Why Market Research in 2018? Methodology, Factors, Process and Benefits

Market research help company, customers, products, brands by analyzing actual data and information about their customers, markets, competitors, market risks, etc. It helps companies to make affective marketing strategy for long time.

Market research not only gather data and information about products, customers, their behaviors, risks for brands, companies, products but it helps those to make an effective marketing strategy. Market research companies conduct their research to collect these data from survey, polls, social media channels which provides depth insights about those companies with the help of advanced and latest tools.

Market research is not a new concept, it has been used for many years to know exact information about companies products, brands, etc. Suppose you have launched a product in the market and you don’t have data to analyze your product success rate, here market research companies helps you to conduct a particular product research through different formats including website, social media channels, customers response about their product, opportunity research, risk analysis and factors, and it includes many other factors. The collection of data from all different formats will be analyzed by an expert team through different tools. When you find your comprehensive data for your products, you will present in analytical form.

Major methodology used for market research is:

• Secondary research: It is known as not specific or detailed enough
• Surveys: Used for collecting data from large volumes of population or customers. Normally surveys are in questions and answer formats.
•  Focus Groups: This methodology is good for exploratory research
• Interviews and meetings: It gives exact information about particular topic
• Field Work, Field Trials and Experiments: Scientifically testing methodology
• Observation: It used for measuring actual behavior

This is already is known as applied and tested techniques to grow your business and to lead in market. The factors which involved in whole process are as below:

•  Analysis of Your Customer 
•  Analysis of Your Competitors
• Analysis of Your Market Risks
•  Analysis of Your Products
• Analysis of Your Advertisement and Marketing Plan

Apart from these there are some major factors as below:

• Your Target Market Information
• Your Market Segmentation
• Your Targeted Market Trends
• Your Strength Analysis
• Your Opportunity for Market
• Your Weakness in Market
• Your Risks

Your Market Research Process could be defined as:

• Problem Defining
• What Should Your Approach to the problem
• Formulation of Research Design
• Data Collection OR Field work
• Data Creation / Preparation
• Data Analysis
• Report Preparation
• Presentation

And at last what are the benefits of doing market research:

• It helps you to find opportunities for your brand OR products.
• It helps you to communicate with current and prospect customers
• It helps you to minimize your risk in market
• It measures and help to increase your reputation
• It helps you to opt established and accepted trends
• It helps you to make a affective business and marketing strategy for long time
• It helps to push your market positioning

Si-insights are one of the leading market research company based in India offers comprehensive social media monitoring, social media marketing, social media listening, industry research backed by highly experienced and trained professionals. The company is especially dealing with Pharmaceutical industry research and healthcare industry research. The process to collect all insights data from different platforms includes various levels and stages including quantitative and qualitative analysis.