Market research is conducted to understand the reasons why consumers will get attracted to buy your product or service. The market report studies factors such as consumer behavior, which includes how societal, cultural and personal characteristics effect that behavior. Market research can be further divided into two varieties: primary and secondary. Primary research examines customers directly, whereas secondary research studies second-hand information that has been gathered by others about customers. Primary research could be done through online polls or telephone interviews with randomly selected candidates of the target group. Businesses can also analyze their own sales records to gather primary data. Secondary research, on the other hand, can be gathered from reports found on the websites of various other organizations and blogs or press releases written about the industry. Either type of research technique or a combination of both could be utilized depending upon the data requirements, scale and budget of the business organization.
With an effective research, a business can take well-informed decisions rather than rely on gut instinct. In the present scenario, it is easy to hire specialized consultants to do Market Research Reports but in case the business wants to organize the research by itself, there are various easy-to-do methods for it. Getting in touch with people directly through surveys and focus groups means that businesses can acquire answers to precisely the right questions they want to ask. The most suitable and convenient methods for making market reports are:
1. Using email questionnaires
Emailing questionnaires is a very cheap and rapid way of carrying out a research. However, response rates can be fairly low. To get a boost in reply speeds, a prize draw or free products and vouchers can be offered to lure responders. It is good to offer your assurance to customers that their details won’t be leaked out. Also, providing them an option in every email to subscribe or unsubscribe to your feed is important. Comply with privacy and anti-spam legislation, or go for a legal advice to get it done.
2. Creating customer databases
Setting up a customer database for recording statistics and surveys results is one of the most important research tool. It is very important to verify the data and keep it updated. Also, keeping in mind the legal bindings of the type of data that can be kept, how it could be stored and for how long, is equally important.
3. Capturing your own sales data
Organizing the business system internally for storing all the key information in the course of day to day dealings with customers and suppliers, is needed to make a report. This data can be used to get the basic figures like average sales or expenditures. The important part is to carefully examine the data and storing it properly, so as not to make it confusing.
4. General market intelligence
Keeping an eye on the market is necessary for all businesses. This can be done by general talks with staff and customers, to know their perspective. Nowadays, social media is a very good platform to know the buzz in the market. This will help in absorbing knowledge and information of what’s happening in the market, as one can never get to know these things in the office comfort.
5. Getting the most out of market research
Utilization of the research reports needs to be done to make sure the return on investment is maximized. The information has to be fed in business planning and marketing strategies, and use it to keep them fine-tuned.
6. Reaching for existing research data
The internet has now taken over as the best place for searching existing data and records, a place that was earlier held by libraries or directories. Business organizations should be directly in contact with trade or industry bodies like the Chamber of Commerce and the Statistics Office. An eye on the local councils or government business resources is also necessary.
7. Estimating the cost of research
Businesses often end up paying for what they do not need. Précising the information needs is as important as choosing the research methods. It is always better to pre-decide what is needed rather than later weeding out unnecessary data.