The Importance of Market Research

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Secondary research includes information on the Internet, internal data and third-party information. Credit unions, being not-for profit, embraces the information that does not need to be created but already exist. Again, as an employee of a credit union, I have had the opportunity to work directly with the marketing director to use secondary research. Social media is a main focus and allows us to see how the community perceives us. Google Analytics is a very common tool that we use when sending out information. Credit unions also receive great information from the Credit Union National Association as well as the National Credit Union Administration. These two organizations give great detail about the credit union market in general as well as individualized.

Conclusion

Marketing research is a foundation. There are many ways this research can be obtained and used. The great thing about market research is that it is tailored to suit the particular organization in order to fill the needs of marketing to the target market. Market research allows for organizations to develop a strategy and budget that works for that particular organization.

Credit unions are the foundationally the same but vary in their size, income, and target market. Market research is a tool that any and all credit union can utilize in order to develop a solid strategy and budget. Market research gives this business the key facts needed to design and revisit the marketing plan.

References

KnowThis, (2015). Importance of Market Research. Retrieved July 7, 2015. From:

http://7.knowthis.com/marketing-research/importance-of-marketing-research

Marketing Donut (2015). Market Research. Retrieved July 6, 2015. From:

http://www.marketingdonut.co.uk/marketing/market-research

World Council of Credit Unions, (2015). What is a Credit Union. Retrieved July 6,

2015. From: http://www.woccu.org/about/creditunion