Traditional marketing research will help you find out what kind of individuals are most likely to purchase your product/service. These individuals make up your target market. Questionnaires, focus groups and secondary research. This is a sales led marketing approach.
Product led marketing would mean designing and developing your product or service based on what a group of individuals want. Again, you find out what they want with questionnaires, secondary research and focus groups etc. This product/customer focused marketing approach is, in my opinion, more effective than sales led marketing which is kinda left over from the 1960s and 1970s.



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