IMPORTANCE OF MARKETING RESEARCH: UTILIZING DIGITAL TOOLS IN THE RUSSIAN MARKET FOR BUSINESSES

The need for marketing research and the effective utilization of digital tools in the Russian market can be elucidated by considering the following factors:

1. Assessing Market Demand: Is there a market demand for your product? Will a unique product generate sufficient demand? By conducting marketing research, businesses can ascertain the level of demand for their offerings in the Russian market.
2. Understanding Competitors: Who are your competitors in the Russian market, and can you effectively compete with them? Through marketing research, businesses can gain insights into the competitive landscape, enabling them to devise strategies to establish a strong market presence.
3. Customization Requirements: Does your product require customization before entering the Russian market? Marketing research helps businesses identify any necessary product adaptations or modifications to cater to the specific needs and preferences of the Russian audience.
4. Target Audience Profiling: What is the profile of your target audience in the Russian market? Marketing research provides valuable data on the characteristics, behaviors, and preferences of the target audience, aiding businesses in tailoring their marketing efforts effectively.
5. Optimal Marketing Budget Allocation: How should you allocate your marketing budget for product promotion in Russia? Marketing research offers insights into the most effective marketing channels and tactics, allowing businesses to allocate their budget wisely for maximum impact.

While not every company may have the resources for extensive research involving focus groups and large-scale surveys, digital tools provide cost-effective alternatives to answer key questions and evaluate market potential in the Russian market. In the subsequent sections, we will highlight some of the analysis tools available in the Russian market, which are frequently utilized by businesses and clients alike.

Utilizing Online Survey Panels

In today’s digital era, conducting surveys no longer requires direct personal interaction or phone calls with potential respondents. The availability of various online survey services, such as TIBURON Research, Yandex Survey, and OMI, has made it easier to gather valuable insights from your target audience.

For instance, Yandex Survey offers the flexibility to select specific audience features like gender, age, interests, or geographic location. You only pay for respondents who answer the key questions, ensuring that you engage directly with your desired target audience. Additionally, participants willingly take part in the surveys out of genuine interest in the topic or product, as the service does not provide any monetary incentives for participation.

On the other hand, TIBURON Research takes a meticulous approach by carefully recruiting survey participants and compensating them for their time and contribution. The platform boasts an impressive database of 550,000 active respondents from diverse age groups (starting from 14 years old) residing in cities across Russia with a population exceeding 100,000. Even young children can participate in surveys with the assistance of their parents.

Leveraging online survey panels offers several advantages, including:

1. Qualitative Research: Conducting surveys through online panels enables businesses to gain a deeper understanding of consumer needs and preferences.
2. Evaluation of Marketing Activities: These panels allow for the assessment of marketing campaigns and advertising effectiveness, providing insights into the impact of promotional efforts.
3. Competitive Positioning: By utilizing online panels, businesses can evaluate their brand’s position in the market and compare it to competitors, helping identify areas for improvement.
4. Customer Satisfaction Monitoring: Online surveys aid in monitoring customer satisfaction regarding various aspects such as websites, delivery, services, and overall brand experience.
5. Tracking Brand Perception: Surveys facilitate the measurement of changes in brand knowledge, purchase intentions, and overall brand image.
6. Advertising Effectiveness: Online panels provide valuable data on how well advertisements are remembered and how effectively they convey brand and product information.
7. Channel Optimization: Surveys conducted through online panels enable businesses to compare the efficiency of different channels, formats, and creatives, determining the optimal display frequency.
8. Tailored Solutions: Online panels can be utilized to conduct surveys addressing specific business problems, offering custom solutions based on the gathered insights.

By leveraging the convenience and capabilities of online survey panels, businesses can gather crucial data to inform decision-making, enhance customer experiences, and drive overall business growth.

Social Media Monitoring

Youscan, Brand Analytics, Medialogia, SemanticForce, and other services empower companies to listen to their customers online, analyze brand perception, and effectively manage their reputation. These services primarily monitor brand mentions across various websites and social media platforms, providing insights into the number of mentions and their sentiment. They help identify negative situations and enable quick response, locate potential customers and address their inquiries on social networks, review sites, and forums. Additionally, these services facilitate monitoring the overall brand information landscape and competitors’ activities.

By utilizing monitoring systems, businesses can uncover valuable consumer insights and find answers to essential questions such as:

• What do customers value, and what factors hinder their purchase decisions?
• How are advertising and PR activities perceived?
• Are there any product or service-related issues?
• Which offers from competitors generate interest?
• And many more questions aimed at gaining a deeper understanding of the target audience.

User Request Analysis Services

In the Russian internet space (Runet), services like Yandex and Mail.ru offer tools to obtain statistics on specific search queries. Yandex.Wordstat, in particular, stands out for its dynamic presentation of request statistics, allowing users to access data on topic interest over the past two years. The data can be filtered by country and region.

On the other hand, Mail.ru provides statistics for the previous month, offering more detailed data, including gender and age demographics, compared to Yandex.

Analyzing the data obtained through these services enables businesses to:

• Understand the demand for a product and its trends over time.
• Compare the popularity of their brand with competitors.
• Determine the keywords essential for advertising campaigns.
• Identify the most popular search queries associated with their brand, enabling the compilation of a comprehensive semantic core for their website.

By leveraging these user request analysis services, businesses can gain valuable insights into customer interests, optimize their marketing strategies, and enhance their online presence effectively.

The Significance of Marketing Research and the Choice between DIY and Hiring an Agency

Marketing research plays a crucial role in obtaining the necessary data for crafting an effective marketing strategy in the market.

The decision of whether to conduct marketing research internally or to engage the services of an agency is a common consideration for companies. However, it is important to recognize that conducting research is not the only vital aspect; drawing accurate conclusions from the data is equally crucial. This requires the presence of expertise and skills possessed by the analysts at QB Agency. Therefore, when evaluating the costs associated with marketing research and attempting to minimize them, it is essential to bear in mind that an incorrect analysis can lead to erroneous conclusions and subsequent significant financial losses.

In comparison, the cost of engaging an agency for research becomes relatively less significant when weighed against the importance of obtaining high-quality and reliable conclusions. The expertise and proficiency provided by a reputable agency can ensure that the data is properly analyzed and the derived insights are accurate, minimizing the risk of detrimental decision-making.

Ultimately, while conducting marketing research internally may appear cost-effective, it is crucial to consider the potential repercussions of flawed analysis. Engaging a specialized agency can prove to be a worthwhile investment, offering the expertise needed to derive accurate conclusions and maximize the effectiveness of marketing strategies.