In today’s era, business is not just about buying and selling. The scope is more significant than that intending to achieve constant profits, clients’ sustainability, and company reputation within the market. One of the very interesting parts of business is market research. But what is market research? As the words suggest so, it is in-depth research of the market for business growth.
By the term “Market,” we mean the people, our target audience. What people want, their demands and expectations from the product/service based company? It all revolves around the buyer’s viewpoint individually and making a collective decision on how to meet the expectations keeping their reviews in mind. Market research helps in designing a structured plan of analyzing the market and implementing actions accordingly.
The researcher must understand the growing interest of the market and identify the opportunities.
Below are a few points that help in the initial phase of marketing research:
- Type of market
- Type of customer group
- Market demand (past, present & future)
- Cost-Benefit Analysis
Keeping these at the forefront halfway eases the market research. It is very crucial to the research market for decision making. A lot of questions depend on various factors like:
- Which kind of market should I be focusing on?
- How to convert a one-time buyer into permanent ones?
- How to grow profits along with customer satisfaction?
Many entrepreneurs consider the customer as a “King” and ensure they cater to the right services. From marketing strategies that involve attractive prizes for a quiz, cashback offers to customization as per the demands; companies are on point for all. The cutthroat competition is so daunting that companies focus more on strategies than just selling. Market Research is a process and not a drastic practice. It follows a channel of steps to follow
1.Identifying The Problem:
The very initial phase where the researcher looks into the current scenario and identifies the underlying problem. He tries to understand the client’s requirements and the issue of why it’s not met in the right way. A lot of effort goes into understanding the demand, history of the target market, and how to design a good marketing plan. Covering the following is the responsibility of the researcher.
2. Design A Research Plan:
The next step is using the collected information of the first step to make a concrete research plan. By analyzing the future probabilities, growing market, and its utility scope, a research and analysis plan is designed. Every step of market research is done in sequence as it follows a particular method.
3. Implementing The Research Planner:
Based on the designed research plan, the marketing team implements the research plan. Keeping the client- base in mind, the project is put forward. The marketing plan can be social or print or event-based, depending from one company to another.
4. Evaluating the results:
The final report is made to evaluate the results of the marketing campaign in comparison to the past and current scenario. Various methods are used to assess the customer experience during the marketing research campaign and if there’s scope for it in the future.
In the process of marketing research, the researcher experiments with the market demand to keep the client as the protagonist and use opportunities to analyze and attain results. Programmatic research takes place where a program is made to determine the market demands followed by Selective research where the product and services are tested based on consumer attitude and requirements. Lastly, the evaluation takes place for addressing the results and performance of the new campaign. The evaluation is not just about the product but of consumer satisfaction, the future scope of the service, brand image, etc.
The importance of marketing research is high in strategic decision making due to the following reasons:
- Researchers take a keen interest in understanding the market and competitor’s analysis to support the future scope of their marketing campaign. They structure the market analysis and shape decisions accordingly.
- Market research helps in making significant decisions that save chances of risk as the research saves time and cost both.
- Many companies focus on satisfying clients than pure sales agenda. In such cases, marketing research helps a lot.
- The research helps in bridging the gap and understanding between the customers and the company.
Market demands keep shifting, and it’s crucial to have a thorough research of the market to understand the client’s expectations before shaping further strategies and decision making. To look for progressive scope, it is essential to have strategic research designed by marketers and delve into understanding it at most.