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Market Research
The success of a business rests on the foundation of an analysis of accurate information about their potential consumers, industry trends & competition. This guides our branding and marketing strategies while carefully determining the substantial growth through resource venture. Customized problem solving technics for a brand, product or service depends on the relevant data acquired through market research. Marketing challenges are met head on and the target market is determined along with the understanding of consumers’ interest in a particular product or service, only through market research. Market research is done through a survey and product sampling.
Identify the Opportunities & Problems
A market research is undertaken to define the opportunities and problems of a brand or company. Before starting a research to collect data the objective of the research has to be clear. Identifying the problems will outline the information needed to solve it. It helps in dealing with a predominant problem or uncover a potential opportunity. Design questionnaire that allows to identify the problems or opportunities, and scrutinise all potential reasons so that the research can be shaped up to inform about the actual problem or define the actions needed to be taken for an opportunity. Often, these questions are about the target market or potential buyer’s personality. For example, “What does the potential customer look like?” This may include questions on demography, occupation and anything that helps in getting a clear image of the ideal buyer personality. Considering all possible variables and potential causes is most important.
Develop The Research Plan
After examining all potential problems, use of those questions is to boil down to precisely what is to be solved. Next step is to shape the research plan. Developing a research plan can be tiresome as it might contain many methods that will help in answering the problem or explore an opportunity. To develop the research plan, few techniques are used:
- Interview – Interviewing prospective customers often gets the best feedback as this tactic goes directly to the source. A focus group or one-on-one interviews can be used to define research problems.
- Conducting a survey using online platforms.
- Conducting user tests on websites and landing pages. It is an economical study that offers a lot of data & insight about the behaviour of present customers or potential customers or their response to something.
Often learning about the ways in which other organizations have solved problems or grabbed opportunities can help the research study and save time. In market research terminology it is called secondary data as it has been collected from before and the data that is newly collected is called primary data.
Data & Information Collection
In a market research, majority of collected data is quantitative which are numerical and qualitative which are descriptive. It gathers a combination of these two types of data. While the collection of data, it is vital to make sure it’s valid and neutral.
Data Analysis & Reporting
After gathering all the required data the next step is to analyse it. It is essential to find trends instead of specific information. Writing a summary of the findings, including the process of research, its results, conclusions, and recommended steps based on the results. To articulate the recommended course of action reviewing the results is required. The thumb rule is to take the outcomes of research as they are, tweaking the results will never serve the purpose.
Take Necessary Actions
Once the research is over, it is time to take necessary actions like developing marketing & branding campaigns. Since the market is dynamic and trends are changing the research is actually never over. The trends keep evolving. Data analysis on a regular basis improves the business and helps in strategizing the campaigns.