Market research is the process of finding information about your competitors, current market trends or your customers. Most companies invest in market research when they release a new product, improve on an existing product or if they plan on introducing a particular product in a new market.
Market research can also prove helpful if you want to explore business opportunities in new markets. Market research can be conducted by two methods, primary research or secondary research.
Primary Market Research
Primary research refers to information that is directly collected from the source. Another simple method of primary research would be to directly talk to your customers and get their feedback. Primary research can be both qualitative and quantitative
1.Qualitative Primary Research
Qualitative primary research involves gathering information from interviews or focus groups.
•Open-ended interviews include questions that cannot be answered with a yes or no. You can get a lot of information from such interviews and also find out about the dislikes, likes, requirements, trends and emotional motivators of your primary market
•A focus group should ideally be led by experienced professionals who can lead a group of 6 or more people and ask them both general and specific questions. Since trained professionals are required to handle focus groups, they are very expensive.
2.Quantitative Primary Research
Quantitative primary research involves the collection of numerical information from surveys. This information is then analyzed.
•Surveys can provide you with the information you require if the survey has meaningful questions. More people would be willing to take a survey as it takes less time. The cheapest and easiest way of conducting a survey is through the telephone and on the place where your product is being sold
CATI Surveys
The best way to out beat competition is to listen to your consumers. Although there are several methods of collecting reliable data from your customers, most data collection is conducted through CATI (Computer aided telephone interviews) which are cost-effective as well as reliable. CATI/Telephone surveys are the most effective method of collecting data from customers.
The process of the CATI survey is based on the objective brief, survey draft, call script and the lead list that is usually provided by the company who wants to conduct the survey. The right resources are identified and the technology /infrastructure needed to conduct the telephone surveys allocated. The CATI surveys are then conducted. The accuracy of the data can be measured and optimized through call center CRM technology.
CATI surveys can help you get an insight on why your customers are dissatisfied. You can also find out where your product/service stands in comparison to competitors. Based on the feedback that you get from your customers, you can customize your product to meet the requirements of your consumers.
Secondary Market Research
Secondary research is more economical and easier to do when compared to primary research. Here you will have to analyze the information that has been collected for some other reason. You can find the data that you require through a set of articles, demographic/ statistical data, studies etc.
By investing in secondary market research you can analyze your target markets, evaluate your competitors and assess political, social and economic factors. The internet has a large number of secondary data sources and most resources, magazines and press releases are now available online.
Secondary Market Research Resources
There are a large number of resources from which secondary research information can be obtained. Some of these sources are:
•Trade Associations
From the reports available with trade associations you can get information on the industries served, the standards that they observe and the leaders in their field. You can also get information on the latest trends, issues and competitors.
•The Marketing Departments of Local Colleges
The marketing department of any college can give you access to special research projects and reports prepared by students.
•Chamber of Commerce
The local chamber of commerce in your area can give you information on your local community and local businesses. You can also get access to the maps of the area.
•Insurance Companies, Banks and Real Estate Companies
You can information on the statistics of the communities to whom they provide services.
•Wholesalers and Manufacturers
From manufactures and wholesalers you can get information on customers, problems if any, costs, industry standards etc
•Libraries and other Public Information Centers
In the reference sections of libraries and information centers you can find a lot of resource materials and data.
•Books and Publications
There are several books that can give you information on a particular type of industry or market. Trade journals are another excellent source for information. You can also get information from government publications.
•Magazines and Newspapers
You can get a lot of information from news events and get the latest information on politics, economic indicators etc. The archives of leading newspapers and magazines can provide you with a wealth of information. Industry journals are another source of information.
•Media Representatives
Media representatives who work with print, audio or audio-visual media mostly collect information on the markets that their viewers, readers and listeners are interested in.
•Competitors
By researching on the price, products/services, brochures and reports of your competitors you can get a greater insight on how to move forward in your business.
•Business Information Centers
Such centers usually have a large collection of videos, books, CDs, publications and other information that are helpful for small businesses.
•Federal Government Resources
You can get in-depth demographic data related to the economy, market or population.
•Regional Planning Organizations
If you are looking for data on a community’s past or current growth trend, you can look up the resources of regional planning organizations.
•Discussion Groups
Discussion groups are commonly known as Newsgroups. You can get a lot of information on a variety of topics from such groups.
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