Introduction
Market Research is the practice of evaluating the viability of a new service or product by interviewing prospective customers first-hand. Market research enables a business to identify the target market and obtain consumer comments and other inputs regarding their interest in the good or service. This kind of research can be carried out internally, by the business itself, or by an outside market research firm.
As our world, both online and offline, get busier and demands more of our attention, this is quite beneficial. By comprehending your customer’s problems, needs, and desired solutions, you can build your product or service to appeal to them naturally. Market research enables you to collect data from a larger sample size of your target population and get to the heart of customer opinions by removing prejudice and presumptions. As a result, by having a complete understanding, you can make better business decisions. Let’s examine market research further.
Research – Primary VS Secondary
Finding out first-hand facts about your market and its consumers is the goal of primary research. It helps create your buyer profiles and market segmentation. Primary market research often belongs to one of two categories: exploratory research or focused study.
The data and public records you have available to conclude are all part of secondary research. Secondary research is especially beneficial for examining your rivals.
Types of Market Research
Types Of Market Research
Interviews
Face-to-face interactions are possible during interviews, so you may let the conversation flow naturally and keep an eye on your interviewee’s body language. Your interviewees can respond to self-reflection questions to aid in the creation of your buyer personas. These buyer personas outline the age, the number of children in the family, income level, profession, difficulties encountered at work, and other characteristics of your ideal customer’s lifestyle.
Focus Groups
Focus groups give you access to a select few people whom you may ask to test your product, see a demo, provide feedback, and/or answer specific questions. This type of market research can assist you in developing ideas for product differentiation, or the characteristics that distinguish your product from competing ones on the market.
Product Use Research
The use of the product or service can provide information on its features, as well as research on how and why your audience uses it. This type of market research also reveals how helpful the product or service is to your target market.
Observation-Based Research
With observation-based research, you can see how members of your target audience use your product or service to learn what functions well, what difficulties they encounter, and which features might be easier for them to use and understand.
Buyer Persona Research
Buyer persona research gives you a realistic view of your target market’s makeup, issues, reasons for wanting your product or service, needs for your brand and company, and more.
Market Segmentation Research
By using market segmentation research, you can divide your target market into various categories according to distinct traits. This will enable you to ascertain the most efficient strategies to suit their demands, comprehend their problems and expectations, discover their objectives, and more.
Pricing Research
Pricing analysis offers you an idea of what comparable goods and services in your market go for, what your target market is willing to pay and expects to pay, and what a reasonable price is for you to list your good or service at. You can define your price plan with the use of all of this information.
Competitive Analysis Research
Because they provide a thorough insight into the competition in your market and sector, competitive studies are quite useful. You may discover what’s working well in your sector, what your target market is already looking for in products similar to yours, which of your rivals you should strive to keep up with and outperform, and how you can differentiate yourself from the pack.
Research on Customer Satisfaction and Loyalty
Understanding what would persuade current customers to do business with you again may be aided by research on customer satisfaction and loyalty. This study will teach you the best methods for fostering customer satisfaction.
Brand Awareness Research
Brand awareness research reveals what your target market is aware of and can associate with your brand. It reveals the associations that your target audience forms when thinking about your company and what they take you to stand for.
Campaign Research
Reviewing prior campaigns and gauging how well they were received by your target audience and current clients is campaign research. It takes experimentation followed by a careful examination of what connected and resonated with your audience to keep these factors in mind for your future campaigns and concentrate on the components of what you do that matter most to those people.
Steps for Market Research
Steps For Market Research
Define your buyer persona
Your buyer personas will be useful in this situation. Buyer personas are fictional, generalized depictions of your ideal clients, also known as marketing personas. They aid in audience visualization, communication efficiency, and strategy development.
Identify a persona group to engage
You should include folks who recently made a purchase or actively chose not to make one in the group you want to engage. Start by concentrating on people who fit the bill for your customer persona when deciding who to hire for your market research. You want to hire customers who have bought your product, bought a product from a rival, or decided not to buy anything at all.
Preparation of Research Questions
Prepare research questions for your market research participants.
List your primary competitors
Remember that identifying the competition isn’t always as straightforward as comparing Company X to Company Y. Even though a firm’s brand may focus more on another area, a division of that company occasionally may compete with your primary product or service.
Summarize your findings
Use your preferred presentation software to create a report to simplify the process. This will make it simple to add quotes, diagrams, or call clips. Your summary should include background information, participants, an executive summary, awareness, contemplation, a decision, and an action plan. The framework should assist you in creating this summary.
Magistral’s Market Research Services
Magistral Consulting offers a range of value-added services to support market research services. Magistral Consulting provides several services including:
-Customer Needs Analysis – Understanding the needs of the customers, defining the focus group and research.
-Customer Segmentation – Segmentation of customer group with effective targeting.
-Customer Journeys – Going over the Customer experience studies to analyze the aspects of customer satisfaction, taking in feedback surveys.
-Global Expansion – Market dynamics overseas, with the development of a market entry strategy.
-New Product Launch – Dipstick Survey which means analyzing the market response in different areas of study or research, explorative research to support the launch.
-Competitive Intelligence – Competitor tracking and analysis for understanding the key steps to get an edge in the market.
-Market Analysis – End market analysis and market forecasting to support the company in setting up goals and achieving them.
-Custom Research – Customized Research for specific business situations related to Sales or Marketing.
About Magistral Consulting
Magistral Consulting has helped multiple companies to reduce operations costs through its offerings in Marketing and Strategy Support.
About the Author
The article is Authored by the Marketing Department of Magistral Consulting. For any business inquiries, you could reach out to prabhash.choudhary@magistralconsulting.com