Market research is a systematic process of collecting, organizing, and interpreting data. The objective of any market research is to ascertain the wants and needs of the consumer, to understand the length and breadth of the competition, and more importantly to comprehend the pulse of the customer. There exists a misconception that market research is a onetime process, and then everything will be in place. Well, honestly speaking, market research is a continuous cycle which needs to be invested on a regular basis.
The data collected from a market research must be organized and analyzed in order to enhance your understanding of it. What makes companies invest in market research is the need to understand their target customers, potential customer, intensity of the competition, and the environment of their business. The costs involved in conducting the research varies depending upon the method of research chosen by the company. The different methods of market research are Interviews, Focus Groups, Trade Associations, E-mail and Social Media Surveys.
Market research process involves the following process:
- Defining the problem
- Formulating a strategy and approach to the problem
- Research design
- Data collection, organization and interpretation
- Data analysis
- Preparing report and presentation for decision making
The benefits of a comprehensive market research are:
#1 Helps To communicate With Your Target/ Potential Customer In The Most Effective Way
Do you think the customers would buy your product without their knowledge of it? Certainly not. A comprehensive market research will help you understand what your target customers like, what they don’t like, what they like to hear, what they like to do and what they like to see. Keep the communication as simple and short as possible.
#2 Reduces The Risk of Loss, and Helps To Ascertain Future Uncertainties
Nobody know what would happen in the future. But, you can protect yourself from potential loss in future by aligning your strategy design and technology to the need of the customer. For instance, you can modify your products or services to shield yourself from the fierce competition in the market.
#3 Helps To Measure Reputation
The reputation of a company mainly depends upon the quality, price and value it provides to the customer. It’s better to measure your reputation in contrast to your competitions. A good market research will help you understand where you stand in the market.
#4 Helps To Identify Opportunities At Right Time
Sometimes it may so happen that the product you have developed may not be what your target customers need. So, a proper market research will help you understand their need, and subsequently you can modify it in line with their need.
#5 Helps Identify The Barriers
With the help of a genuine and proper research, you can find out the potential barriers to your business.Ascertaining barriers beforehand will enlighten you to prevent from taking certain ineffective measures that may cause loss to your business. For instance, you may have selected a location where market has already saturated for the product you wish to launch there.
Recommendation: There are various Market Research Company in india But i would recommend you www.corpscan.com because it is one of the leader in the market since 1999 and has some of big name from industry in their client list.