Market Research is the process of collecting information about potential consumers, customers and target markets: learn about them, beginning with whom they are. Market Research can be conducted in many different ways. One of these is “qualitative research” a study which seeks to reveal characteristics or attitudes of the sample population about a given issue, idea or product. Market Research is essential to the survival of any enterprise, and the quality, quantity and timeliness of market research can make or break an enterprise.
Qualitative market research can be performed by conducting short-list focus groups and focus group interviews, for example. These groups are composed of a number of people, all of which have an interest in a given subject. The objective of the focus groups is to determine what the public’s perception of a product or service is, based solely on their own experience with it. Qualitative research can be conducted by surveyors, or even by employees themselves who may be asked to complete an in-depth interview.
Another method of conducting market research would be face-to-face interviews. In face-to-face interviews, a research team will contact you for further information. This sort of Market Research requires that you provide a few preliminary details; usually your zip code and location, as well as some information about your product or service. If you wish to have a more sophisticated interview, you may be able to arrange with a company which supplies teleconferencing services to conduct your interviews over the phone. This sort of research typically requires you to give your contact information and/or phone number at the time of the interview.
Planning for market research often involves identifying your business planning objectives, as well as defining your market. Many organizations define their market before even considering their business plan. Without defining your target audience, your business planning objectives, and your budget, you’re just guessing. Market research tools can help you determine who your target audience is, so that you can plan for new products and services that are most likely to appeal to them.
As mentioned above, one of the primary purposes of market research is identifying your target market. If you have a firm understanding of your business plans and goals, you can then determine what type of advertising techniques will generate the greatest interest from your target audience. Generally speaking, there are two types of advertising strategies which you can use to market your company: marketing research and direct mail or brochures. Marketing research can also be conducted using television and radio commercials. Direct mail and brochures tend to generate more interest from potential customers.
Marketing research can be conducted by employing either primary or secondary methods. The primary method involves tracking consumer opinions and reviews over various types of media. Secondary methods usually involve collecting information from the market research company and analyzing it within your company. There are a number of companies that specialize in conducting secondary market research. However, it is important to choose a company that has expertise in all different aspects of your business planning industry. A comprehensive service will allow you to conduct the research quickly and efficiently.
The primary information gathered from market research includes: demographic information on the overall demographics of your target market, including race and ethnic categories; employment and earnings information on your employees, clients, and competitors; basic buying habits and household income among other things. Secondary data which may be needed by your business planning team include: tax information, sales and service data, access to the Internet, and any knowledge of regulatory policies and practices. In order to compile your findings, you should compare the results of both types of market research. By comparing the results of the primary and secondary information, you can determine which types of advertisements are more likely to drive traffic to your company’s website.
One of the most effective ways to conduct market research is through using market share reports. Qualitative market research relies on a series of questions designed to determine the relative market share of each product or service offered by your competitors. By comparing the market shares of your competitors, you can determine whether you are lagging behind or if you are gaining ground. Through quantitative market research, you are able to measure and compare the growth rate of your company. Using qualitative market research to determine a competitive advantage is more effective than a purely quantitative approach because it can provide an accurate picture of the actual amount of competition for your company encounters.