What is Market Research?
Market insight and real-time consumer intelligence allows for strategic decision making by leveraging our internal marketing analytics team. Systematically gathering the right data about the current end user and evolving market trends allows you to reach the right customer base on reaching the goal of creating long-term, effective and straight to the point market strategies.
Market research is objectively investigating a target market, business circumstances and competitor behaviours to get as much information as you can and documenting data to be analysed in order to be able to take action that will guide the path of your business.
Without a good market research, a business’ set future targets will not be realistic.
What can market research tell a business?
- Market research can help a business position itself according to its customers
- Market research can help a business understand its competitors within that business
- Market research can help determine how good of an idea, or how successful a product/service will become.
- Market research can help a business change and stay up to date with current industry standards and expectations.
- Market research can help guide all businesses on which direction to proceed in order to grow the business.
What are the basic methods of market research?
- Carrying out well planned surveys
- Selection of a representative focus group to observe
- Personal interviews on individuals to acquire what surveys can not
- Observation of the target audience and the competition in action
- Trial & error testing out in the field
How can market research guide a business?
Market research will give every business the chance to have a look at the market and industry from a wider spectrum, and at the same time a chance to investigate the market and the competition thoroughly.
Market research will also help a business get a better understanding of their own customers. The habits and characters of the customer base will help the business know how to proceed in taking future steps.
Market research will be carried out through detailed data analysis, and this will help understand a lot about where the business stands within the industry, and where they should be aiming to reach. This in mind, the business can target on more feasible goals.
What causes market research to be inaccurate?
Market research is totally dependent on data and assumptions based on the data collected for every specific case, so the way data is collected is very critical.
A successful market research attempt can only be achieved by very clear and exact questions where no gap for interpretation of the customers is left. It is a fact that everybody will interpret things differently, which in return will directly affect our market research.
It is also important to have a good selection of the market representative sample what will be investigated as it might prevent us from getting a good representation of the actual case.
Getting professional help for a market research where an unbiased approach will give more reliable results is also important.
A good and broad approach in result analysis will make life easier and help us generate better understanding of the real situation regarding our business. So while sometimes, it is good to have an in-house team to carry out this task, in other scenarios it might prove to be better in delivering more accurate output from the research.
Once a good data collection and analysis has been done, it is vital to take action on the results, after a good understanding of what is going on around you about your business.
How does Saypr do market research?
Market research and analysis is one of Saypr’s priorities. Before even starting to work on any project, it is vital for us to do a thorough research and investigation into the market that we will help our clients with. We need to get as much information on the market as possible to be able to come up with creative solutions and guidance.
We also prioritize a direct connection with the consumers of our client, that helps us see the depths of what we are dealing with from the inside out, as well as continually observing what the direct competitors are doing in order to produce quality solutions and strategies to our clients.
Getting a professional help will allow the clients to visualize things better; things that might otherwise prove to be too vague and possibly confusing. Saypr will use its experience to come up with an efficient analytics to fully display the market conditions to its clients and help businesses create an open ended bond with their customers.
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