How Can Market Research Help a Small Business?
Market research is an effective study to help planning your business. This is the collection of information that will give you an insight into the way of thinking of your customers, their purchasing patterns and behaviors and their location, among many other factors. Besides, an investigation will also help you observe market trends; and keep an eye on what your competitors are doing.
Successful companies commit to conducting market research regularly to:
- Identify new potential clients.
- Learn more about existing customers.
- Make informed decisions regarding new and existing products or services.
- Better understand your competitors
- Test new markets
- Identify performance, pricing, and promotional opportunities.
Define your market research objectives
It is essential to clearly define your goals; to achieve useful results from research. The defined objectives will help to identify the best methods to carry out the study. You will also have to determine the time frame, and the budget you can allocate to carry out the research. It is possible to consider using a company that provides outsourced professional market research services to assist you.
Sources and types of information
There are a variety of data sources to assist you in researching:
The primary research refers to data gathered from sources, such as:
- Face-to-face interviews
- Focus groups
- Customer feedback
The secondary research is the information and data that has already been collected and analyzed by other sources, such as:
- Industrial and commercial publications
- Social media and websites
- Marketing and consumer lists
- Newspapers and media
The data collected through these sources can be quantitative or qualitative.
The qualitative information, measured values, attitudes and opinions of a specific sample. This type of data is useful if you want to know why people purchase your products; the way they respond to your advertising or the perception of your brand.
The quantitative information is based on statistics; and can be used to predict market penetration, future earnings, etc.
Collect, analyze and take action on the results
After recognizing the basis and sort of information you require you can start gathering and analyzing the results.
It is essential not to allow your opinions or preferences to affect your research (It must always be very objective, there is no room for subjectivity).
Having a preconceived notion of the results can skew your research and provide false information. You must always keep an open mind and be prepared for unintended and unintended consequences.
When done, data processing should ensure:
- Keep in mind the objectives of your study.
- Categorize the data according to what is most relevant to your business, so that it does not become irrelevant information.
- Collate the data, using tables or lists; to make it easier to identify specific trends and themes.
You may have to collect additional information if your results are inconclusive.
The analysis of data should allow some conclusions regarding your initial objectives. Market research will help you update your business and marketing plans.
Why my business requires market research?
A market study can allow you to identify your target consumer, find out what they think about your ideas, products or brands; And you can gather ideas to help target your strategies to the right market.
When should I do a market study?
A market study must be part of your business strategy. It can be carried out in numerous pre-launch stages. It is worth bearing in mind that consumers act under motivational elements, and their behavior changes over time; so you really should consider reviewing your research regularly.
How will a market study help me in my business?
That will depend on what stage of development your business is in, and what you need to know to define strategies.
If you are launching a new product, market research can help you identify if it is attractive; what is your target audience, and how big is the market, who is your direct competition, and how does the target market behaves.
Is market research costly?
Keep in mind that such research can help you understand if you have a viable idea in the first place; and if you can improve your sales in the long term.
Everything will depend on the type of market study you require. Depending on the information you need, you can correctly carry out a market study online; where costs are undoubtedly reduced.
What are the most profitable research methods?
Research with data already published on the Internet is profitable because it can provide you with information on market size, value and trends. The downside to working with online data is that it was not obtained from market research designed specifically for your product.
Your own sales data also represents valuable information; It can help you understand your sales, demographic and geographic trends.
If you’re going to commission an investigation, there are some relatively affordable methods. Nevertheless; the choice of methodology should be selected for your objectives, and not just for your budget.
Another way to obtain information is through observation research. For example, you could see how many times people interact with a product before buying it, either individually or with someone else. You will be able to answer questions like – what other things do they buy?
If you want to understand the consumer’s perceptions of your products, or their behavior in greater detail; the most cost-effective method is probably focus groups or group sessions.
Today the most profitable methodologies are online surveys; You will be able to reach large samples of people, optimizing the information collection time.
Can you do it yourself, or do you need an expert?
You may be able to do primary research for yourself. Still, when it comes to gathering information directly from people, we recommend that you hire the professional services of a market research agency like Ingenious e-Brain.
Professionals know how to select the right audience. Additionally, there is an ability to ask the right kind of questions and provide information that is relevant, consistent, and concise.
The experts are neutral third parties, where there will be no subjective opinions in the analysis of the results. Providing you with the truth of what your target audience thinks and feels about your ideas, products and brands.
We have had clients, who have tried to do their research; and the findings were not adequate to achieve the stated objectives. When Ingenious took control the investigation was carried out correctly, the results obtained were very different.
How do I choose professionals to carry out my market research?
There are several types of market research providers. Specialized agencies provide professional staff to carry out your project from start to finish.
Market research agencies can often be more profitable. Their researchers are proficient in certain areas of research and markets, and this specialization must match your own business needs.
Hire Ingenious e-Brain
If you are looking for the services of professionals specialized in online market research, do not hesitate to contact us. And if you need to carry out a specialized field study in various areas, you can consult our services and contact us.