Market research tips
You've been around in the market for quite a long time now , perhaps you've heard business guys talk about market research, its importance and how it is done. But what exactly is it ? Disregard mere hearsays and understand what market research is all about by reading on the article .
Generally there are two types of market research, primary and secondary. Primary research is when one collects information directly from the source. This includes information collected through telephone surveys, interviews and focus groups sessions. Talking to customers to garner feedback is often the simplest method and telemarketing is best known for this.
This is usually costly compared to secondary research, however it can be tailored to suit specific needs and is valuable especially if one needs to know something more personal. Secondary research on the other hand is conducted by looking at sources such as magazines, government publications, industry surveys, economic environment, trade associations, chambers of commerce, libraries, etc. This kind of research is usually less time consuming, less costly and may be sufficient if one only requires general information such as industry profile, trends and demographics, however most of the time this type of research is not updated but can still be very relevant if used wisely. These two types of research work hand in hand to help businesses:
1. Communicate better. They can learn about their potential clients — who they are and what they want the most.
2. Identify opportunities. They can check current competition and design strategies to do better than they can.
3. Minimize risk. Market research helps them to come prepared, will be less likely to loose and more likely to win.
4. Create benchmarks to help measure progress. They can set the standard high from the start, they will be in a better position for sustained growth.
Market research completes any marketing strategy. It becomes an indispensable part of product development and a tool to search for various market factors that affect business development, consumer behavior and existing products. After all of that have been discussed above, what one needs to do now is simply think on how to work with this knowledge. His/her success largely depends upon understanding how his/her target audience thinks, feels and how it comprehends the service or product he/she is trying to sell. But he/she should also remember that market research is not an absolute science although it works to measure consumer responses. Market research, above all, quantifies subjective opinions through statistics. It tracks people, their feelings and behaviors which are influenced by many factors.