Whether your company is in the service industry or the product industry, it is imperative to know your customers as much as possible so that you can take informed decisions and reduce the margin of risk. In order to take informed decisions, you need sound data. And market research helps you getting that data.
Market research is the method of gathering and analyzing data about your customers. This data enables you to take informed decisions. Market research can help in creating and launching a new product, adding new features to an existing product, creating advertising for your product or service and expanding into new markets.
Types of market research
There are 2 types of market research:
1) Primary research - Primary research involves collecting first hand data about the buying behaviour, preferences, attitudes, usage rates and opinions of current or prospective users through in-depth interviews, surveys, focus groups and field research.
2) Secondary research – Secondary research helps you gather information from journals, industry reports, magazines, newspapers and the internet.
How does market research help?
Market research helps you find the following information about your market and customers:
1) Trends in your industry
2) Size of your target market
3) Factors influencing buying behaviour
4) Demand for your product or service
5) Product or service usage
You can then analyze the information to come up with a focused business plan, create communication strategies, determine prices and take other steps beneficial to your company.
Article link: http://www.allbusiness.com/marketing/market-research/1286-1.html
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