In this competitive arena, information becomes the key factor to drive decisions to sustain a business or firm in a longer run. It is evident that the information is the biggest tool which is used for several business decisions.
The most imperative that Market research services are the services through which we get various information. It is used to identify and define marketing problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve our understanding of marketing as a process.
Essentially, Market Research is a critical component of executing business strategy. This article is dedicated to the market research, its purpose, how it is important for organizations to find the ways to do their business in a manner so that they can improve their profitability and competitive edge. This article also attempts to identify some key factors to help choose a right Marketing Research Company.
Market research is the systematic gathering, recording, and analyzing of information for guiding marketing decisions. Firms conduct research to solve problems, such as to get in-depth knowledge on:
Failure to reach sales quotas,
Identifying Opportunities available in the market,
Customers lost to a competitor.
We feel that it’s essential to mention that in today fast moving and highly competitive market organizations of all sizes have concluded that research should be ongoing, integral and integrated approach to stay “ahead of the curve.” Successful firms, regardless of size, continually talk to customers and study the market to help improve their products, services and overall customer satisfaction.
It’s vital to apply the best methodologies which have been proved by scientific studies and research to get maximum results. Market research provides immense competitive advantage over our competitors. Consulting with right professionals who provide Marketing research services are essential to get best out of it.
How to choose right service provider for you:
There are several types of market research agencies are available, i. e, full services agency, Consultants, Fieldwork and tabulation, Data preparation and analysis-before selecting any one of these or as per the requirement, we recommend the following:
Select the best solution provider on the basis of your purpose of research or as per your needs. To do this, you must make sure that you have defined vendor evaluation process, success criteria and an exit strategy
Evaluate to ensure that the Market Research Company has the relevant depth and breadth to meet your needs and goals.
Evaluate the tools and techniques that are used by the vendors to ensure that you select the best equipped firm.
It is also kept in consideration that the agency is comparatively cost effective with others and they are offering value of money.
Evaluate and ensure that agency is reliable and can be used in long run for the research related purpose.
And, it is vital exercises for our business, therefore, need to consult with other people/contacts who have already used these kind of research irrespective of the fact whether they are personal or business contacts.
The market today provides consumers with a wide array of choices with respect to any product/service he is looking out for. This has made the market increasingly competitive. So any Market research study is bound to adopt very sound analytical techniques like Multivariate analysis, Factor and cluster analysis, Logistic regression, ANOVA, Time series analysis etc. to achieve the various objectives, be it, creating baskets of consumers and identifying the potential group, Study trends in the market for a particular product, studying the buying patterns of consumers etc.