Market Research: Marketing Psychology & Consumer Behavior



What you will learn

 

Conduct marketing research with interviews

 

Conduct marketing research with surveys

 

Conduct marketing research with focus groups

 

Conduct marketing research with data and KPIs

Description

If you have a business idea or an existing business that is researching new directions or strategies, you will learn to conduct market research using the following methods:

 

  • Interviews

  • Surveys

  • Focus groups

  • Measuring data and KPIs

  • Using industry reports

MARKETING PSYCHOLOGY

After going over standard industry research, you will also learn marketing psychology. These are common principles that marketers use to position their products and marketing messaging that align with how buyers make purchasing decisions.

You will learn about the role of emotions in purchasing decisions compared to the role of logic and reasoning, when each is used, to what extent, and in which way.

PARADOX OF DOING CONSUMER RESEARCH DURING THE BUSINESS IDEA STAGE

More often than entrepreneurs think it will happen, they get the demographics and psychographics of their target users quite wrong. But it makes a lot of sense because when your business is in the business idea stage, you are blinded by excitement and operating on assumptions that fuel that excitement.

This is why you have to do your market research before you start your business. Market research is the data-driven approach to replacing assumptions with facts so you can start your business the right way.

CONSUMER RESEARCH IS ALSO IMPORTANT FOR MARKETING RESEARCH

To create any kind of a marketing strategy, you need to know who you are marketing to. So the deeper you understand and research your consumers, the more accurate your marketing research and subsequent marketing plan and strategy will be.

Invest in your future! Enroll today!

 

English
language

Content

Introduction and welcome

Introduction and welcome to the course
Consumers and people behave differently than they say
Starting to identify our target market and getting over initial assumptions

Interviews as a part of your market research and consumer research

How to get feedback on business ideas & how to get expert feedback
Paid options to get business idea feedback

Conducting surveys to do your consumer research

Survey section introduction
Creating an account in Google Docs so we can use Google Forms
Multi-page forms
Finishing the course customer feedback form
Script for the feedback collection email
Customer feedback form results

Focus groups

Focus group costs – few thousand and different if you do it or a firm
How to run a single focus group meeting
consumer observation – ask consumers if you can observe them use your product

Existing market research by firms

Using existing research by research firms

KPIs for innovation in startups

Section introduction – using data, analytics, and KPIs to do market research
Defining KPI and examples of KPI
KPI for innovation in a dating website startup

Google Analytics introduction to monitor your KPIs

Introduction to Google Analytics for tracking KPI and important data
CAC (Customer Acquisition Cost) and LTV to make a strong profit & real example
User navigation flow in Google Analytics of your innovation or startup website
Quality of the traffic and secondary metrics in Google Analytics

Extra way to do market research

Validating business ideas by starting small and testing them in the market

Active listening

Active listening for your customer service
Example of active listening and improved comprehension I had to go through
How to not lose a customer with bad support
Ask to rephrase to make sure you understood
Listening skills exercise
Listening skills exercise – answer

Psychology principles used in marketing

Introduction to marketing psychology
The extent of emotion in marketing, sales, and buying
AIDA

The psychological principle of Social Proof in business and marketing

Social proof theory introduction
Awards for social proof
Testimonials
Publicity and featured in

The psychological principle of Scarcity in business and marketing

How to use discounts to boost sales
Scarcity – learn to manufacture scarcity and get people to buy now

Additional marketing psychology

Reciprocity principle – based on cooperation – free or extra value
Information gap theory – common in headlines that don’t tell everything
Loss aversion theory

Conclusion

Thank you for taking the course

 

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