Contribution Of Marketing Research On Business Revenue
Marketing research is the most critical stage of marketing process for the entrepreneur’s business. Any marketing plan begins starts with recording and analyzing the information that such a businessperson’s enterprise receives from its market environment and devising a viable strategy to cater to the unique needs of the clients in that market. By understanding and appreciating, the target market he/she is catering to, an entrepreneur becomes aware of the type of customers who will buy his/her product. Without adequate marketing knowledge, all marketing efforts that an entrepreneur formulates for the future ultimately become an exercise of incomplete guesswork.
George Bardwil is prominent figure in the American textile industry whose effective marketing research strategies are a catalyst in keeping his company one-step ahead of his competitors in the market. He is the proprietor of Bardwil Industries, a family-business that his grandfather established in 1906. The esteemed textile company is a dominant player in the American textile industry and is a household name with a reputation of manufacturing and supplying high-quality textile products of unique workmanship to prominent U.S. retail companies and homes. The company operates its business activities in three prominent American states of New York, Ohio and New Jersey, also happens to be the company’s headquarters. The company has a unique online presence to conduct its direct sales and employs a workforce of over sixty workers.
Mr. Bardwil admits that while market research is a critical aspect of any marketing policy very few business enterprises utilize its full potential. Marketing research comprise of the following three essential activities:
- Market Segmentation
Market segmentation refers to the process of subdividing an entrepreneur’s target market into various sub-groups on basis on certain inherent characteristics and specific needs to ensure his product meets those needs. Market segmentation is critical for any business because it prevents the entrepreneur from wasting precious time and resources by reaching out to the wrong people with his product or service.
- Identifying the target audience
Once the entrepreneur appreciates and understands the importance of target audience, he/she starts identifying the target audience and specific needs of those people.
- Marketing Mix
This concept is the cornerstone of marketing and comprises of price, product, promotion and place. The marketing mix is essential as it allows business enterprises to chalk out, examine and analyze the suitability and viability of the entrepreneur’s product for the target audience. It is a useful marketing tool for identifying the appropriate balance for the entrepreneur’s product or service to ensure that it sells in the market at the right price.
George Bardwil advocates that an effective marketing research strategy is essential to ensure the entrepreneur’s product or service reaches and caters to the unique needs of the target audience that is the cornerstone of the enterprise’s success in the market. Businesses who fail to give adequate attention to market research ultimately sell their products to the wrong people resulting in loss of revenue and ultimately go into liquidation because they are unaware of the prevailing condition in the market.