What is Market Research
Wikipedia states the following:
“Market Research is any organised effort to gather information about markets or customers. It is a very important component of business strategy.
Market Research is a key factor to get advantage over competitors. Market research provides important information to identify and analyse the market need, market size and competition.
Market Research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organisations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.”
This is a very general statement and emphasises the fact that each company (or individual) will have different needs and therefore every market research project will be a tailor made exercise.
For example, the studies could be evaluation, i.e. customer satisfaction, competitor research, usage and attitude etc. or forward initiatives such as new products/services, pricing, future behaviour etc.
Why Market Research
If you have questions such as:
Who are our customers?
What makes them tick?
How frequently do customers buy our products/services?
Who else do they use?
What are our competitors doing?
How do we increase our sales?
Is our pricing correct?
Are they loyal to us/brand loyal?
What do they like about our product/service?
What do they dislike?
What could we do better?
How effective is our marketing/advertising?
How do they use our products/services?
Are there any gaps in the market we can fill?
How can we get new customers?
…………then market research is the answer.
Benefits of Market Research
Market research is the informed route to decision making when a guesstimate is simply not good enough.
With accurate facts, you can make accurate decisions avoiding costly marketing mistakes.
Can you do it yourself
On the face of it, designing a market research study sounds a reasonably straightforward option.
However, you could end up with biased or skewed data, inaccurate sampling, leading questions etc. resulting in costly incorrect decisions being made and findings falling short under scrutiny. By being able to use an online survey tool does not make the user a market research expert.
If you require a more careful crafted survey, unambiguous questionnaire design, appropriate sampling, independent interpretation of findings by market research professionals, then Avalon Research looks forward to your call.