Beyond Guesswork: From Curiosity to Strategy, the Power of Marketing Research

To know something, to truly understand, we must dedicate ourselves entirely to the exploration and unbiased research of the object of the matter. One could argue that life begins when you leave the childhood idea that you know it all and realize Socrates was right. This moment is perhaps what made us Marketers choose this professional life because we all experience this precise moment when we let ourselves be captivated by the immense possibility and sense of curiosity to understand our customers' motivations, aspirations, and purchase behavior. Luckily, we have a tool to help us with this quest, because there is no better way to discover the different phenomena than with Marketing Research. So, let's dive in together on why this is fundamental to incorporate into our practices.

Relevant, up-to-date information for competitive advantage and growth.

In today's dynamic environment, where our consumer preferences are changing rapidly, and all brands compete to maintain a competitive advantage in their industry, conducting market research does not become an option but rather a necessity in order to maintain and, moreover, improve our position through time, and the best way to reach it is not by guessing but knowing. By identifying marketing opportunities and problems, we can generate and evaluate our current marketing actions to discover those that work best with our target audience and, with this "tool," provide decision-makers with relevant and updated information to make informed decisions that can also lead to grow in customers by identifying areas where our brand is yet to satisfy an unmet necessity in the market.

Market Insight & Adaptation

Market research can provide us with the right information to adapt our products and better understand our customers. As you all know, as someone passionate about luxury brands and captivated by their unique way of marketing, I encountered a great example of this: the Hermès: Apple Watch Collaboration since 2015. The collaboration was released because the company identified there are customers who are both tech savys and high-end fashion buyers, the company realized they had an opportunity to develop a product for customers that blends functionality with luxury aesthetics.

Note: Image retrieved from Hodinkee on October 23rd 2024. Hermes x Apple Watch packaging.

While sales are not disclosed as many of the marketing initiatives that this prestige brand executes, the release of the Apple Watch Series 10 and Hermes Ultra suggests there is indeed an ongoing demand, and the company found a profitable market among affluent-styleconscious buyers thanks to the market research they executed.

Note: Image retrieved from Apple on October 23rd 2024. Hermes x Apple Watch.

Minimizing Risk, Maximizing Opportunity

Entering a new market or launching a product without research is like walking into a storm without an umbrella; you're unprepared for what's coming, and that is something that Marketing research can help us with by minimizing this risk if conducted properly; it gives management a clear picture of the landscape, competition, and potential challenges that would help them decide if it is worth it or not. In my professional experience, you can't launch a product without really understanding your target audience; for example, when working for Enfamil, we discovered in Peru and Colombia that parents were growing worried about the stomach health of their newborns and were interested in a product that would be easy to digest, which lead us to perform marketing research in the form of surveys, focus groups, and interviews that translated in the launch of Enfamil Confort. This product became an instant hit because we listened and created something of true value that allowed the company to establish a mutually beneficial relationship with the customer

Marketing Research: The Foundation for Success

Marketing research represents the scientific core of our practice. Marketing is not only about being creative; marketing is about having data that supports the initiatives we propose and then constructing them in a unique, differentiated way. So my question to you as a Marketing leader would be, what is your company doing to leverage this tool? Are you making your decisions solely based on what your heart says? Or do you understand and maximize the usage of research insights that may change the way you look at your industry, customers, and products? Remember, marketing research can also include primary and secondary information, and it depends on your budget and goals to choose between the two.

I hope you learned something valuable today, and remember, like I always say to my clients:

"Marketing research turns guesses into strategy, ensuring brands make informed choices that drive long-term success."

Do you actively use Marketing Research on your strategic decisions?

• Yes
• No
• No, But I Will!

Note: the ideas and content expressed in this article are entirely my own. They do not reflect the views or positions of any organization I am currently affiliated with or have been affiliated with in the past.