What is Market Research?
Market Research is a process conducted with potential customers to get their opinion on a product or service. This helps get answers to questions like why your product or service is not getting the desired response from the audience. This also helps a business understand the potential customers and how the response will be for their product or service.
The market research study is either conducted in-house or by an expert 3rd party market research company. Through the study we cover the market overview, the current and future trends, and segmentation of product/service by type, by application and by region. It also covers the opportunities, constraints which then helps analyse the market growth and plan the market strategies accordingly.
Evolvement of Market Research :
The market research industry has seen quite a growth since it started. Let’s have a quick look.
PAPI: Pen and paper interviewing is the traditional method where the respondent was given a printout and pen to fill in the answers. Here a good understanding between the interviewer and respondent reaped much fruitful results.
CATI/CAWI: In Computer Assisted Telephone Interviewing (CATI) the survey is taken on a call where the respondent answers the questions as asked by the interviewer. Computer Assisted Web Interviewing consistent with online surveys, forms, ranking a product etc.
WATI: The Web Assisted Telephone Interviewing is an advancement to CATI and CAWI combined. It involves taking a telephonic interview with a questionnaire on the web controlled by the interviewer. This ensures the respondent’s responses to all the questions.
Primary Research vs. Secondary Research :
Primary Research consists of data collected directly from the target audience. It can be done via calling, online surveys or by providing feedback. This research is usually done when you need to get responses from a target audience. Whereas Secondary research contains a wider spectrum. It consists of research done on potential customers and discovering their reactions to a new product or service. It also segments the market and analysis it in such a way that the results help the market user create market strategies for their market growth.
Benefits of Market Research :
The Market Research consists of vast number of benefits, find them listed below:
- The market research consists of the feedback on a product along with customers reaction to them. Thus this gives end users an idea of their likes and dislikes of your potential customer reach.
- If end users are planning to launch a new product or service in the market, the market research with its analysis can help understand the risks.
- The feedback from the potential audience can also help you identify if your product is not as per customer needs and helps you modify as per customer requirements.
- With competitor analysis you can understand your market value and make a perception to increase your reputation.
- It helps you understand the previous and current trends which can help end users plan trends that have high chances of success.
- With SWOT analysis, end users get to know your areas of improvement and the best parts which you can use to your benefit.
The blog covers basics of what market research is and how it can benefit business or end users looking to get an audience perspective on their product or service. Thus if you find this effective for strategizing your business growth, you can go ahead and give it a try.