A lot of knowledge and awareness is required to run a business. It is critical that you understand your business environment. A business needs research work not only at one stage of the operation but at various stages according to the need.
The type of research may vary depending on what kind of query you hoping to resolve. You might be at a stage where you may need research to understand what kind of product you must develop? Maybe you need research to understand what kind of audience you may cater to? Or maybe research to get feedback from your customers.
Why a Business Should do Market Research?
There are multiple good reasons why market research is important. Here are a few of them:
1. Set Targets – Market research enables you to set targets for your business. Achieving these targets will help you grow.
2. Identify new customers – Market research can help you identify who your audience can be and you can also segregate your customer on different bases like age group, location, etc.
3. Satisfy existing customers – Frequent market research on your customers can help you understand whether they are satisfied or not. Along with this, you can understand their preferences and compare any old data to understand how their preferences have changed.
4. Develop new strategies – A single strategy can only work up to some extent. You must be open to creating and developing new strategies for continuous growth and diversifying your business.
5. Opportunity to expand – Market research can help you understand whether an expansion of business can be up for discussion or not.
6. Solve business problems – Doing market research where you have already identified the problems can help you to find solutions as well.
7. Effective Product Packaging – You may not realise this but effective product packaging can go a long way and market research can help you to understand what kind of product packaging can be effective for your marketing.
What Types of Market Research Can Be Performed?
Getting into the details of various types of market research can be difficult. The details may vary depending on the type of industry a business is involved in. Therefore we will discuss the types of market research in a broader sense. There is no particular order in which we have explained the types below:
1. Primary Research
This is the kind of research you do when you are in need to reach a larger audience base. You collect this data yourself and it can be for two reasons. To find out a problem that isn’t clearly defined yet or to find solutions for a new problem. A survey is the most popular form of primary research.
2. Secondary Research
This kind of research is not done by you. It is already been conducted and you are simply researching and gathering data to make a relevant point or support your research work. With the help of secondary research, you can back up your hypothesis.
3. Qualitative & Quantitative Research
Qualitative research is conducted to understand the reaction of your audience. Maybe you launched a new product and you want to see what your audience think about it. It is also a collection of primary and secondary data. Whereas Quantitative research is more accurate in understanding and provides its output in numbers.
4. Product Research
A very important type of research. Product research can help you to understand how your product is performing in the market. What are the audience’s views are? This research can also be conducted before launching the product to understand how it might be perceived and is fit to launch and what kind of problems it may solve, etc. You must know that nowadays many companies use koozies custom for promoting their brand.
5. Branding Research
It is typically conducted to understand your brand’s image. You can use surveys or focus groups. It will help you to give a reality check of where your brand stands among the people. Along with this, you can get insight into where you could improve.
6. Customer Research
This is very important research for the continuous growth of your company. You must know how loyal your customers are to your company and whether they are satisfied or not. It will also help you to understand their preferences and how you could encourage them to buy.
7. Competitor Research
Understanding your competitors is crucial. You should know who you are in competition with. Along with this, competitors’ research will help you identify their strengths and weaknesses and work on yours as well.
Market research can be very crucial and your business can learn about its internal and external environment as well. You can make conclusive decisions and help your business grow. We would recommend you to dedicatedly give your research time to get an effective result.