21 Apr Understanding Market Research and How It Can Benefit Your Business
Market Research – What It Is
In basic terms, market research is a way to find market opportunities and evaluate market actions by collecting information and analyzing results.
The way to collect information for market research can be through primary or secondary sources. A primary source is information collected first-hand. It includes things like conducting surveys, interviews, focus groups, or making observations to answer your specific questions. Secondary sources are groups of information that are taken from previous research conducted by others for a similar or for a different purpose. These can include subscriptions, industry reports, and data analysis. It is often an outcome of many research activities done for other objectives and provided by an array of different sources.
Market Research is a planned process that is likely to vary each time. The chosen method or methods will be unique to the questions the research sets out to answer. It also needs to be objective in order to avoid any impartial findings that come as a result of the search itself. This can skew your market research results and lead to misinformed decisions.
The process for Market Research usually entails the following steps for a positive outcome:
- Define the General and Specific Objectives and Questions to be Answered
- Determine the Sources to be Used for Collecting Data (Primary/Secondary)
- Conduct the Market Research
- Collect Data
- Gather and Organize Information – Make Calculations
- Analyze the Results to Get Insights
Using this planned structure for Market Research will enable you to organize data into useful information that can help you make educated decisions.
How Can You Benefit from Market Research?
By conducting solid and professional Market Research you can evaluate many aspects of a market including the following:
- Market Size and Potential
- Market Trends
- Consumer Behavior
- Client Intention
- Customer Opinion
- Distribution Channels
- Value Chain Analysis
- Pricing Analysis
- Product Comparison
- Licensing and Regulations
- Economic Impact
Market Research can be done for end customers as well as business-to-business. B2B research is sometimes more challenging given the availability of information and methods to be used in order to persuade key players to participate.
Once you’ve collected the information, you can determine conclusions and have more insight as to what decisions to make, where to target your efforts, and what strategies to put in place.
At Joorney, we provide several types of services within the overall Market Research scope. Our department uses several methodologies including the ones mentioned above as well as many others.
Market Research Services & Scope
- Market Overview
- Competition Analysis
- Location Analysis
- Price Analysis and Product Comparison
- Data Analysis
- …and many more
- In-Depth Interviews
- Mystery Shopping
- Internal Calculations
- Desk Research
- Market and Industry Reports
Understanding Market Research and How It Can Benefit Your Business
We aim to provide the best outcome by harnessing the best available information sources and market research methods. This empowers you to improve the decisions you make and the strategies you put in place for your businesses and endeavors.