Surviving in today’s complex and competitive business environment requires a keen focus on market research. It aids a business in analyzing the market size, consumer needs and competition with other potential market players. There are numerous statistical and analytical methods of gathering significant information from the target sections of the society. In this article, WeMark India, one of the best surveying, auditing, and management companies, suggests five effective techniques of performing reliable market research.
- Questionnaires and surveys: It is the most commonly practiced method of conducting primary market research. It includes distribution of product samples and receiving feedback from customers about the product’s development. Quick one-on-one interviews, simple and concise questionnaires, brief forms, telephonic feedbacks, mail responses and online interviews are some of the ways for carrying out surveys.
- Detailed personal interviews: A quantitative approach to undertake primary market research is in-depth customer interviews. This includes considering the preferences and choices of the target customer base through face-to-face interactions. A moderator presents open-ended, subjective questions to the respondent via varied methods and modes. Detailed conclusions drawn from these interviews will be crucial in analyzing the performance and shortcomings of the product for better consumer satisfaction.
- Focus groups: Another great way to understand market trends is through the qualitative research method called focus groups. It involves selection of a group of individuals, users or consumers, either from the same age group, community or gender. Unlike personal interviews, the chosen audience provides insightful feedback of the product or service in a group discussion. This could be held at a feasible physical location or a virtual one (video conferencing).Compensations can be offered to the participants in the form of attractive discount coupons, free vouchers or gifts.
- Observations: This technique of market research involves zero interaction and communication with the end user. Actual buying behaviour, shopping patterns and preferences of the targeted group can be observed by videotaping. It helps researchers in evaluating the general response or habit of buyers to device product development and marketing strategies accordingly.
- Experiments and field trials: This type of market research is carried out within a controlled setup after careful planning. For example, a company putting a new product on sale in selected stores. Basically, this is to test the response of customers in real-life selling conditions. Testing of new products can be done by collaborating with a website or a local store. The results would be helpful in bringing modifications during full-time production and sale in terms of price of the product and its packaging.
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