Market research is available as a services to help a developed company or new business or an individual interpreter to make accurate decisions based on proven data. It’s a process of collecting, analyzing and interpreting different kind of information, that can be used for a number of different purposes – from identifying a new market to launching a new business. It may serve you if you need to:
- determine the feasibility of a new business
- strengthen the position of a company
to minimize an investment risks
- to discover existing/new advantages or disadvantages of a product or service
- to identify and develop potential new markets
- to identify potential threats and opportunities
- to improve and innovate, facilitate strategic planning
- to find out your customer needs, behavior and demands
- to test the demand for a new products, services and features
- to make an accurate revenue projection
- to boost the success of marketing and PR campaigns
How To Do Market Research?
There are two types of market research data: primary information and secondary information.
Primary information is first-hand data gathered from original sources. You either collect the data yourself or hire someone to do it for you. The bottom line is that you control the process from A to Z.
Secondary information is information and data that has been gathered by others and is publicly available either online or offline. This could be data published in newspapers, reports, journals and so on, or information freely available online. The downside is that everyone has access to this information and you have had no control over the collection methods.
Types of information collected through both primary and secondary sources can be either qualitative or quantitative.
Qualitative information helps you gain a better understanding of how people feel about certain topics. You can ask them what they think and how/why they make choices that they do. The best sources to collect qualitative information include in-depth interviews, focus groups, and direct observations.
Quantitative information is statistical data and tends to be more structured. Closed question Questionnaires and surveys fall under this type of information.
Sources of Primary Market Research
Primary research is often more expensive and time-consuming. But it is the best way to get the information that your business needs. The most popular primary research tools are:
- Customer surveys
- In-depth interviews
- Focus groups
Sources of Secondary Market Research
Often referred to as ‘desk research’, secondary market research is best suited for gathering broad insights into market trends. This helps to predict competitors plans and strategies. The most popular secondary research sources are:
- Government reports and studies
- Trade or industry-specific journals, magazines, newspapers
- Television and radio
- Academic papers and educational resources
- Literature reviews
- Online articles and case studies
Lean User Experience (UX) design
You may also use other kinds of marketing researches, for example a lean market research (Lean User Experience (UX) design) which is a model for continuous improvement that relies on quick, efficient research to understand customer needs and test new features. Lean market research can get you closer to your customers, give you quick, powerful insights can place your products on the cutting edge and doesn’t need much time and efforts.
Can we help you?
If you have a specific business question that you think could be solved with the help with our market research professional team then we’d be delighted to have a chat. Please get in touch using the email hi(a)meaccurate.com or call us on +971 58 59O 2171.