Market research and marketing are two terms that are often used interchangeably. To several people, these two terms mean the same and you probably think so as well. As a matter of fact, marketers that constantly use these two concepts interchangeably are wrong. Well, this article is about to show you why these two terms are not the same.
While they have a similar sound and both contribute immensely to marketing solutions and efforts, they are nevertheless totally different. Yes, there is a bit of overlap between the two but inherently, they are not the same. Let’s draw out the difference between the two and also highlight how and where they overlap.
How does the distinction usually manifest
To start with, we need to consider the different stages at which these two marketing efforts are brought into play as that will give a deep insight as to the distinction between the two. Usually, marketing leaders and business owners conduct market research at the earliest stage of business or product development. On the other hand, marketing research is always brought into the picture much later.
At this point, to give you a better understanding of the distinction between the two, we will have to consider the actual meaning of each of them and we will be starting with market research. As far as market research is concerned, it is all about identifying whether or not you have an audience, and if you do have an audience, identifying who it is. As a marketing effort, when you identify a particular category of individuals that could benefit greatly from your service or product, you will have to determine if it is huge enough to make your business thrive.
It is not uncommon to see people fascinated by the blueprint behind your business or the conceptual framework for your product, what matters is their willingness to pay for that service or product. As such, if they are not ready to offer what that service or product is worth in terms of payment, you shouldn’t launch it.
Otherwise, marketing research is focused on a different concept. Marketing research is solely involved in marketing in its literal sense. It is research targeted at the marketing mix of product, promotion, place, and price. It considers the different kinds of research related to each of these four components. Some of the most notable examples of marketing research activities include product concept testing like usability tests, advertisement testing, channel research as well as pricing research among others.
Knowing the best way to engage your audience largely determines the success of your business or product in the marketplace and this is one of the things marketing research helps you determine. You get to avoid wasting money on marketing approaches that will not click with your audience. A lot of organizations make use of personas or business avatars to guide the process of marketing research. Alternatively, some use historical empirical data to study past successful and failed approaches in past campaigns that targeted the same category of audience.
The overlap between these two terms
As we have stated earlier, while market research and marketing research are two different processes, they are not without some areas of overlapping. Perhaps, this is why a lot of marketers assume that these two terms refer to the same concept. If you notice, you will realize that a few things in the respective definitions of these two concepts highlighted above are the same.
Those similar items are the areas where the two overlap and they include things like product attribute research and pricing. Besides, another area where both market research and marketing research tend to overlap is competitive research because both of them are related to the general market as well as the overall marketing effort.
Today, due to the demand and need for both market research and marketing research, the requests for these services have continued to surge among different market players and business owners. As such, when you are looking for a market research service, you have to ensure you deal with the best agencies so that you can gain a competitive edge.