What is market research?
Successful businesses have extensive knowledge of their customers and their competitors. Market research is the process of gathering information which will make you more aware of how the people you hope to sell to will react to your current or potential products and services. Precisely the reason we invest our time in research!
Your company provides various products and services. How would you describe them? How valuable are your products and services to the consumers? What is the availability of your product in the market?
With that understanding of the size of your market research budget, the time you have available and your level of experience, we contribute to your research and development as you focus on developing products that fulfill the needs of your clients. Our market research helps you understand your customers and their preferences, identify opportunities to grow and increase profits and mitigate risk in your business decisions.
Why conduct market research?
By conducting research on a regular basis, we help you keep up with the dynamics of the economy and demography and adjust to new regulations and technological breakthroughs. Intuition and experience can be helpful at times, but research and facts often paint a more accurate picture of your business.
The goal of doing market research is about start-up, innovation, growth and the 4 Prrinciples:
Product — Improve your product or service based on findings about what your customers really want and need. Focus on things like function, appearance and customer service or warranties.
Price — Set a price based on popular profit margins, competitors' prices, financing options or the price a customer is willing to pay.
Placement — Decide where to set up and how to distribute a product. Compare the characteristics of different locations and the value of points of sale (retail, wholesale, online).
Promotion — Figure out how to best reach market segments (teens, families, students, professionals, etc.) in areas of advertising and publicity, social media, and branding.
When to conduct market research?
Market research is widely viewed as a component of the planning stage of a business. Indeed, market research is critical for new start-ups and should be a key element of any entrepreneur's business plan. Marketing research data feeds into many area of the business plan, contributing to sections on determining the sales potential of your products and services, attracting customers to your business, and selling to customers and earning repeat business.
Businesses contemplating significant changes, such as business expansion and relocation, are also wise to use market research to support their decisions. Examples of situations that might call for market research include:
How to conduct market research?
Our primary research comprehends these concerns: who are your customers and how you can reach them? which products and services do clients need or want? how to expand your business in Asia or other parts of the world in the future.
Our secondary research focusses on the following: What are the current economic conditions that your business is operating in? What is the kind of competition your company is facing in the market? Are there any international markets for your products or services that could help grow your business? Existing company records such as sales invoices, receipts, and formal complaints are important secondary resources that business can utilize.
International Market Research
We discover new markets for your products and services by studying market research reports, and through study general international statistics and international demographics to give you a better understanding of foreign marketplaces.
There are 3 basic steps of international market research: screening markets, assessing their potential, and drawing conclusions.
Screen potential markets:
Assess target markets:
The kind of information gathered through marketing research during the planning and growth stages of your business can also be very useful in its day-to-day operation. A regular flow of market research information can help you to maximize the potential of your current business activities and help you to create a roadmap for future growth.