Marketing is the process of planning and executing the
conception, pricing, promotion and distribution of ideas, products services to
create exchanges that satisfy customer and organizational objectives. The
concept of marketing as a business philosophy defines marketing as a process that
finds, satisfies and retains customers while businesses profit. That being
said, the role of the customer and the customer’s relationship to the product is
key- whether the customer considers the product to meet a need or want.
Therefore, market research is imperative for a company to
know what type of products or services would be profitable to introduce in the
market. Also with respect to its existing products in the market, good market
research enables a company to know if it has been able to satisfy customer
needs and whether any changes need to be made in the packaging, delivery or the
product itself. This enables a company to formulate a viable marketing plan or
measure its success.
On October 21, 2013 your industry will be significantly impacted
if you attend The
Market Research Event (TMRE).
What is TMRE? It’s the only event of its kind
with more than 60% client side attendees and 98% of past participants recommending
TMRE to a colleague. Featuring over 140 sessions and 175 speakers, every year TMRE
delivers the most comprehensive research learning and networking experience of
From the worlds’ most popular best-selling authors, to the
year’s best case studies demonstrating the business impact of insights, TMRE
is like attending seven events in just one
trip. For the attendees, sponsors and speakers who come back each and every year,
TMRE has remained their trusted partner to acquire new skills into their departments
like storytelling, strategic decision making and insight integration.
Check out what attendees had to say about last year’s event
To learn more about the event and to register as an attendee
or sponsor, click here!
Time/Date: Thu, Jul 22, 2010 2:00 PM – 3:00 PM EDT
Here’s a little something to wet your apetite for the PME Event! Evan Weber, CEO of Experience Advertising and PME speaker, will be presenting an hour long web seminar on Thursday July, 22nd from 2-3pm EDT.
Here’s a quick recap of what the webinar is all about:
Learn about the exciting world of performance-based marketing and how you can leverage this ever-growing industry to drive revenue for your company. Topics include: types of affiliate marketing channels, types of affiliates, and basic strategies to launch into performance-based marketing.
Register below for the webinar, hope to “see” you there!
According to The Wall Street Journal, market research firm IDC is set to publish a report that outlines a 5% shrinkage in the internet ad market during the 2Q.
For the second quarter, IDC said worldwide ad spending was down 5% to $13.9 billion from $14.7 billion in the same period a year ago. The results are included in IDC’s forthcoming Worldwide and U.S. Internet Ad Spend Report 2Q09. The downturn hit most areas of the world, with the exception of the Asia Pacific region, including Japan, which saw slight gains in the most recent quarter. U.S. Internet ad spending also declined for the second time in a row, down about 7% to $6.2 billion from $6.6 billion a year earlier. The pain was felt across all major formats, with search ads being least affected, display ads losing 12%, and classifieds shrinking 17%, the research group said.
Why the decline? We’d like to hear your thoughts.
Internet Ad Market Suffers Second Straight Decline In 2Q
One big reason why many businesses fail is because of the lack of market research. Many companies believe that you only need to locate a hot product and promote it on the internet. A business can not succeed far if this methodology is implemented, instead companies should find out the needs of the market before entering to ensure that it is the right product for the market.
Since we started this week with a couple of lists, I’d figured I would keep the trend going. Shawn Lim has listed the top 3 questions a business must ask in doing market research in this post. Enjoy!
1. Is your market profitable? You have to locate a profitable market, if your market is not profitable; people in your market are not willing to spend. And if your market is not willing to spend, you will be having hard times making sales. Therefore, make sure that your market is a profitable market where the people in your market are ready to buy from you. You can find out your market’s profitability by looking at the numbers of advertisers in your market. The more advertisers there are, the more profitable your market will be. .
2. Is your market highly competitive? If you are a beginner in internet marketing, I suggest that you start from a less competitive market. This is because it is always easier to dominate a less competitive market than a highly competitive one. Think about it, if you are still new and you have to compete with the big boys in the market, do you think you will have advantage over them? That is why it is always a wise choice to go for a less competitive market. Of course there are some exceptions for this, but do you think you are capable of doing this?
3. Is your market niche enough? In fact, niche marketing is the only marketing that works wonder in internet marketing. You have to focus your market very specifically in order to build much targeted prospects. Just like if you are targeting sport market, which sport are you targeting? Is it tennis? And even if it is tennis, you should still further focus your market, like woman’s tennis and so on.
What are some questions your company asks before entering a new market?
I came across this helpful blog post today that gave a list of 25 top market research and analysis tools as evaluated by Tino Triste in Internet Marketing. The author also provides a short description for each tool, and why it is useful. Here are a few of them. I hope you find them helpful! 43 Things
About.com: Sites A to Z
Amazon’s Hot New Releases
AOL Hot Searches
adCenter Labs: Demographic Prediction
SEOmoz Popular Searches
Shopping.com Consumer Demand Index After checking out the complete list at the i-com blog, are there any others that you would add? What have proven to be the most helpful market research tools that you have used?
iPerceptions: Online Marketing Research Tool According to this MarketWatch article, IDG has decided to utilize iPerceptions for many of their ‘online properties’ including Computerworld.com, Macworld.com, and PCworld.com. They feel that this tool will help them ‘solicit and analyze user-generated feedback from millions of site visitors in order to discover the issues that matter most to readers and gauge customer satisfaction with its range of content offerings, including multimedia and community features.’ Jonathan Levitt, VP of Marketing at iPerceptions had this to say in regards to IDG “Media companies need to listen to real consumers, in the context of real experiences, in order to understand and improve the online experience. IDG is a great example of a media titan that is taking the right steps to engage its readers and transform their feedback into tactical and strategic decision support that changes their business.” In what ways are the organizations that you involved with gathering and analyzing customer feedback?
Whether you’re talking to a company’s representative on the phone or online, there are two quick ways to alienate a customer. Laura Bergells details these two approaches that your company’s reps should watch out for when they communicate with customers in her latest post on Internet Marketing in the Midwest. Laura gives an example of two companies that she has had a long customer relationship with which she will soon break off. One company apologizes constantly in person, on the phone, and in ‘canned letters’. The apologies seem scripted, and thus can frustrate customers even more when their problems are not being solved. The next example involves a company who apologizes for none of its faults, and makes the customer feel like an idiot. The representatives for Company B treated Laura with absolutely no respect, and made no effort to go out of there way to provide superior service. Not only was the rep rude, but they did hold Laura’s scheduled appointment. These are two examples of customer service approaches that your company should never follow. As Laura mentions, customer service is a huge part of marketing, and frustrated bloggers can spread word fast all over social media. Businesses should empower its representatives to use social skills and reasoning to solve problems and communicate effectively with customers, instead of following a script or being unapologetic.
Searching the blogosphere, I came across this post from Warner on Adventures in Internet Marketing. In this post, he details many conventional and FREE ways to find out what people are talking about and what they are searching for. Amazon top selling products, eBay pulse, and eBay keywords are some of the best ways to check out the new buzz. Sites like technorati and Del.icio.us are great because you can view different sites that people have been saving and analyze interested keywords. Marketers are beginning to look at social media as a great way to analyze information. The shift from traditional focus groups and surveys are changing as people are making information readily accessible on the web.
The New York Times reported today that Google is introducing a new service called Ad Planner designed to help media buyers determine websites that their target audiences are interested in. This service will place Google in direct competition with Nielsen Online, and comScore. Google is touting that their main benefit to users will be that it is free. The screen shot for Ad Planner can be found below. Shockwaves have already hit the market space with comScore reporting a drop in their stock price of 22.5% from $21.45 to $6.24. Both Nielsen Online, and comScore in response to the new Google Tool have released statements defining why their companies are still viable. From Nielsen Online, Susan Hickey, head of marketing made this statement about Google Ad Planner, ‘We haven’t seen, in-depth, the tool, but the breadth and depth of our data, we feel that clients pay for that.’ Gian M. Fulgoni, chairman at comScore response was to say ‘If I were a competitor of Google, the last thing I would want to do is use their products.’
While Google has stated that the main difference between their service and competition, is that Ad Planner will be free, there is another competitor, Quantcast, who is questioning the validity of the findings of the aforementioned companies. This new start up, as announced in AdAge, stated that they will be offering a tracking tool that has people-based traffic counts, a cross between panel-based data, and cookie based measurements. Nielsen Online, and comScore currently use panel data, and Google has stated that their information will come from multiple data feeds and licensed information from sources including Nielsen Online.