Five Basic Methods to Conduct Market Research

Wemark India, Market Research

Market Research

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.

  1. 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.
  1. 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. 
  1. 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.
  1. 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.
  1. 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.

 

Want to determine which market research technique would be best for your business? Get expert assistance on Customer Satisfaction Surveys and Due Diligence Program by WeMark India. Our skilled consultants formulate comprehensive survey plans to help you get insights on the latest market trends and consumer requirements. You can also visit www.wemarkindia.com/ to avail competitive services on internal audit and mystery shopping.

 

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Measuring Employee Engagement

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A company can perform well only because of its employees. Employers play an important role in every company’s progress. Engagement of every employee is very necessary. Workforces of large employees in which all are engaged in their work undoubtedly take the company to the optimum level. Engagement of employees has a direct impact on company’s performance. Several companies measures their staff engagement score. More engagement of employees will lead to more productivity and more growth. If employees do their job more effectively then they can sell their products more easily by making customer happy which increases sales, profit and stock prices.

With high employee engagement, company’s productivity can be boosted with higher growth rate and also profit becomes double. An employee will engage with the company more easily when he has emotional attachment or connection with the firm. With this approach they are more empowered to come up with more innovative solutions.  They will be able to find ideas to improve business profile of the company. And they will be boosted with new energies which make them more productive.

Now the second thing comes how to measure employee engagement? Wemark suggests some ways to measure employee engagement:

I want to do this – If employer wants only money then engagement is difficult. Only genuinely interested employee will engage with his work or can do it more passionately. By helping an employer in deciding what he wants in his career can increase engagement with his work because now he knows what he wants and will do anything to achieve it.

Strong dedication – Just being interested in any job does not mean that he or she is committed to that job. If employer is not fully dedicated to his job then how can he take the company to its optimum level. Strong dedication is required for employee’s engagement.

I love what I am doing – It is the most important factor in employee’s engagement. If anyone loves his work the he can do anything for completing it. Passion is really important in doing your job. This passion is the thing which inspires you to do your job with more engagement. And if the engagement is strong then no one can stop an employee to take his company profile to the top.

To know more, contact Wemark India.