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MARKET RESEARCH MYTHOLOGY

  • By admin
  • May 12, 2015
  • 26 Views

Whether you target to retain your loyal customer or think of attracting the new ones, whether you think of a new product launch or an old product in new shell, you think for alternative answers before you proceed.  This is when market research plays a small role in your success story.

You find your company’s success story flying to the magazine pages, if market research is done correctly. But the research phase is been avoided or rather skipped dramatically and the most common reason for that are as follows:

Too costly! Market Research an unnecessary spending: 

The myth saying market research being the most expensive investment has made people stop seeking from the market research hubs. But market research projects can fit in any budget. The research partner can afford to work for the information supplied by you at the cost given.

It is mostly seen that the investment is either made at the very beginning with market research or later for the market research.

They won’t ever understand your critical business:

It is like making a vegetable-seller understand about your kitchen problems. You just need to purchase the vegetables “you require” from the seller. Same goes for market research! Your critical business is not required for a market researcher to understand.

But most good researchers design a study on the objectives of the company they work for. And Market Quotient never skips to do this small duty.

The “In-house” Research:

Okay! So you have your own research team, that’s good. But if you are talking about the convenience sampling, i.e. the research that you do seeing some Facebook craze or friend’s feedback, then, pause! We don’t call that research exclusively Market Research! As a market researcher we invite consumers to put forward their impartial review, choose the actual competitor, doing a proper competitive analysis.

Gathering Lots of Data is Enough:

 Today the world is digitalized. Every purchase is noted with a bar code scanner and if required are measured to keep a track of the consumer. So collecting this data is not just enough. Proper analysis of this data is required. Market research can do that with a better zeal.

Market Quotient proficiently ended one project in their recent chore, where they analysed the data for almost 1lakh consumers, giving the consumer proper strategy to retain the loosing consumer and many more models for the company to flourish.

 The Choice Between Quantitative and Qualitative Research:

Whether your customer just like your product or whether they will actually buy your product, can be distinguished.  Qualitative and Quantitative research differs from one another, although they are the 2 most dependent elements. This powerful combination of qualitative and quantitative research gives a perfect mix to the market research. One single type of research won’t fulfil the requirement.

Market research has built this kind of image to every small or big industry.

To discover how our virtual business solutions can enhance your business, reach out to us at contact@marketquotient.com or dial +1 201.285.2024. Take advantage of our 10-hour no-commitment FREE trial!