Market Research Guide
Market research is an investment in your business, and ultimately in your success. Don't be left behind! Learn how to do market research and find out about the benefits–for your business and for your life!
Market Research Guide
A step-by-step guide to completing your own market research
The business still barred the market turmoil caused by the COVID-19. Also, companies have realized the importance of market research for the business.
Covid caused many professionals and firms to adapt to hybrid and work from home models. And this escalated the online presence of the users. Thus, this has resulted in the need for entertainment. Many OTT platforms like Netflix, Amazon prime witness rise in web series.
According to Backlinko, the number of Netflix paying members has grown by 8.4% since 2020. And in the same period, the OTT platform had already accumulated 25 million users. Finally, In the second half of 2020, Netflix had over 2,000 Netflix originals.
One of the major setbacks that covid caused was a slowdown of global markets.
This snippet from Statista, explains it all.
Research plays a pivotal role in the product line and audience segmentation. In fact, it is a premier step for any sales funnel of the business and helps in networking and recruiting new candidates.
Are you looking for a firm that delivers practical solutions to all market research queries? Then, look no further. We have an expert team that actively listens to your requests and provide you with a practical solution. Contact us to know more.
Why Market Research?
Any business needs to understand the importance of research. We can grasp the value of research by:
First, As we analyze the audience data, we can determine the level of acceptance of an idea. Whether the audience will find it valuable and whether their willingness to pay.
Second, research also helps in Marketing and sales. The marketer has an idea about what clicks with the customer. Then, the step is to develop a strategy. The strategy or a product should meet the customer’s needs and requirements. Research helps the business to be customer-centric.
And finally, it also helps in administrative work. Plus, Marketers design Stationery, posters, banners, brochures, advertisements around the research data. For instance, In digital marketing, the marketers target the audience based on their shared interests. The users will purchase the product only if the business delivers a service that fulfills users’’ needs.
In a nutshell,
Research is one of the main customer-centric activities of the sales funnel. It is also the backbone of the Sales and Marketing function. Carrying an activity without thorough study is like walking in a dark room. As you never know what lies in front of you.
We are purpose-driven and deliver practical solutions. With active listening, we understand your clients’ needs and requirements. Also, we will help you by connecting with your audience’s voice.
Reach out to us to know more.
Types of Market Research.
There are different research activities that a business can use. Basically, we categorize research activities into two types. The first type is primary that collects data from end-user. This collected data is the output generated by direct interaction with the audience.
And the second type is, as the name suggests, secondary data. We generate this data from a second source. This type collects information from a source that has already compiled the primary data.
Examples of secondary data sources are:
- Newspapers
- Research papers
- Published Articles
- Websites
- Blogs
- Government records
And there are two subcategories of Primary Research:
1) Quantitative Market Research:
In this research method, questions deliver audience insights. It involves different survey methods.
For instance:
- a) Surveys,
- b) Questionnaires,
- c) Mystery shopping,
- d) Face-to-face data collection,
- e) FCATI Data collection.
Along with the above methods, we also deliver:
- a) Development of Focus Group Recruitment screener questionnaires
- b) Development of Questionnaires
- c) Respondent recruitment for online surveys / CLTs
- d) Survey Audits–back checks for data collection by any other agency
- e) Questionnaire Translation services
- f) Data Processing
- g) Analysis
- h) Reporting
2) Qualitative Research:
This research method focuses on insights by starting a conversation. In any conversation, shared ideas and the collection of such ideas helps to form a strategy. Thus, insights from such a method are fresh, dynamic, and adaptable to markets. And also, this method aids in predicting audience inclination.
and here are some examples,
- a) Focus groups,
- b) Telephonic in-depth interviews
And apart from the above options, we provide:
- a) Development of Focus Group Recruitment screener questionnaires
- b) Development of Discussion Guides
- c) Respondent recruitment for FGDs & In-depth Interviews
- d) Moderation of Focus Group Discussions and In-depth Interviews
- e) Transcription services
Before we conclude, let us look at some statistics.
Market Research Statistics
Greenbook:
In the first half of 2017, 50 percent of candidates used the following statistics tools:
- Correlation
- Regression
- Z or t
- Customer Analysis
SPSS is the most used statistical software, followed by EXCEL and finally Sawtooth.
Statista
- Romania ranks firstwith 60 percent of the country’s market research spend attributed to Online Research in 2019.
- In 2019, Market Research companies in the United Kingdomgenerated about 7 billion US Dollars in revenue. And it is the second-highest in the world.
- As of 2020, 89 percent of candidates regularly used online surveys as their third most used method. And out of them, 9 percent stated that they only used online surveys occasionally.
To conclude, we can establish that Market Research plays a pivotal role in business.
And that’s a wrap.
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