Market Research Information Systems are Great Tools for Online Market Research
Market Research Information Systems (MRIS) are platforms designed to support decision-making through data-driven insights for business development and marketing professionals looking to complete market research and analysis projects. MRIS platforms automatically gather and analyze marketing data allowing decision-makers to review results based on the informational needs of a business development organization or market research project. Business intelligence and marketing information comes from multiple internal and external sources, which is updated by the MRIS. Frequent updating of data and analytics gives decision-makers the flexibility to change short or long-term strategies and quickly adjust to market changes.
A state-of-the-art MRIS includes the logic and steps required to complete a Market Research project, saving business development teams time, costs, and expertise otherwise needed to collect and analyze data, generate reports, and complete a research project. Market Research Information Systems are used to complete multiple-simultaneous projects, designed as a baseline to monitor the marketing success of an organization, and an invaluable tool for online market research.
How Market Research Information Systems Are Used
Market Research Information Systems are used to complete comprehensive Industry Analysis and Market Research that will drive businesses’ market strategy, confirm the profitability and commercial feasibility of goods and services sold and act as the basis of starting sales and marketing campaigns. Understanding customer acquisition and advertisement costs, strategy, and customer demographics are vital components of Market Research. All too often, underestimating customer acquisition costs, result in considerable impacts on profits and cause start-ups to go out of business.
The following are essential data and analysis results provided by MRIS:
- Income, profit potential, and how a company will perform is highly dependent on industries that buy goods and services. A useful MRIS will provide insight into which industries have the most growth and income potential. These growth industries are recommended as the best target markets to research further.
- Industry analysis helps understand a company’s market position relative to other businesses that produce similar products or services. A useful MRIS will provide information to complete a competitor analysis and help determine target pricing for goods or services sold.
- The number of potential customers, location, demographics, and average company size is essential to understand to complete an industry analysis. A useful MRIS will customize the study to best target markets with the highest profit potential. This information is invaluable for identifying marketing strategy and operations planning.
- The power of Suppliers is essential to understand pricing and bargaining power within the best target markets selected. Suppliers have higher bargaining power when markets rely on a few suppliers with few options for substitute products or services. A useful MRIS will provide information to understand the bargaining power of suppliers and the demand for goods or services sold.
- The bargaining power of Buyers is dominant when a target market has very few buyers and a large number of suppliers. A useful MRIS will provide insight into the availability of substitute products, costs to switch suppliers, and markets with very few customers supplied by a large number of businesses.
- Industry success criteria are essential to identify risks, strengths, and weaknesses that help understand whether a business can be successful within a target market. A useful MRIS will provide the information needed to complete a SWOT analysis that will lower risks and increase success factors for a target market.
- Decisions about a Marketing Strategy to reach out to sales prospects and convert them into customers. The Marketing Strategy defines a company’s value proposition and critical brand messaging to initiate sales campaigns. A useful MRIS will provide the information and insights needed to establish an effective Marketing Strategy, including advertising decisions, and sales promotions based on the target market needs.
- Market surveys are essential to obtain direct feedback from current and potential customers. A useful MRIS provides a business directory that identifies lists of sales prospects to keep a sales pipeline funnel full. A CRM is a valuable tool to import Sales prospect lists for productive use. There are many methods for obtaining feedback from sales prospects as part of a sales campaign
Main Components of a Market Research Information System
Marketing Information Systems have four main interrelated components that store and retrieve information from a database. The following is a description of these components:
- The Internal Reporting System is used to store information that is specific to an organization and needed for decision making such as past and projected sales, purchases, past research work, and actual expenditures. Some MRIS platforms integrate internal and external data sources for ease of use and flexibility to manage internal data.
- The Marketing Intelligence System provides data collected from external sources needed to support decision making. For example, industry income, expenditure spend trends, target markets, and external information to support the business marketing strategy. State-of-the-art MRIS platforms include data obtained from Smart Industry and Business Directories that help with decision making.
- The Marketing Research System combines primary and secondary data from various sources, such as Growth Industry Niche Markets, with logic and rules to support the market research process and used as the analytics engine for the MRIS.
- The Analytical Marketing System is used to process, analyze data, and present results to support decision making.
Benefits of Using a Market Research Information System
MRIS platforms aggregate market and industry data from thousands of external sources onto one easy to use platform. Technology advances allow for large sets of information to be updated regularly, aggregated, and analyzed for highly targeted marketing goals providing valuable data-driven insights that support marketing decisions. These platforms are flexible, saving substantial time and costs to complete market research.
Additional Market Research Information
Industry Directory – Extensive knowledgebase, providing economic data for over 500 industries across 1061 NAICS codes
Business Directory – Database containing over 20 million establishments distributed across the United States. (Businesses, Government Agencies, and Organizations)
AllBizOps Explorer – Register to receive daily email notifications about new sales opportunities
AllBizOps Memberships – Affordable membership subscriptions to complete Market Research