The market research is concerned specifically with strategies of improving markets for ones products. The sole purpose of Market research is to help and guide you in organized effort of gathering information about target markets or customers and in making better decisions providing you with the knowledge of competitions faced, overview of existing market, your products, your marketing and your customers. It is an essence of strategy. Market research reduces risks by getting better information on the outset of product, price and promotion. Your focus on the resources will be most effective with the help of Market research.
There are various stages or steps in the marketing research process such as Identification and Defining the Problem, Stating Research Objectives, Planning or Designing Research Study, Planning the Sample, Collecting Data, Processing and Analyzing Data, Formulating Conclusion, Preparation and Presenting Report. This helps you enhancing the bright future of your business as you are directed by actual facts informing you of proper choices that have to be made, selecting proper people to make business with. The market research helps you in developing a successful marketing strategy.
Elevate your messaging and communication
Verified data collected and analyzed
Data quality check at each stage
Proven research methodologies
Expertise with effective track record
Both the quality and the quantity of the product would effect the market in their own way. Hence the Quantitative research and Qualitative research form the two main types of market research. While Quantitative research focuses on coming up with numbers: for example, what product is bought by what percentage of the population. What product has the highest selling possibilities? What brand of a given product is liked mostly? Etc; these information's are normally gathered using surveys and questionnaires. Talking to your customers and finding answers to the expectation is a simple quantitative research. While launching a new product, a Quantitative research plays a vital role as it helps identify markets and understand customer profiles. Qualitative research gets beyond the facts and figures as it helps to find out how people feel about products and what prompts them to spend. Questionnaires and focus groups gather these informations interpreting the results is a skilled job and researchers use them for growth and planning of the marketing.
A research with existing surveys and business reports is also possible. Checking records of your customers and industry organisations helps you in understanding Information, such as trends in purchase. Online references of Data on market size, helps in understanding trends in sale markets, profiles of your customer their likes and activities and strategies of your marketing competitors, and some of it is freely available on the net. Asessing key trends to anticipate how the market may change helps in forecasting which is a vital step towards identifying new market segments, developing new products and choosing your target market.
Market research as regular planned part of your marketing is a must, to stay put with the customers' needs as well as market trends and competitors, even for a flourishing and established business. The measure of the effectiveness of your own marketing, gives information about attitudes to everything right from packaging, advertising to brand name awareness.
Knoweldge is power when it comes to business. Knowing what you are trying to achieve and what information you need marks the Effective market research - whether you do your own research or brief a professional. While it's common for businesses to hire market research companies to conduct market research for them, it is possible that small business owners may try doing their own.
Though there is no guarantee that the survey, questionnaire conducted by you are promptly answered by your customers as relationship matters a lot and they would not speak their heart or mind without manipulating their thoughts. It would definitely improve so this makes it less likely that the research interpreted is 100% correct. A continuous relation and regular approach with your customers would also make them feel important and this would help you in understanding the exact specification of your customer's expectation in the long run. But It again depends on ones own intelligence to make sound commercial decisions; this brings the need of a more sophisticated approach.
And it is in your best interest that ultimately you make the right decision for the business as you hold stake. Professional market researcher, such as an agency or a freelance consultant must be seriously considered for a truly balanced approach. Professional market researchers are skilled in asking the right questions and proper interpretation of the results that helps to produce results objective so that you can act on with confidence. As they provide management with accurate, reliable, relevant, valid, and current information. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on intuition or gut feeling.