In marketing, we are always trying to understand how the public feels or acts towards a product or merchandise. The best way to do this is with research or with an experiment, but how do you know which one to use. Marketing research is a process that allows you to collect information about customers and competitors in the market. While an experiment helps you find the cause and effect of something.
Marketing research helps to understand the market landscape, this can be done with surveys or focus groups. Market research blends consumer behavior and economic trends to confirm and improve your business idea. For example, if Apple wanted to know how iPhone users feel about the price of iPhones, you would get an understanding from peoples answers if they like it or don’t and why they feel that way.
Marketing experiments helps to find the reason something happens in the market. This is done through two types of experiments: Laboratory experiments and Field experiments. A TV pilot is a Laboratory experiment, when Netflix wants to release a new show but they are not sure how people will like it they release the first episode which is considered a pilot. This allows them to see if people are invested to the story and would keep watching the show. A Field experiment works by manipulating the independent variables and measuring the results. For example, if New Balance are thinking about releasing a new shoe but have not yet decided what the final design would be, they can have their final three design and ask people what they think of each design. This would allow them to see the opinions of the customer depending on the design of the shoe.
Marketing Research helps you understand what someone feels about something and Marketing Experiments help you understand why they feel that way. Research and Experiments are both very valuable, but it is important to know when to use each one to be able to get the most out of them.
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