Is Market Research helping you grow your Business?

I recently got into argument with my business partner on our expense on market research; he seemed to think it was useless, waste of money and time, and I seem to have pretty contrary views. So, if you’re wondering if market research can help you grow your business? The answer is YES, if not, then you’re not doing it right.

In my professional career as a Research Analyst, I’ve had the pleasure to work with the leading market research companies India and most of them understand its power; what it can do for a business. Suppose you would like to start a bakery and you’re looking for a location and let’s say you’ve find one; now you must start understanding the nature of the people that live in that area, their earnings, how much are they willing to spend, what’s their taste in food, do they prefer takeaway or not, and answers to all these questions can make it easier for to set prices on your product and calculate your profits accordingly, and by of course keeping the external expenses in mind too.

So, understand what market research is:

Primary market research involves gathering data from the first-hand sources by directly approaching existing and new customers. The data used for primary market research is previously unpublished, fresh and unique.

Primary market analysis data sources:

1. Customer surveys
   
2. Discussion with industry experts
   
3. Interviewing experts in a field Understanding secondary market - research
   

Secondary market research includes data gathered and studied from earlier research publications. This kind of research is generic in terms of its substance and crude. A good example can be detailed industry reports. Secondary market research data sources

To conduct secondary market research both secondary and primary resources such as publications and surveys are used.

Creating a robust market analytic strategy requires the researcher to consider a broad industry view and gaining product related perceptions of customers. According to the latest market researching trends the website can be assessed and modified for optimum performance.

Website evaluation factors

• Substantial number of visitors
  
• Number of visitors converted to buyers
  
• Time-frame required for conversion of visitors to buyers
  
• Frequency of customer's buying activity
  
• Time-frame between two purchases of the same customer
  
• SEO analytics to understand ways through which customers discover the website - this includes Blog/article inter-linking and Google first page rankings. 
  

Winning customer's loyalty for your products and services

1. Produce and maintain buyer profiles:

It is a good online marketing practice to produce and maintain detailed buyer profiles on the basis of demographic factors such as age, gender and buying habits. Consistent maintenance of such buyer profiles will result into a rich archive of market intelligence for the organization.

2. Buyer profile classification:

The buyer profile archive can be classified by giving various labels to different customers. For instance, if a particular buyer group only buys baby products this category can be classified as 'Junior'.

3. Identifying customer problem areas:

Let us consider the insurance product, in this scenario, customer problem area examples could be delayed response time after the filing of insurance claim due to unaccountable staff or delay in insurance policy delivery due to inefficient administration.

4. Adaptability in a global market place:

A global market place consists of understanding market complexities as a result of consumer behavior that belongs to different locations such as Asia and Europe. A consumer belonging to cross-cultural backgrounds and diverse locations requires the business owner to update and modify products and services that meet cross-cultural and global standards. 

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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