Market research should forecast the impact of an eventual advertising campaign. It is a preliminary strategy providing various indicators regarding the most efficient way to approach the advertising process and to consider selling and developing strategies within private or public companies. Regardless of the quality and creativity standards in advertising, a TV commercial or an online campaign cannot be truly efficient if the audience has no interest in the advertised product or service. Market research values a wide spectrum of indicators which gradually narrow a targeted audience. The process has its starting point in generalized information such as demographic information and can identify and interpret even financial data for a particular category of prospective consumers.
Market research is definitely a laborious process because it involves complex procedures such as collecting information, analysis, and interpretation. However, an adequate completion of the entire path results in valid and effective information, which enables advertisers and managers to reduce the failure risks and to prioritize lucratively the major assets of a business in a particular context.
Market research comprises 2 fundamental components, primary and secondary research. Primary research is considered a very dynamic process because marketers are required to collect information, which should later lead professionals to identify consumers’ behavior and profile. Secondary research interprets data that has already been gathered such as statistics on demographic indicators or authorities financial reports. We can easily notice that primary research focuses on prediction, whereas, secondary research focuses on interpretation.
Depending on the outcomes of market research, advertisers will be able to create proficient advertising concepts and to develop them in outstanding ad campaigns.