Why we need Market Research
Market Research is supporting your business decisions. Research guides companies to make the right business decisions. The findings provide insight into the market, competitors, products, marketing, and consumers. By conducting effective market research, a firm will make informed choices and develops a successful marketing strategy. Market Research is very popular and demanded in Digital Arabia.
Two main types of market research
Quantitative research – number orientated
Quantitative research focuses on numbers. For example, a company wants to find out what percentage buys a product. To find an answer, the company gathers information and numbers by conducting surveys and questionnaires. A simple quantitative research would be talking to one of the customers. However, this will not provide enough validity. Therefore, companies use more in-depth quantitative research to identify markets and understand customer patterns and profiles. This is essential when a company is launching a new product. Thus, companies apply market research techniques when they work on product improvements.
Qualitative research – getting behind the facts
Qualitative research is about finding out how what people really think about a product and what factors are influencing their buying decisions. Researchers use questionnaires and focus groups to find out more on behavioural patterns of consumers. They gather and use the intelligence to create new products that people love to buy.
Market Research and Strategy
They both belong together. Research is an essential part of the strategy. At the same time, a solid and good strategy is based on quantitative and qualitative data. Therefore, companies need to conduct research regularly as part of the main company strategy and vision. Even, when a business is well established, it needs to stay in touch with the customer’s needs and market trends. Research can measure the effective of the firm’s market campaigns. It provides data on consumer behaviour, from packaging and marketing to brand awareness. Thus, it forms the foundation of an effective marketing strategy.
How to plan your research
An effective research starts with knowing what the firm wants to achieve and which information should be gathered. For some businesses, it is sufficient to conduct simple questionnaires with the customers inside the shop. However, to make sound commercial decisions, the company needs a more sophisticated approach. Thus, the company needs to find the best way to conduct the research, gather the intelligence and interpret the findings.
Market Research is very crucial for the firm’s strategy and a crucial driver of the Digital Economy. They both belong together and one cannot exist without the other. Market Research acts as a roadmap and supports crucial strategic decisions with quantitative and qualitative data. A firm that conducts market research effectively, will therefore create an effective marketing strategy, which helps the firm to succeed within its competitive environment.
At Zenoctus, we offer market research services that identify new business opportunities.