Before one sets off to start a business venture, I’m sure, everyone would agree with me, that it is important that you determine your target consumers and understand what they need or desire so that you can then market a product or service that answers that specific need. I would further go on to say that having this information is of more importance than anything else in your business including finance, hiring the right talent, having the right machinery or technology. This is, in essence, what market research is all about.
According to Entrepreneur.com, market research is the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face. The definition itself, clearly shows that market research is an important tool that helps ensures your business’ success.
How is Market Research Carried out?
Surveys are done online, through one on one interviews, or phone calls. For example, online companies carry out market research by encouraging customer feedback on their website or through social media platforms. Another way of doing this is by designating a prominent location in your store where customers can choose to fill out a feedback form.
Product Trials & Samples
Most of the time, businesses hand out samples to customers and ask them to try it, gauging their response and getting instant feedback.
Sometimes, companies invite consumers to a discussion within a focus group where feedback can be gathered right away. However, focus groups can be quite a challenge to organize, not to mention, expensive.
The least used method involves studying a customer’s reaction captured on video in a natural setting (like inside the store) to a product display or a service. This is the least popular method due to privacy issues, and must, therefore, be carried out in a public setting. It is also time-consuming.
How Does Market Research Help Businesses?
Determine Business Feasibility
Through research, your company can determine whether there is a demand for your specific product or service which ultimately then dictates your business’ viability.
Determine industry and economic trends
Through study, you will be able to determine what is working for you and what you need to improve on and develop strategies to adapt to the changing environment.
This will provide valuable insights on competitors products, their campaigns, and techniques in capturing consumer attention which you can then use as leverage to turn them over to you and win their loyalty.
Come up with Effective Marketing Campaigns
Depending on your target audience, through research, you will be able to determine, how to best drive your product, create brand awareness, and whether to go about marketing your products and services the traditional way or through social media.
Come up with Competitive Strategies
With the information you have on hand through market research, you will be able to determine whether, for example, you need to keep your pricing competitive or keep your price at a premium but throw in additional items or services to drive value for their money.
Why is it best to outsource?
With all the advantages and the wealth of information companies derive through market research, more and more companies have turned to outsource this service, mainly because, choosing to outsource it brings with it a number of great benefits.
Compiling data gathered from research, making sure nothing is overlooked, and then processing the same data can be time-consuming. Working with a BPO company will accomplish this task for you in no time as they have a team of experts, who are highly trained to conduct research and deliver accurate reports.
We all know that with outsourcing, you will get more value for your money. Not only are highly capable individuals working to gather accurate data for you, but labor cost also comes cheap. All BPO companies also use the latest and advanced technology so you can are rest assured that data is gathered and stored properly and effectively.
Gives a Different Perspective
It is difficult to do things differently when you have been using the same method and doing the same thing since day one as a company. Getting a BPO company to do your market research will give you the fresh perspective you need, free from office politics and maintaining the status quo. Being an “outsider” and indirectly involved with your company, we can share with you our unbiased assessment and recommendation.
Executive Boutique is an Australian and American owned and operated company providing services from its state-of-the-art call center and business facility in IT Park, Lahug Cebu City.
Our highly trained and experienced agents are ready and equipped to do your company’s market research at an affordable cost.
Contact us today for a free, no obligatory quote!