A Beautifully Refreshing Perspective on Market Research Services
Businesses that have performed well over the years regularly undertake market research to not only stay ahead in the competition but to even not let go of their place in the market against the competitors. For any kind of business whether a start-up or an established one, undertaking market research is crucial to understand the key characteristics of the targeted market as well as to double the sales revenue or income, to increase the profit earned and ROI also to meet the overall business growth and success.
The need for undertaking market research service is best comprehended by a business when it becomes aware of the different factors influencing the business.
1. Information about the market
Information broadly refers to the following factors:
- Market size with respect to the number of consumers or respondents.
- The sales revenue with respect to the existing products.
- Market segmentation based on personality, gender as well as geographical location.
- Prevailing demand and supply situation in the market.
- Varied other factors that tend to influence a business
2. Imminent information about the existing respondents
This involves understanding the key trigger factors affecting respondent decision-making such as the following:
- Reason for consumers to choose your products and services to that of your competitors.
- What values do the respondents notice or see in your products?
- The crucial decision factors that attracts respondents to your products, Is it the product quality or the service provided by you or the prestige that consumer derives by purchasing your product.
- Factors influencing the buying decisions made by consumers.
- Information about the magazines read by the consumers or about the websites browsed by them.
3. Discovering potential consumers
Prospective consumers are easily identified by understanding the following:
- Who are the respondents or prospective consumers who are likely to use your products?
- Identifying the age group to which the respondents belong.
- Gathering information about the gender of the prospective consumers.
- Ascertaining the married status of the respondents, whether they are single, divorced or married.
- The number of children the respondents has.
- The place where the prospective consumer resides.
4.Understanding the needs of the consumers
Market research services undertaken by a firm helps it to understand the specific needs that the consumer have. This helps the organization to change their products and services on the basis of the need of the consumers or even develop new products and services.
5.Study of the behavior pattern of consumers
Prospective consumers may show a specific behavior pattern as well as preferences. Say for instance they may prefer a specific brand or even switch from one brand to another often. Some may even try new products available in the market. Sometimes the preference may be for a specific color, size, shape, price, range or color including other factors.
Market research services, if done properly can throw light on varied other valuable information such as the strategies adopted by competitors, the impact on the respondents for any decision taken by the company etc. It even helps locating better business opportunities such as unexploited areas. From resolving business issues to taking of correct business decisions including development of the best strategies, market research service does it all.