What Is Market Research ? If you want to start a business or start a business, one of the most important things that can help you achieve your goals is market research. In this article we have talked to the CEO about market research and its importance, stay tuned.
If you are a business owner or you are just starting out, market research is one of the most important things that can help you achieve your goals. Using market research, you can get a better view of your audience persona and evaluate your sales information. If you are also looking for more information on this important topic in business, reading this article can be useful for you.
What Is Market Research?
Market research is a process in which you will try to identify your potential and actual customers. Try to find information about the customers of your products and services and find out how your customers are likely to think and react to a product or service to instant website traffic. Market research starts with simple tasks and leads to more advanced stages. For example, when you inquire about the price and quality of your competitors’ products, you are constantly asking your customers what they think of your products and services, or the strengths and weaknesses of your products and services from their point of view. , You are doing market research. You will use this data and information to make future decisions for your company and business.
The difference between intuitive and systematic market research
As mentioned above, this type of market research is just the beginning, and you should not rely on it alone and look for more serious and advanced methods. Because in this case, both your target community is very small, and you may make mistakes in making decisions.
Systematic market research uses methods that have been studied by experts in various industries for many years. This method will identify the real flaws of your activity, a team of professionals and experts in the fields of psychology, statistics and marketing of your business and will find the causes of weakness and strength of you and your business. This method of market research helps you to properly find your target community and understand their real needs. You can make the right decisions and grow your business in no time.
Is Market Research the Same As Marketing Research?
You may be wondering if market research is the same as marketing research? The answer to this question can be both yes and no! In fact, in business science these days, no clear boundaries can be set for the difference between the two studies. Sometimes each of this research can be done in a complete and professional way that answers all the questions and ambiguities in other sections as well.
In product marketing you are looking for 4 main goals:
- The product and the product itself
- The cost paid by the customer
- The desired location for marketing
- Advertising and public relations
In market research and marketing, you will need to find answers to the above questions in various ways. In fact, it can be said that these two research overlaps and can be largely similar to each other, but their main difference is the following:
- Market research emphasizes recognizing the target community and examining their needs, while in your marketing You are looking for more goals, for example, you will examine the methods of product introduction to find out which method will attract more customers. In fact, in marketing you focus more on the product and the needs of the customer, but in marketing research you are looking for more information.
How Does Market Research Help Us?
Once we are familiar with the definition of market research and how it differs from marketing research, we want to know how important this process is to our business and helps us.
Recognize The Strongest Competitor
In addition to researching all of your competitors, you will find out from which competitor your target community receives services or buys the product they need more than any other brand or business. This will help you to examine the activity of your strongest competitor and find out what different things he has done for this success.
You Can Identify Market Trends
By doing market research, you will find out what trends are currently in the market, what trends are declining, and what trends are taking shape. Based on this information, you can make better decisions.
Do You Find Out Where Your Audience Does Their Research?
Depending on the type of product and service you offer, customers and the target community may choose different ways to research and gain knowledge about you and your competitors. They may choose web pages and bloggers to research and promote their products and services, they may focus on radio and television advertising, they may even prefer to research and inquire from friends and relatives in other ways. Give. So, by doing market research you will find out how your potential customers are researched. Knowing this, you can strengthen your marketing activities in that area and achieve the desired result in a shorter time.
Reduces Your Costs And Makes Your Business More Efficient
Imagine for a second you were transposed into the karmic driven world of Earl. Will you succeed with this method? How far will you lag behind your competitors in a period of time? Market research helps you reduce the number of mistakes you make in your decisions, pay less, and ultimately get the results you want in less time.
You will develop the products needed by customers
Another benefit of doing market research is that you will find out what your most popular products and services are and what your customers’ main needs are. Therefore, by focusing on this issue, you can change the process of providing products and services.
Methods of obtaining information in market research
Here in this article, we want to know what methods we can use to get information from customers and the target community? There are several ways to get information that you have to choose according to the type of products and services offered and of course your needs.
Interviewing
One of the ways to gather information from customers is to interview them one by one. It is better to conduct this interview in person so that in addition to spoken language, you can also understand the feelings and body language of your audience. In this way, you need to interview each and every one of your audiences and access the depth of their feelings and thoughts about your brand by asking intelligent questions.
Questionnaire
Another way to get information from customers is to design questionnaire forms and fill them out by individuals. Using a questionnaire, you can get a large amount of data and information you need in the shortest cost and in a short time. You can easily review and analyze the results of the questionnaires. It is important to note that in designing the questionnaire, you should try to keep the questions fluent and, of course, short. Because one of the main problems in filling out the questionnaire form by people is that they answer the questions in secret due to boredom and the result will be different from reality.
Another important point in designing a questionnaire is that you ask the target question to people in different ways. This way you can find the definitive and correct result for a question by examining the answers to similar questions.
Focus groups
Another way to get the information you need for market research is to look at focus groups. In this method, you select a small group as an example and examine their behavior and thoughts about your business. The important point is that this sample group should be completely in line with your target market and have your customer persona completely. It is also worth noting that if you do not have experience in market research, this method can be a bit risky for you.
View
This method can also be a good option for conducting market research and provide you with useful and appropriate information. In this way, without introducing yourself to the customers and the target community, you will enter their group and examine all their behaviors. This method can provide the most honest and best information about customer behavior towards your products and services. For example, in an exhibition, you can use experts to examine the customer’s behavior when they become familiar with your product or service, enter into a conversation with them, and ask why they chose or did not choose.
Is It Enough to Review The Information Obtained In Market Research?
Once you have the information you need in each of the above methods, it’s time to analyze and review it. In this way you can examine the information obtained in different ways and access valuable data. But is reviewing this information enough for the end result of market research? No! If you are really looking for success in your business, you should also use the secondary research method.
In this way, in addition to your customers’ answers and information, you will also need general and specialized data and documents. This information will include industry content, market statistics, the impact of political and military events on your industry, trend reporting, and more. In this way, you use infographics, articles, eBooks or videos to get a general understanding of the industry in which you are active, extract important statistics and a more detailed strategy along with review Compile information collected from customers.
Steps To Conduct Market Research
To do market research you need to take steps in order to achieve the best and most accurate result possible.
Diagnose the problem
In the first step of conducting market research, you must clearly define your research objectives and a clear description of the information required, how to collect information, the target audience clearly.
Specify the sample
In the second step of market research, you need to find a sample community to examine their behavior. Naturally, the larger your sample community, the more accurate and useful the information you will gain. Some may not give you the right answer due to boredom or busyness, so the important point in choosing this community is to choose the right group.
Data collection
This step is the same step that we talked about in full in the sections above. As mentioned above, you need to choose the best way to gather information according to your type of business. Because for one business, for example, a telephone interview may be the most appropriate method and for another business, it may be the last resort.
Analysis of results
The information and statistics collected need to be analyzed to become useful data for decision making. These statistics should include quantitative and qualitative information about the age and gender of people to how they react to the product and service. Today, there are various methods for both experts and software that can help you analyze different information.
Prepare efficient reports and decisions
In the final stage of market research, you should write down the results of data analysis and make it a comprehensive and specific agenda. At this stage you should be able to identify the best solutions and look for the infrastructure to implement them.
What are the limitations of market research?
In the final part of this article, we want to know what limitations will be faced in conducting market research?
- You need a lot of time to do this research.
There is still no scientific and accurate method for conducting market research, so many people, due to unfamiliarity with the methods and methods of conducting this research, spend a lot of time and money and do not achieve the desired result.
- You need culture and advertising to engage your audience and get information. This in itself requires significant marketing costs.
Not all people will participate in your research and some people will give unrealistic answers to your questions. Therefore, your results may not be accurate.
Conclusion
Doing market research helps you gain a more accurate and in-depth view of your target community and customers, their needs, and of course your services and products. You can gather significant information, analyze it, and then make sound and practical management decisions.
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