Information is power and, in the world of business, it also often equals money. The more facts and figures which an organisation can gather about how and when and why individuals use its products or services, the better it is able to meet – as well as exceed – their demands. In the process, hopefully they will generate profits. Harnessing effective information is made simpler and better when businesses rely on a standard market research process.
Market research provides crucial information about your market as well as your business landscape. It can tell you how your business is seen by the target customers and clients who you want to reach. It can help you to understand how to connect with them, show how you stack up versus the competition, and advise on how you will plan your next steps. Market research can also play an exceptionally important role in the process of creating your products and services, taking them to the marketplace, and marketing them to consumers.
While there are a lot of diverse methods of carrying out market research, most organisations utilise one or more basic methods. The type of data which you need – and how much money you are willing to spend – will decide which techniques you choose for your business.
With succinct and simple questionnaires, you can analyse a sample group which represents your target market. The larger the sample, the more dependable your results will be.
For example, in-person surveys are one-on-one interviews which are typically done in high-traffic locations such as shopping malls. They give you the opportunity to present individuals with samples of products, packaging, or advertising and collect instant feedback. In-person surveys have the ability to generate response rates of more than 90%, but they are costly.
In focus groups, a moderator makes use of a scripted series of questions or topics in order to lead a discussion among a group of individuals. These sessions take place at unbiassed locations, often at amenities with videotaping equipment as well as an observation room with one-way mirrors. A focus group frequently lasts one to two hours, and it takes at least three groups in order to get balanced results.
Specific responses to surveys and focus groups are occasionally at odds with individual’s actual behaviour. When you see consumers in action by videotaping them in stores, at work, or at home, you are able to observe how they buy or make use of a product. This gives you a more precise picture of customers’ usage habits as well as shopping patterns.
Want to learn more about market research? If you do, then you need to do our Market Research Course. Find out more by following this link.
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