25 Sep Market Research – A Marketing Guide for you
As the term itself suggests, market research is the overall process of gathering, analyzing, and formulating information about the market with respect to a specific product or service.
This may involve various research methods and strategies to find out aspects including consumer behaviour, spending habits, audience segmentation, market trends, requirements, etc.
So, no doubt, market research is a great tool to gain an in-depth insight into the market and the consumer. This provides accurate, thorough, and relevant data to identify and address the challenges a business undergoes.
Now, the question is –
Why is Market Research Important?
Well, there are many reasons for which you need to adopt the market research methods for your brand. Here, let’s dive into those –
- It gives you an idea about your target audience’s buying persona and pattern. Thus, you can get to know which platforms they are using to get the product/services of your niche.
- Who are your potential competitors and what are their pros in terms of the marketing strategy and the product or service?
- The latest trends and insights into your industry. This can be crucial in developing or reintroducing your product/services as per the market requirements.
- What you can do to improve and evolve your brand as per the market requirements?
To understand it in detail, first of all, let’s discuss the data available from market research. There are two kinds of data available from the process of market research. These are –
- Primary Information Research
This is the market information gathered directly by the researcher. That is, the first-hand information collected by the Company or its subordinates like a hired market research firm, agency, etc.
Now, this information is generally Specific and open-ended as these are carried by the company keeping a specific goal in mind. Thus, it is precise and effective for a specific, time-bound, and goal-oriented research. Surveys, interviews, etc. are examples of this method. Also, this is obviously an expensive method.
It can be of two types –
Exploratory Data Research and Specific Data Research. The exploratory research focuses to explore and tackle the challenges in the evolving market. Specific ones are more towards a particular end goal with clear business purpose.
- Secondary Information Data
These kinds of information are generally ones which are already conducted by some other agency, private or public ones, to provide a larger insight to the industry. This data is to be identified and utilised in lieu of the primary data, with the right strategy and goal in mind. This kind of data is generally created by agencies like government, trade or business associations, NGOs, same Industry business, etc. This is a cost-effective, reliable, and effective method in acquiring a more range of information.
This research method can be of any type depending upon the sources like – Commercial source, internal source, etc.
Thus, market research is a crucial step for your business. Also, it can be conducted by many methods like Interviews, Focus Groups, Product/ Service Use Research, Observation-Based Research, Buyer Persona Research, Market Segmentation Research, Pricing Research, Competitive Analysis Research, Customer Satisfaction and Loyalty Research, Brand Awareness Research, Campaign Research, etc.
So, it is important to find the right tactic for your goal and utilise market research tools for the growth of your brand. But if you find it overwhelming of complicated, it is quite advisable to go for an expert like Chaipani. The top-notch, data-driven, market research service by Chaipani can help you in this process. So, grow your business and brand presence with a little step of -Market research.