Market Research: Marketing Psychology & Consumer Behavior

Market Research: Marketing Psychology & Consumer Behavior

Market Research: Marketing Psychology & Consumer Behavior

Do market research right by using marketing psychology, consumer psychology, and consumer behavior in market research

Language: english

Note: 4.1/5 (49 notes) 10,813 students

Instructor(s): Alex Genadinik

Last update: 2022-04-24

What you’ll learn

  • Conduct marketing research with interviews
  • Conduct marketing research with surveys
  • Conduct marketing research with focus groups
  • Conduct marketing research with data and KPIs

 

Requirements

  • NA

 

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!

 

Who this course is for

  • Business owners, entrepreneurs, and marketers

 

Course 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
  • Conclusion
    • Thank you for taking the course

 

Market Research: Marketing Psychology & Consumer BehaviorMarket Research: Marketing Psychology & Consumer Behavior

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