Techniques Used by Market Research Companies
Every year, an ample amount of money is spent on market research by companies in order to have the prerequisite idea about the demands of the customers. This aids in understanding how a company can satisfy the targeted audience via the offerings. With an eye to understanding what will be pleasing the customers, companies focus on market research completely on the requirements which are expressed by customers. The voice of the customer is captured for express requirements.
Use of intuition
Market research companies will be capable of understanding the actual requirements in the market with the applicability of intuition. This will be beneficial in realizing competitive edge in order to satisfy customers and boosting the sales.
Market research companies should not rely on customer’s data completely
Though Market research contributes to being an invaluable tool to learn the expressed requirements of the customers, market research companies will be capturing only those requirements which can be articulated by customers. Customers do not have the idea always what they require. Even focus groups and statistical market data fails to determine what even the customers do not know. The Weather Channel is a worth mentioning instance. In the year of 1980, interests in the news regarding the weather were believed to be completely market-local research. In accordance with market research, customers are willing to know about local weather reporting. However, only a few people have the idea that 24-hour weather channel will be reaching a market of customers who want to know about national and local weather. In spite of the conventional thinking, the Weather Channel is recognized to be the multi-million company that has more than 300 million views annually.
Intuition can be useful in order to visualize the market
The history of the market reveals that customers are not good when it comes to express requirements for a visionary offering. For instance, products which are in common use in these days such as chunky pasta sauce, iPhone came via visionary intuition of investors. It was the marketers of the well-renowned market research companies who made use of their intuition in order to envision the existence of a market for each of the new product. Traditional market research procedures are certainly not the best option to have a thorough understanding of the market. The most effective marketing is known to view traditional market research via the lens of intuition.
In order to gain success after launching a product, and to find a boost in the sales, it is a prerequisite to reaching the voluminous marketing data. Intuition is an excellent way to reach the same. For instance, when the task was analyzing what the actions of the competitors in a market will be, you should study the data. After completing the study, you need to make use of intuition for looking for information which would predict future competitor activity reliably. As you make use of intuition for understanding the market research, you will have the real understanding of the market. This aids in saving an ample amount of money and offers marketing benefits.
Check out this article on 5 things that market research companies do to collect optimum information.