Market research is a great way to make your business successful. Market research helps you to make strategic decisions on pricing, marketing and promotion. It also provides you better understanding of ideal customer and new market places. You can make effective changes on your products and services based on the market research. Market research helps to overcome challenges that you have to face on your business field. For a startup, market research is useful to plan your business efficiently. If your business is an established one, market research provides all support to gain a competitive edge in the global market.
Market research is the process of gathering useful information on customer behavior, competitors, promotion methods, pricing and market. Outsource market research services to the outsourcing agents to get valuable market information without spending more time and money. Today many web research services outsourcing companies are available to provide cost effective web research services. There are different kinds of market research methods to collect necessary information. Here are the four most important types of market research:
Survey is the most commonly used and simple method of collecting information. This type of market research involves a structured questionnaire. A straightforward questionnaire helps you to provide more reliable and effective result. Following are different ways to conduct surveys:
In-person Survey: In-person survey is very expensive but it is a more responsive method. In this type of survey, rate of response is higher than any other types of surveys. Immediate feedback is another advantage of in-person survey.
Telephonic Survey: Telephonic survey is inexpensive method but conducting telephonic survey is not much easy way. Most people are reluctant to telephonic surveys because they will be busy with their own businesses.
Mail Survey: Mail survey is the most cost-effective method of conducting surveys. The main drawback of mail survey is its reduced number of feedback. Only 3 to 5 percent people respond to mail surveys.
Focus groups are one of the best ways to get effective feedback. A person should be there to mediate the discussion of this focus group and a focus group contains six to 10 people. The mediator prepares some questions related to the product or service and asks them to the members in the focus group. Then create an atmosphere for discussion and collect information from their discussion. Three or four focus group is needed to infer the reliable information related to a product or service.
Web research is the latest and most feasible method of conducting market research. Keyword search is the easiest way to gather information through web research. You can also gather market information by reading blogs and conducting online surveys. With the advent of social media, web research becomes more successful. Social media can provide useful market information related to customers and products.
Observation market research is the silent method of market research. In this, observer observes the customers’ buying behavior without interacting with them. This type of market research provides more reliable information.
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