Market research is the process of gathering and analyzing statistics about your market, rivals, and consumers. It enables you to find out what your customers want and to match your goods and services to that demand.
It also assists you keep up-to-date with what your competitors are doing and what is currently happening in the market.
THE OBJECTIVE OF MARKET RESEARCH
The objective of market research is used for one job only “GAINING CUSTOMER INSIGHTS”.
Whatever promotion decisions the firm makes, they need insight in the current market to get an indication. Without this end user insight, if the firm moves ahead, it will either fail in its attempt or incur heavy losses.
Here are some key areas that determines the objective of market research and analysis.
When developing a new product, the objective of market research is to find out what are customers missing.
To develop brand equity and product recall of a firm, the firm needs consumer insight to regulate the positioning of all different brands in the consumer notice.
To increase sales, the aim of market study will be to look into various territories, their buying patterns, packaging, and other such qualities to bring better results.
Banking Sector and insurance are two cases where continuous market research is used to gain customer insight.
As the consumer preference alters in the family life cycle, his/her purchasing pattern changes an insight which is essential for the banking and commercial world.
Similarly, physical goods like automobiles or mobiles too requires customer insight.
Here, the aim of market research is to determine gap analysis and products which can warrant demand in the marketplace and recover overall revenue.
HOW TO PLAN A MARKET RESEARCH PROPERLY?
1 – Define the Problem and Establish your Research Objectives
Before launching your marketing research, you must outline the problem and your research purposes.
This step is the most vital and you should set aside a decent total of time to think about it.
Start by questioning yourself the following questions: what’s the issue to be addressed/problem to be resolved? What do I need to adapt – and more importantly, why? How will I use that information?
Responding these important questions will help you center on your research and save you precious time.
2 – Develop the Research Strategy and Plan the Project
When it comes to this stage, you need to think about queries such as: who can answer my queries?
Who can answer them best? What must I ask each group – specifically? You should also start considering about what type of research you will be leading and what sources you will look at.
Although online data are abundant and free, don’t limit yourself to only this type of study and research.
Other great research methods include observational, focus-group, survey, behavioral, ethnography, and experimental.
Secondary data sources comprise internal sources (client databases, sales stats, service teams, etc.), government publications, periodicals and books, commercial data, on-line associations, on-line business information, etc.
At all times do qualitative research first.
Qualitative research is much more in-depth and will help you make better intellect of your findings.
3 – Collect the Information
Good marketing research is systematic and creative.
What I mean by systematic is research that it is procedure based, conducted in a measured environment with variables that can be clearly recognized and controlled, and has results which can be imitated.
Creative marketing research comes in handy as some people may be averse to answer questions.
People don’t every time tell you exactly what they really think and some may have a struggle of expressing ideas or feelings well.
Make sure that your questions are impartial enough for people to want to answer (for instance, if you are asking whether a person is a front-runner versus a follower, make both options sound good).
Robust marketing research is also non-biased, examines data in the correct framework, uses numerous methods, realizes the interdependence of representations and data, and maintains a “healthy” cynicism.
4 – Analyze the Information
Study the data you gathered carefully.
What inclinations can you see? Where the information does direct you? You may discover that some of your initial expectations were completely off.
This is not a bad thing! Don’t try to make your research suits your expectations, and instead let it guide you to making new choices regarding your business. I also endorse getting the input of other people in your business at this step.
They will be able to look at your research with a fresh standpoint and point out anything you may have ignored.
5 – Present the Findings
Now that your marketing study is complete, it’s time to apply it to your business and marketing plan.
When done correctly, your research will prove very useful in emerging your business strategy (pricing, markets, etc.), increasing and improving your product or service, determining a market sector, improving operations (internal, supply chain and distribution channels), as well as with employee enthusiasm.
Conducting marketing research is not as difficult and tiresome as it may seem – in fact, it can even be fun.
Think of to take it one step at a time, determine exactly what you need to find out and why, get the contribution of others, and analyze your conclusions carefully.
Market Research provides the initial foundation to build reliability and design an inter-mediation.
This foundation is not fixed, as markets are vibrant and constantly dynamic in nature.
Organize to maintain and update your market intelligence over time and accept that Market Research is never complete.
What’s your magic method to execute a great market research? What kind of tool do you use?Why?
Would you share to the world your precious advice to aspire thousands?
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