Market research is an organized effort to gather information about target markets and customers. The information has various things starting with who they are. It is a very important component of strategies of business and a major factor in maintaining the competitiveness of the market place. Market research helps to identify and analyze the needs of the market, the market size, and the competition among various brands of similar products. Its techniques include both the qualitative techniques such as focus group interviews, in-depth interviews, and ethnography, as well as the quantitative techniques such as customer surveys, and analysis of secondary data.
Market researchers have to work harder than ever, and I mean that literally, to conduct interviews, analyze data, draw conclusions, and make forecasts because things have changed so much and so radically. For over 20 years, market researchers have been under constant pressure to prove the value of our services, and nothing has changed in that regard. As we face a pandemic situation that has cut into corporate and client profits, market researchers are once again called upon to innovate and show the value of research.
Market Research includes the various things that come with a sequence of business activities; sometimes these are handled informally. It also includes social and opinion research, and is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making processes.
Market Research is a broad term comprising various surveys related to products, customers, and employees of the organization. Some of the services that come under market research are Customer satisfaction survey, Service quality/Mystery audit, Brand Track, Product/concept/logo test, Employee Satisfaction Survey, Training Impact Assessment, Feasibility research, Conjoint (Product/Price) Analysis, Customized Research Solution, Advertisement Test Track, Media campaign Evaluation, etc.
Market Research helps in identifying new market opportunities for existing and new products. It provides information on market share, nature of competition, customer satisfaction levels, sales performances, and channel of distribution. Market Research helps in collecting information on consumers from structured distribution research. Research on such aspects will help in promoting effectively a company’s product in the market. The market research also helps in sales forecasting by using the market share method, salesforce estimation method, and jury method. This can also help in fixing sales quotas and marketing plans.
Market Research can significantly help your marketing strategy as it helps to provide key insights and information to the business. It can provide a deeper understanding of your customer and competitors. The research will also help in understanding who is buying your product or service, who is not buying your product or service, what motivates them, and whether they are loyal to your brand — ultimately leading to increased sales over time. With accurate market survey analysis, you can follow current industry trends, forecast pitfalls, and reach out to target markets with better offerings. Market analysis also helps businesses improvise products and make a proper market fit for better business outcomes.
The competitors that are attracting your customers and winning in the market are the ones who’ve done their market analysis before you. Now if you want to step up, then you need to do a market survey and analysis so as to grab your customers back. An engaging and conversational market survey will help in identifying the key players, assessing their approach, and finding the gaps in their strategies. These gaps can then be turned into an advantage while successful strategies can be used to remodel your new marketing approach. Market Research and Analysis arm the company with all the crucial information that is needed to analyze the consumer needs and competition level in the market. If any company wants their business to succeed in the face of fierce competition, it pays to find and improve upon the weaknesses.