Market research is a key part of developing your marketing strategy. It’s about collecting information to give you an insight into your mind so that you understand what they want, how they gather information and where they come from.You can also do market research to get a better idea of market trends and what is happening in your industry sector.
The information you gather and analyse builds the foundation of good business decisions whether it’s deciding what product or service customer will offer, where your business should be located, how to distribute your products or how you communicate with consumers.
Market research helps you identify opportunities – If you are planning to operate a new service and want to know the preconceived attitudes people have then market research can help, not only in evaluating the potential for a new idea, but also by identify the areas where a marketing message needs to honed.
Market research will minimise risk – Market research can help shape a new product or service, identifying what is needed and ensure that the development of a product is highly focused towards demand.
Market research creates benchmarks and helps you measure your progress – Unless you measure you may not be able to gauge how well your business is performing. Early research may highlight glaring holes in your service or short falls in your product, regular market research will show if improvements are being made and, if positive, will help motivate a team.
Why do customer need to do market research?
There are several types of market research providers. Full service agencies provide professional staff to undertake your project from beginning to end. Independent consultants may be small agencies or freelancers. They can be quite flexible and could even work on a daily basis when you need a consultant to help you out. Freelancers often can be more cost effective than larger agencies. Most researchers will have areas of research and markets that they specialise in and it is important to match this to your own business requirements.
Basic step by Apier E&C:
- Set customer's research objectives
- Find out what information already exists
- Do customer own research through surveys
- Analyse and act on the results
- Detail reports
Your satisfaction, Apier E&C job!