A guide for businesses wanting to buy market research
Do you know what the latest trends are and what the future of your product/service looks like?
Market research opens your eyes to your industry giving you valuable insights and allowing you to make informed decisions.
If you are a business that supplies a product or service, you will want to know what your customers’ needs are.
Awareness of what your consumers want must be a major consideration when starting a business or selling a product.
Market research is a vital part of ensuring your product or service reaches the right audience at the right time. Not to be overlooked.
What is market research?
In a nutshell, market research is the process of gathering, analyzing and interpreting information about a product, service and sector.
Information gathered is analysed by experts and put together in such a way that companies are able to view and interpret the data easily.
The information gives the user insights into their customers needs, how much they want to pay and who to aim their product at.
How is market research conducted?
Different methods of conducting research are applied, depending on clients’ needs and the outcomes required.
Specialists in research will analyze and interpret data gathered by participants. Presenting it in a readable format.
Surveys will often be based on a sample size.
Different methods of research provide different results and some considered more effective than others.
Methods of research
Surveys – online/phone/CATI (call assisted telephone interview
Participants answer a series of specific questions about a product/service.
Focus groups
Participants discuss their opinions about a brand or a product within a group. Discussions include packaging, design, taste and price.
Face to face interviews
Participants answer a series of questions about a product or service face to face. Interviews take place on the streets, video or in stores.
Mystery shoppers
Participants are employed and paid to test a service, purchase a product and discuss what they thought of the service, price, display and in-store offers.
Product testing
Participants test a product and discuss what they thought of the product, its packaging, taste, smell, price and labelling.
Results are run through a system that gathers the data, interpreted by specialists and published in a readable format.
Information included in a market research report?
A market research report may come in a variety of forms.
Hard copies are great for getting your hands on and having a tangible product, allowing the user to make comments and highlight areas of specific interest.
Online access to reports makes it possible to share with colleagues and is easily accessible.
Structure of the report
Reports give an introduction to the market and a layout of the sector/industry. Highlighting specific demographics and which groups of consumer are likely to purchase a product/service.
A geographical breakdown will highlight shifts in the market within a certain region or country.
Your report will end with a forecast analysis based on future, social, political and economic predictions within your sector.
Reports contain diagrams, charts and graphs, making the results and findings more visible and easy to interpret at a glance.
The information given in a report will allow business owners to target their product/service and price their products/services competitively.
Reports give valuable insights to the market and allows you to make plans for future shifts in trends and socio-economic behaviours. Keeping you one step ahead of the game.
Why should I invest in market research?
Through research, businesses have access to knowledge regarding the viability of a product/service within the market before it is launched/considered.
Importantly, research helps businesses get a feel of what their consumers want, enabling them to pinpoint target audiences.
Market research reports give your business access to valuable information quickly. Ultimately, making it easier to make informed decisions.
Research is impartial. Giving you an honest view of the market, not bias towards any particular product/sector. Fundamentally, it gives a well-rounded view of the market.
Reports give you access to data quickly and can help support decisions, backing up your proposals and products main selling points.
Extensive research on a product/service solidifies credibility and generates trust, strengthening your position within the market.
How to get market research
If you are a new or existing business and are looking to find research to back up your product or service, please contact Research Runner.
Research Runner has access to clients who have the research you are looking for. We will put you in touch with credible agencies giving you access to valuable insights about your industry.
Please visit us at www.research-runner.com or call us on +44 (0)1279 260 031.
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