Market Research – Can It Increase Profits?

Increased sales for less cost is fast becoming a business mantra. For any company it is critical to understand precisely why people buy into what you have to offer. In this competitive marketplace research budgets are often first to go in an attempt to save money. Yet some types of research have been proven to dramatically increase profits.

Market research is the systematic gathering and interpretation of intelligence using analytical methods and techniques to gain insight or support decision making. It is really any structured attempt to gain knowledge about competitors, markets or customers.

Yet, the term is commonly, and wrongly, interchanged with the practice of Marketing Research yet, there is an important and distinct difference between the two. Marketing research is the objective gathering and interpretation of intelligence using analytical methods and techniques to gain insight and intelligence about audience purchase habits.

Can you appreciate the distinction? – One gathers knowledge on potential markets, the other gathers intelligence on why they purchase and who from.

The main purpose of this type of research is to understand the purchase triggers of the audience. In short it is the science of understanding how and why customers and potential customers react, or not, to your advertising communications. When done correctly will tell you precisely how to push the buttons that will compel more people respond to your message or proposition. And it will give you that information simply, quickly and cost effectively.

Perhaps that is why, an increasing number of companies are moving away from the ‘soft’ intelligence provided by market research and are moving towards the ‘hard’ information provided by marketing research. In this context, knowledge is generally defined as ‘hard’ when it provides specific, detailed and quantifiable direction for future marketing campaigns. The fact that it is measurable and can directly influence bottom line profitability has caused this sort of research to be called “research for a new business age” by professionals and that “traditional methods may produce findings that are interesting – but who these days has the time and budgets unless there is a quantifiable purpose and payback?”

Whilst some organisations lay claim to offer bespoke solutions, in truth, some are simply variations of their everyday research offering. These rarely provide information that could be used to direct and evaluate marketing campaigns. Be cautious, if your research company suggest focus groups as part of a project as that is usually an indication that they have just adapted their usual offering to fit.

Modern techniques use research methodologies that are adapted from behavioural psychology to gain insights into your situation that are instantly actionable, useful and designed to repay your investment in better results.

So which type of research is best for you?

If you feel you have an understanding of who your audience are; their demographics, how old they are, how much disposable income they have, their lifestyle, etc, then you may not need to spend money on market research. Yet if you need your advertising and marketing to increase inquiries and sales then you are more likely to find marketing research more worthwhile.

Whichever route you decide to take, ensure that you act upon the intelligence you receive as, in these difficult times, it could make or break your company.

Most Loved Store in Kollam

THE BEGINNING

In 1983, Mr. Nazirudeen MK, with his brothers Sharafudeen MK and Nizarudeen MK sowed the seeds of this textile showroom at Kollam. In the ensuing years, with unflinching effort and undying passion to serve the customers with the best products, they emerged victorious all the time in evoking satisfaction and heartfelt smiles from thousands of customers. A textile firm initially started as Beemas inaugurated by the evergreen actor, Padmabushan Prem Nazir expanded to the heart of Kollam city as MK Fabrics in 2003. This showroom was inaugurated by MP Suresh Gopi. Back then, it was the only wedding apparel destination at Kollam holding a textile market share of 60% and MK Fabrics was the name paramount to every household across Kollam. The milestone in their arduous journey was the opening of Signature in 2018, inaugurated by Padmashree Mammooty, the glowing face of Indian film industry. With Signature, they spread their wings beyond the district. With decades of experience and persistent efforts at winning the hearts of customers, Signature got really good at what they do.

WHY SIGNATURE?

Today, Signature, is a wedding destination of Kerala catering to all the choices of a bride and groom under a single roof. Signature has been triumphant in becoming the one stop shop for every family for their wedding purchase. Like a ‘signature’, it imparts a sense of identity in that they design the apparels with exquisite craftsmanship paying attention to subtle and intricate details to suit you. Every thread woven lends you the charm and splendor well enough to make you stand out in a crowd. Every visit to Signature would gift you with moments you can cherish. You will find your wardrobe overflowing with apparels that bring out the opulent flair you dreamt of. No matter what event, Signature has a vast collection of trendy apparels designed to meet the needs of the customers. Their vision is to spread happiness among the customers and fill their heart with contentment. Signature has been able to add happy customers to their chronicle with the wide array of collections and they also provide the best customer service. The loyalty with which Signature continue to win the customers go unmatched. They value the feedback of the customers and this powers their heritage brand to maximize the quality of the products and services offered. They believe that the success of a venture is always achieved by team work. Signature’s success lies completely on the efficiency of their employers. To top it all, Signature has an amazing ambiance evoking a warm, friendly and relaxed feeling in the customers. Signature proudly presents the best wedding designation and we continue to flourish with the same zeal.

SERVICES

Online shopping has gained wide acceptance in India and it is spreading like a wildfire. Signature provides worldwide shipping and the best video shopping for people who are looking to buy authentic and latest apparels. Online shopping makes it easier to purchase items at the snap of a finger transcending the barrier of distance. Signatureindia.online makes it easy to browse and choose apparels that appeals to you including wonderful collection of Indian dresses, latest bridal wears, lehengas, gowns, bridal sarees, dress materials, groom wears and a wide range of casual wears and it is absolutely budget friendly. Signature also have an awesome stitching wing led by talented designers to stitch, design and alter attires as per the requirements of the customers and to bring latest trends to your shelves. Signature always offers you reasons to rejoice and enjoy your moments of shopping. They guarantee that you relish the best shopping experience once you set foot on Signature.

7 Social Media Laws For Building a Massive and Successful Network Marketing Business

It may seem that everyone you know is connected on social media sites such as Facebook, Twitter, LinkedIn and others; however, the truth is as it relates to the network marketing, direct sales, and home based business industry, we haven’t even begun to scratch the surface. You see most of the people in the network marketing arena are still stuck in the old model of doing business. Face to face, belly to belly, office meetings, and the 3 foot rule, you know because you have either done it or continue to do it.For those people who are moving towards social media as a form of networking to build your business you are either having massive success of still struggling. This article discusses the seven social media laws that you must understand and implement if you want to build a massive and profitable MLM or network marketing business.The Law of Awareness- Does anyone know that you are here? Make your presence known. You must become aware of who is in your network. Not only that but you must study and understand they way that people communicate. Every group has its own culture.You can’t just blindly get on any of these sites and just start posting content, they don’t all work the same. The way you communicate on Facebook would get you totally ignored on a site such as linked in.The Law of Visibility- “If you have a business and you aren’t online, then you don’t have a business” Bill Gates. You must visibility and you create this by befriending and communicating with people in your network. Join and participate in groups. Start a niche blog and leave meaningful comments on other blogs.The Law of Connection- Once you become visible you want to connect. Connect with people where they are. Here’s another tip, connect with the same person on multiple sites because that increases the number of times you are seen by that person. You want them to remember you.The Law of Value- Under promise and over deliver. Give value in everything that you do, in your videos, in your articles, in your blog posts. G.I.V.E., gain influence very easily! Your goal is to become unforgettable.Law of Uniqueness- What’s your niche? Do you even know what makes you unique? Brand yourself not just as an expert but as the best at what you do. Show your contacts how you and your business stand apart from all the other fish in the ocean.Law of Consistency- Once you have built yourself up to this point you need to become consistent in your message and delivery. Be consistent in the value that you give and in your follow up. Don’t post once a week and expect to remain in the front of peoples mind.Law of Growth- Relationships take time, so don’t force it. That goes against everything that you have been building up to this point. By giving value, you are planting seeds and sooner or later, your harvest will be ready. Your only job at this point is to continue giving value and peeking their interest with your videos and posts.These laws build upon each other so don’t think that you can pick and choose which ones you will incorporate into your success plan. Remember, there are no short cuts towards success.