up

Use different methods to show the data you need to understand and that others in your organization may need to understand. Write out in words what it means, as well as show it pictorially via graphs and charts.

Include a Table of Contents

For the main report, you want to include a table of contents because that is also a good way to search for the information within the document. If you also include keywords, you’ll be able to find the document when searching easily.

Organizing your market research data is an important part of conducting market research. Without being able to easily understand and interpret what the information you’ve gathered means, it’s essentially useless. The process of the organization will help you to understand better and put to use your hard work.

Quantitative Results and Qualitative Results and Why You Need Both

Before you start with market research, it’s important to understand the difference between quantitative and qualitative results.

Definitions

  • Quantitative – This type of research is used to gather numerical data and statistics so that you can put a number with the attitudes, opinions, behaviors, and other variables that you define from your sample population. This data is measurable and can find patterns and plan facts. 

To gather this type of information, you’ll use surveys, face-to-face, and telephonic interviews, long-term studies, polls, and more.

  • Qualitative – This type of research is used to understand the reasons something is as it is. Not only that, you’ll want to understand your audience’s opinions and motivations for feeling how they feel, and qualitative results will do that for you. The insights you get with qualitative research will show you how your audience is thinking and feeling and what they need and want. 

To gather this type of information, you may use focus groups, individual interviews, and observation methods with small groups.

Strengths and Weaknesses 

Both types of results have strengths and weaknesses. 

Quantitative: Providing a lot of information in numerical form can sometimes provide correlations that have no real meaning. You may end up coming to a conclusion that isn’t accurate.

Qualitative: This data type can identify trends that you might not see otherwise, but it’s hard to place a good value on it to determine accuracy. Without putting numbers to this information, it can be hard to determine its true importance. 

Why You Need Both

By combining both types of data, you can fill in the blanks and prove or disprove correlation. So many research results matter – from who researched what types of information the researcher was trying to prove or disprove. Using both types of data will help you get more accurate results.

Each type of research data is also important in its regard. To know how to serve your audience, you’ll need facts, figures, opinions, and insight to help you make the best choice. That will need to comprise both types of research results. When you combine methods, you’ll get far better and more accurate results.

It’s preferable to collect both data types and then combine them within your reports to get the best answers. A superb example is the company Coke and their push out of their product New Coke. 

This is known as one of the bigger marketing mistakes a company has made. They probably made this mistake because they looked at one taste test against Pepsi where more people chose Pepsi. 

But they forgot their target audience – those who prefer Coke. By changing the flavor based on one type of research, they missed the mark in a big way and made Coke lovers across the world mad. Don’t do that; use both types of data for the very best results.

What Is Included in Your Secondary Research?

Secondary research is data gathered by other people about your topic of interest. Conducting secondary research is an important start to gather marketing research. The trick is that you need to find reputable sources for the information, understand whether they have an agenda outside of spreading the truth, and then confirm that information with your primary research.

Finding Sources

Before you even get started, you need to know where to get the information from. You want to identify excellent sources of information that will work for your needs. Places that are government, educational, and industry outlets work well. Be careful about sources with a particular agenda because they may twist the information to match their own needs. 

Gathering Information

You’ll put together public data and other information from organizations and industries to develop a start to the secondary research you’re conducting. If you ask yourself what you want to find out and then collect information that answers that question, it’ll be easier to know what to keep. 

Normalizing Information

Sometimes you’ll find conflicting information from different sources. Look at that data closely to ensure that the interpretation you found is accurate in what was collected. You may need to throw out some sources in favor of others that you deem more accurate. 

Analyzing Information

Once you’ve determined that the information you’ve collected is accurate, fair, and representative of your market, you can put it together in a way that’s easy to interpret. Using words, plus graphics and images is often the best way to make the information understandable. 

Also, you’ll want to determine whether you’re putting the information together for yourself to use internally or for your audience.

Understand the Advantages and Disadvantages of Secondary Research

Secondary research has the advantage of being a fast, cost-efficient way to gather data easily, and it has a high level of value. But often, it’s very general and not indicative of your targeted audience’s wants and needs. You’ll have to do primary research to make sure it’s accurate.

Use Technology to Help

Today, you can use technology to help you, such as accessing various online sources like the US Census via the net so that you can download the information. It’s amazing what is out there if you know where to look, now that you can do it online.

Sources and Strategies

If you’re unsure where to start, the best place is with a government entity that collects and publishes data about various audiences. Next, look to trade journals, academic research, and industry experts. You can also ask your colleagues and associates for help with brainstorming before you get started.

Time Yourself

They say that if you spend over 10 to 15 minutes trying to find something online; it doesn’t exist. But maybe you’re not using the right search terms. Brainstorm at least ten to twenty search terms about your subject before starting your search. However, don’t spend too much time searching because you need to spend more time analyzing. 

When conducting secondary research, follow leads and look for information in public areas like libraries, government entities, trade journals, and other reputable places before you get hung up on any data you collect.

Marketing Strategies of Online Sellers

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