Exploring new marketing research methods will significantly increase your business’s customer base and longterm success. Research by UC Berkley reveals the importance of theoretical modeling in marketing. Theoretical modeling requires you to start with a hypothesis, e.g.: increasing salesman efficiency and effort requires changing their salary system such that it is solely commission-based. Assumptions are then made regarding the mindset of these salesmen and the actions they are unwilling and willing to take. Convert these assumptions into variables along with efficiency and effort. Run models which assume true/false values for every variable, e.g.: Model 1: Salesmen are risk-neutral, Model 2: Salesmen are risk-averse, etc.. Compare your results using mathematical formulas to obtain realistic outcomes resulting from a combined the analysis of all the models.
A study by Academia EDU explains the different methods that you can utilize for predictive product success. One model is the Bass model which makes the assumption that the two modes of your product’s success are from adopters (people who recommend it to others after trying it themselves), and the mass media. From these assumptions, three factors are created which determine your product’s success: Mass media (p), adopters (q), and time (t). Using the equation: f(t)/[1-F(t)] = p + q F(t) will give you theoretical measures of your product’s success.
Once you have completed all of your theoretical modeling – you should keep the advice of this recent Forbes article in mind when developing your new marketing strategies. Albeit the current trend is to utilize “‘…the four most recognized techniques of digital marketing… social, mobile, analytics, and digital commerce… [in order] to appeal to as many people as possible for as low a presumptive cost as possible,” Forbes warns you to take care when copying these trends. Be aware that utilization of marketing techniques which “…are based less on volume and more on handing targeted brand stories to users… are more expensive as a single unit, but more effective in turning strangers to prospects and prospects to clients…” and this results in a better longterm ROI. Some of these targeted marketing techniques are “…content marketing and inbound-related techniques, websites and brand collateral, email marketing to existing databases, media, partnership and relationship marketing, organic SEO, and event marketing.”
If you’d like to learn more great marketing strategies, feel free to contact us. New Perspectives is an innovative market research consultant which utilizes focus groups, MROC, research games, and more to provide you with reliable consumer data.