Understanding and Importance of Market Research
Importance of Market Research
Market research has nowadays become very common yet many of us are unclear on its contribution and involvement in the businesses’ growth. What is market research? It’s all about knowing our consumers and market intelligence. It is as important for small ventures as it is for the giants. When we go to eateries, we might be asked to fill a short survey or just a small feedback form, that is a part of the market research, our feedback will help the venture grow and overcome the failures. It helps in understanding the customer’s viewpoint based on which any business develops. They are either performed B2B (Business to Business) or B2C (Business to consumers). Most importantly it is not limited to a particular industry but it is equally significant for the entire spectrum.
What are the different types of market research?
There are various ways through which the research is carried out. It’s a mix of different approaches, entirely depending upon the type of industry and the product segment. Online surveys are the most common method which is mainly a B2C approach. Online surveys help in gaining end-users or to be potential audience insights and brand awareness. In-depth interviews are conducted wherever detailed information is required. It is done with the KOLs (Key Opinion Leaders), market and technical experts who could share specific knowledge on the subject.
It is mainly done to evaluate the future potentiality of certain products that are to be launched into the market and to assess the competitive landscape. Focus Group Discussions are another method to achieve the set of answers. In such discussions, people from the same educational or occupational background are selected and then their views are noted down. Many times, observational studies are also performed by simply observing the customer’s behavior, choices, and selection patterns. One thing is common among all the types, they give the businesses ability to decide the next step.
Different methodologies and processes are utilized to get an idea of the market and the brand. To make conclusions firstly problems are identified, and then a questionnaire is prepared to address the queries and doubts, after which data is collected from the experts based on the need. Once raw data is collected then the final analysis is done to make a conclusion and implementation the next step.
Why is market research important?
Whether a company needs to understand its brand value or eager to develop a new product, one has to understand the thought process of the consumers, KOLs opinions, regulatory affairs, and reimbursement policies, current and future market trends, these are attained through market research. It’s an organizational need to know and understand the market before beginning with a new product and that can only be achieved after knowing their competitors, market landscape, pricing, and other governmental guidelines. Therefore, Acorn Research and Consultant providing the best market research services to their clientele.
Jobs in Market research
Though the employment rate is on a decreased side of the scale however the market research industry is booming. Ample of jobs in every industry are there since in today’s era nearly all the major firms are involved in getting the market research done either for their already existing product or their future ideas.