Understanding the Value of Market Research

Market research is a powerful tool, which can be utilized to better understand a company’s customer base– allowing these companies to optimize their advertisements, predict market trends and guide their overall decision making.

As one article put it, market research is the “science of listening.” While this paints an interesting picture, it does not completely encompass the entirety of market research. Yes the procedure involves listening, but there is so much more than that.

THE RESEARCH PROCESS

1. Defining objectives: What is the end result you are trying to achieve?

2. Developing the sample: Who should comprise the research group? In order to gain the best understanding of your situation, whom should you be talking to?

3. Developing questions: These questions should be scientific to prevent the questions from leading the respondents to particular answers.

4. Collecting data: Here is where the “listening” comes into play. You will need to choose from one of these methods: face-to-face interviews, focus groups, mail, telephone, and web-based surveys. The choice is influenced by a variety of factors, including the research objectives, cost, and timing.

5. Analyzing results: Once you have collected the data, it is time to analyze it and interpret its meaning. Analyzing results can be as simple as providing a basic summary of major themes discovered or as complicated as developing a variety of cross-tabulations.

Market research in the United States alone is a multibillion-dollar industry for one reason; it works. The benefits of market research include:

1) It will help you better communicate: Learn about your potential clients — who they are and what they want the most?

2) It will help identify opportunities: Check the competition. Are they missing something you can capitalize on? What can you do better than they can? Are your clients in need of something nobody else is offering?

3) It will minimize risk: Just like any situation, if you come prepared you will be less likely to lose and more likely to win.

4) It will create benchmarks to help you measure progress: How well are you doing? Find out what your customers think of your business; what are you doing right and what can you improve upon?

So what are you waiting for? Wouldn’t your company, large or small, benefit from market research? For more information, contact The Research Group at 410-332-0400 or click here today!

Qualitative market research utilizes the disciplines of psychology and sociology to garner emotive insights that drive behavior, and importantly influence decisions. The Research Group’s team of seasoned researchers will assist you in turning those insights into opportunities.

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Sources

1) Savvy businesses realize value of market research http://relevantinsights.com/savvy-businesses-realize-value-of-market-research

2) The value of market research http://www.entrepreneur.com/tradejournals/article/102656705.html

3) Benefits of Market Research http://buzz.greatfxbusinesscards.com/benefits-of-market-research.htm

This entry was posted on Friday, July 22nd, 2011 at 8:18 pm. Both comments and pings are currently closed.

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