It helps in avoiding mistakes such as poor pricing methods and poor marketing, so that your business has a fighting chance of thriving. To set all these kinds of goals and get ready to meet them, businesses need to have a thorough and complete knowledge of their strengths and weaknesses. Ultimately, you want to gain deep insights through market research, there are multiple types of research you can do to get the best insights, depending on what you want to know. Using market research, you can also join the ranks of informed-decision makers who do not shy away from taking risks. Market research can simply be defined as the action or activity of gathering information about consumers’ needs and preferences. It is crucial for a better understanding of your customers. With research helping your business, you are better informed about areas to invest in, gauge the potential success of new products, test new markets to expand into, and to determine what kinds of products/services will be most favored by your customers. Having good market intelligence helps to minimise risks when making key business decisions. When the potato chip maker wanted to introduce a new brand, it launched online market research conducted through Facebook to ask its customer-base which flavor they would like the best. Marketing research is important for evaluating what is and is not working in your business model. Target marketing helps businesses find areas for growth, create brand loyalty and build consumer interest. This means there should be enough respondents in the research sample that reflect, as accurately as possible, the larger target audience population. And as time passes, you’ll see more and more market surveys being optimized for mobile. Market research builds a sturdy foundation for a business to be built upon, preparing the company for any threats or weaknesses that may arise as the business grows. In a qualitative focus group setting include open ended questions and allow for flexibility for respondents to freely speak on a topic that might not have been covered in the questionnaire. In this article we’ll look at: What market research is and what it can do for you; Types of market research; Setting up marketing information systems Used correctly, market research is a powerful tool to help minimise the risks involved when making key business decisions. International marketing research plays an important role to understand the consumer behaviour. Focus groups are great to use when you’re creating a new product, researching a particular market segment, or want to know what your customers are thinking about you or your market. Artificial Intelligence is making the data collection process quicker and more intuitive. Typically, a descriptive study specifies the number and size of market segments, the alternative ways in which products are currently distributed, listing and comparison of the attributes and features of competitive products, etc. Descriptive research: As the name suggests, descriptive research is concerned with describing market characteristics and/or marketing mix characteristics. Market research can be quantitative, which uses numbers (for instance, a scale from 1 to 10) to describe customer appreciation of such things as quality, cost and satisfaction. Market research is important for your business because it provides you with the following opportunities: 1. The mechanics of marketing research must be controlled so that marketers uncover the relevant facts to answer the problem at hand. Not only that, conducting market research before you launch your business can help you figure out ways to put your best foot forward. You need to make sure you However as per point 10 above, while market research will help determine our marketing strategy and focus where our marketing efforts should lie, they should not be taken in isolation. These often include how to improve productivity, customer satisfaction, and business’ financial health. In this article we’ll look at: What market research is and what it can do for you; Types of market research; Setting up marketing … Plus the results can be relevant for a lot of related areas that you may want information on. Create your research questions – this is applicable regardless of which data collection method you choose. The survey is a quantitative method of research which means it gives you numerical scores. Case studies are time-taking but provide extremely valuable information, detailed data, and in-depth analysis opportunities. Pretty soon into launch, however, and by investing in robust market research (a part of which they conducted themselves) the founders realized that their video dating app is not what their customers are looking for. The surveys are becoming shorter as nobody has got the time or interest to fill out a 10-page questionnaire. Market research proves to be effective at reducing risks that you incur or the losses your business may suffer, as long as it has concrete findings to back it. Most likely, the majority will rather start making and selling products directly than think about the value of marketing research. Importance of Marketing Research. Market research can be quantitative, which uses numbers (for instance, … market research conducted through Facebook, Re-Imagine Marketing Strategy To Ensure Your Business Thrives Even In The Lockdown, Why Mental Health Surveys Are Important During The Covid-19 Pandemic. It isn’t as expensive as you think and doesn’t take that much time. Case studies are usually qualitative research methods; however, you can incorporate a mixed approach with a quantitative questionnaire thrown in for additional information. Planning to launch a new product, or export to a new market without adequate research is a recipe for disaster. However, the type of market research may vary with the nature of industry. If you are planning to buy a business to increase your market share, market research can help you point towards businesses that may be ripe for acquiring. Below we talk about 4 popular instruments of market research that are frequently used by companies worldwide with excellent results. Few weeks into the launch, they realized through internal discussions and reevaluation of the market, that Burbn is cluttered and their target market is more into Foursquare and they won’t be able to budge them. Choose the most suitable market research and data collection methodologies based on objectives. Without solid market research backing your decisions, all you are doing is guess-work, hoping the results will be in your favor. Without market research we are reliant on instinct and anecdotal information to make key business decisions, this is not always accurate. It will reduce the risk of failure, because through market research … While there were many factors involved in why Nokia had such a spectacular fall from grace within the electronics market, ultimately, they failed to research and understand the changing market trends. So, What IS Market Research? Conducting primary market research is a necessity within a competitive market such as management consultancies. Marketing research is a systematic collection and analysis of data about market and the important quality of market. Learn more with market research types and examples. Additionally, you can also go online and conduct Google searches looking for specific phrases relevant to your research purpose to find valuable data. 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