Market research lies at the core of today’s business strategy. Whether your organisation is a start-up or large corporation, a well-executed market plan can help you achieve varied objectives.
If your firm decides to conduct market research, it needs to have a well-defined business objective which can be a need to gain more customers, study patterns in existing customers or employees, check customer awareness, launching a new product and many more.
At GrowthLyne, one of the top market research agency in India, we help our clients explore every aspect of the research process with granularity. Growthlyne follows best practices at every step of market research process. We have listed some of these market research best practices here.
The initial phase in market research is to characterize the purpose behind the research. The task associated with formulating the market research process incorporates interaction with the executives, including the key decision-makers, interviews with industry specialists, and examination of auxiliary information. The segments of a methodology comprise of objective/theoretical framework, analytical and statistical models, case studies, and simulation hypotheses.
The researcher needs to group the reason into two categories - Problem-identification research and problem-solving research.
Problem identification research is done to help recognize issues that are not clear on a superficial level but can exist or are probably going to emerge later. For Example - Estimating the Products' Potential Profit: Research can uncover how customers may respond to promotion or price variations of your organization's products before the activity is started. This permits organizations to be ready and market to their customers with complete knowledge.
Problem solving research is attempted to reach at a solution. For Example - Market Segmentation to Group Customers by Similar Backgrounds or Purchase Patterns: Market Research can help create market segments and customize advertisements to pull in those particular segments of customers. It requires gathering both quantitative and qualitative information to precisely comprehend your market sections.
The process of culminating online survey work consists of a series of calculated steps which include:
The research design is a well-planned layout for conducting the market research project. The market research firm outlines a research plan with sources of existing data and dictates the specific research approaches.
This plan includes a well-documented proposal that outlines the research objectives, the information needed, how the results will guide the management decisions, and the budget allocation.
The Research design includes:
Data collection services in India involves gathering information directly from the respondents called the primary data or harnessing information through published sources called secondary data. The various techniques adopted by the researcher for data collection are:
Data Analysis is the process of verifying cleaning, transforming, and modeling data by applying statistical techniques to highlight useful information, deriving conclusions, and improved decision making. Advanced analytics like cluster analysis, factor analysis, text analytics, regression, hypothesis testing is performed to obtain relevant data and identify patterns, trends, and behaviour.
Data mining is a particular data analysis technique that focuses on refining and modeling data into information and knowledge for predictive purposes. The validity of the results is assessed to confirm how well the data measures against the requirement. The researcher may arrange a debriefing session with the client to review key points from the data and brainstorm potential ideas on how the findings can be implemented. This typically happens when a client hires a market research firm and wants to be thoroughly involved in the process.
A successful presentation will create the foundation for developing insights and an action plan. It includes the following elements:
To know more about how market research agencies like GrowthLyne are managing their market research, write to us at email@example.com