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Market research is the most fundamental aspect of any business. Market research refers to the process of systematic collection, analyzation and interpretation of data related to a particular market, customers, and different players in the market to assess the feasibility of the product/service in the market. Considering the current highly competitive business environment, market research is an essential part of the business strategy to achieve growth.
Market research offers a lot of benefits to businesses. The main objective of market research is to clearly understand the market. Market research enables you to explore opportunities in the market, estimate the risks involved, foresee the upcoming trends, etc. It allows you to compete with others selling similar products or services. Market research helps you predict where the market is going, how it's going to change, and what changes are likely to occur in the market. Market Research helps you make the right decisions in marketing, promotions, sales, and operations. By doing market research, you get to understand the needs and wants of your market, and find answers to questions that may have been bothering you for years. Market research helps you make intelligent decisions.
Market research adds value to you, whether you are starting a new business or expanding to other regions or diversifying your business. Here are some of the advantages of market research.
Market research helps you clearly understand the target market by analysing the data and deriving valuable insights about the market scenario. It allows business owners to have a holistic view of the market by gathering first-hand information about the market. When you understand your market, you will be able to create an effective promotional plan to reach out to potential customers. Once you understand your market, you can develop and produce a product that will be able to cater to the needs of your market. More importantly, by doing market research, you get to know your customer segments inside-out.
Market research is an extensive process and can be categorized into primary research and secondary research. Both are useful as per the requirements of the business.
Primary market research is research you conduct directly by yourself or hire some expert to research for you. It is a kind of field research and involves collecting information from direct sources like customers through one-to-one interviews, focus groups, polls, surveys, etc. It is generally a time-taking and expensive process.
Primary research is of two types based on the information gathered. These are exploratory research and specific. Exploratory research involves general interviews with a small group of customers or individual customers to identify the problem. Specific research, unlike exploratory research, is more precise.
Secondary market research refers to the study and analysis of previously published information that is available in the public platforms in the form of articles, ebooks, infographics, videos, white papers, etc. The information relied upon for the research is generally published by authentic bodies such as government organizations, trade bodies, non-profit organizations, market research firms, etc. While the information provided by government organizations is free of cost, market research firms usually charge for the information they provide. Secondary market research is rather easy, quick and cost-effective when compared to primary market research
Market research can be conducted in several ways as per your business requirements. Here are some of the methods of market research used by many businesses
Interviews are the most basic form of data collection in the market research. Here you directly collect first-hand information from your customers. Interviews are more structured in form and include open-ended questions which require deep and elaborate answers. These can be a group or individual interviews depending on the context and requirements. Interviews are generally time-consuming and require huge human resources to execute
Surveys are another important method of collecting information in market research. Here, a different set of questions which include both open-ended and close-ended questions is given to the respondents. Surveys can be of types such as in-person surveys, telephone surveys, online surveys, etc. Surveys, particularly telephone and online surveys are relatively less expensive when compared to the interviews. Through surveys, you can collect information from a large pool of respondents and therefore these are more reliable than personal or one-on-one interviews.
Sometimes people’s responses in the interviews and surveys can be different from their actual behaviour for various reasons. Many times people may not actually express their views correctly in the surveys and interviews which are recorded directly, making them sometimes go wrong. This is where personal observations can help you collect genuine data. Instead of directly interacting with your customers through surveys and interviews, you can observe their actions through video surveillance camera footages to analyse their behaviour towards your products or services. Here you will get to know about the real behaviour of the customers as they are not being asked directly to respond to any questions
Focus groups involve interactions with a previously selected set of people related to your business and target customer segment. This is another effective market research method for collecting reliable information from the customers. Here you will have elaborate and free-flowing discussions on various specific topics and can get in-depth and insightful feedback about the topic in question. Focus groups generally consist of 5-10 members; however, there is no limit for the number of respondents. Focus groups are both cost-effective and less time-taking
Field trials are the best form of market research to clearly understand the response of the customers. Field trails are mostly used before the actual launch of the product into the market. Here you will place the product to be launched in some selected stores to know how customers respond to it. It helps you to make necessary changes in the product to satisfy the customers. Most of the companies generally do pilot testing of the products through field trials before launching the product. It requires broader collaboration between the brand and local stores that are the first point of contact for the end-users
Social media measurement refers to assessing the brand image of the company by collecting information from customers through social media channels. Social media platforms such as Facebook, Twitter, LinkedIn, Instagram, etc. have proliferated into every segment of society, influencing the lives of people in one way or the other. So, social media can be used in a big way to know about customer behaviour and purchase patterns. Through social media, you can reach out to more customers at the same time in a cost-effective manner. Social media measurement is one of the most popular market research techniques being used by many businesses irrespective of size
Competitive analysis is a highly strategic market research technique which very different from the aforementioned techniques. It involves the collection of data about your competitors in the market. Proper analysis of customer data concerning their strengths, weaknesses, product, sales and marketing strategies, etc. can help you decide how to take on them and gain a competitive advantage in the market. In fact, competitor analysis is essential to create effective business strategies in today’s competitive market environment.
Market research, irrespective of your requirement be it new plant setup, new product launch, diversification or new market entry, can help you succeed. However, getting the market research done as per your specific requirements is not an easy task. The market research companies generally provide broad market research reports that do not satisfy your unique requirements.
This is where SolutionBuggy, one of the best market research companies in India can help you conduct the market research as per business requirements. With a network of more than 500 market research consultants registered on the platform, we provide market research reports across various industries including but not limited to food, beverages, pharma, chemical, textile, FMCG, electrical and electronics, etc
If you are looking for market research consultants, then kindly register with SolutionBuggy and get access to experienced market research consultants who can provide you with a market research report
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