A significant amount of data is created every minute, thanks to the data-spewing technological innovations. This data is collected by market research firms and data research companies, in compliance with data security protocols to derive tactical insights that are eventually used to make fail-proof and future-focused business strategies. Additionally, enterprises need to identify the success driving factor and challenging forces along with the detailed knowledge of their respective environments. So, here arises the need for market research services – to let organizations pool and process the data that matter and makes a difference to their business.
Understanding Market Research
Market Research helps to understand the audience’s needs, uncover emerging trends in the industry, properly assess the market in areas including product design/service offerings, effective pricing, brand value, and business diversification. It lets the marketers find the answers to questions consisting (but not limited to) – Does the consumer want this particular product/service offered? Does the offered product/service provide value for money? What price would the consumer pay for it? Where does the ideal consumer live? What is the place where they will most likely make the purchase? What are the other options currently available in the market, for that particular product/service?
As per a research report by Hubspot, 51% of shoppers research about the purchase on Google before buying it online. Facilitated by the ability to shop on mobile, as much as 59% of shoppers actively determine the brand/retailer. These statistics give an idea about how customers are deciding whether to purchase a particular product or not – and this is where analysis derived from market research helps the businesses.
By engaging online research services, organizations can perceive all the essential facts, pro-actionable insights, and other valuable information required to define business strategies – rapidly and cost-efficiently. The research and analysis of the data shape the future aspects of the business plans. Hence, real-time and agile market research emerges as the key to gain sustainable success and complement each other in the competitive market environment.
Businesses can get various advantages by leveraging market research services. Major ones are mentioned below:
1. Enhanced ROI
Businesses constantly seek methods and techniques to increase their profits and get more sales. An effectively conducted market research helps to identify the points of conversion that enables businesses to directly get in touch with their prospective clients and learn more about their needs. Research conducted in real-time tracks the user actions and triggers the different automation marketing techniques encouraging them to make the purchase. Further, the outcomes yielded from this research can be used to map out result-oriented marketing campaigns and strategies that boost sales. Thus, organizations gain more profits and generate maximum ROI.
2. Improved Customer Relations
Market Research firms collect anonymized personal information of the consumer such as location, age, preferences, most preferred social media platform, etc. to get a better understanding of their choices and actions. This information helps businesses to provide customized service/products aligned with consumer expectations and test different audience segmentation for their offerings. Also, feedback obtained from the market research functions provides an insight as to how the consumers perceive a given product/service.
Asking specific questions helps to gauge customer relations as the business owners get to know the personas better and measure the brand’s reputation. To this end, Facebook and Twitter polls can be used to conduct a quick and brief survey.
Case in point: How does Amazon thrive ahead of its competitors?
Amazon initially started as an internet book retailer, but now it has completely expanded its propositions with the help of agile market research. The e-commerce giant continues to master the art of providing an enriched customer journey. They invest up to a great extent in research and development services to learn about their consumers and how do they use their wide range of service/product offerings. The real-time market research and agile approach have helped Amazon to gain a competitive edge in the industry.
3. Accelerated Business Growth
Accurate and comprehensively conducted market research uncovers various factors such as differentiating value propositions or brand positioning against competitors that lead to the company’s success and growth. Redundancy and anomalies can be detected and solved in the initial stages, while the idea/product/service is still in the pipeline.
It helps the companies to make right acquisition decisions, devise effective pricing strategies, target new customer segments, sell to new market places, and retain customers as well as employees. All these factors sum up to accelerated business growth.
Way Forward – Redefining Market Research with Help of AI
Just as technology never remains stagnant, marketscapes also change constantly. Therefore, merging AI with traditional market research functions is the only way forward. Trend forecasting and analytic tools powered by AI can collect, segregate, and analyze the data sets from various data sources to facilitate highly targeted market research functions. A professional marketing research firms can be engaged to leverage such tools to identify trend clusters, analyze the patterns, and determine the product/service developments in a given domain.
For every business, be it a well-established global corporate or a startup, agile market research is the first step towards a successful journey. Employing the generated insights towards making future-focused and fail-proof business decisions come next. Professional online research services assist companies to simplify the unstructured and complex data sets into useful information to build new strategies and help the companies to gain a holistic overview of all the factors impacting and thus, driving success to their business.