Market Research – Benefits, Methods and Analysis

Market Research is an exhaustive organized process where informative and relevant data is collected for a market/ product or a service. This data is used to study and analyse current market scenario and build future projections which can be used for business planning and strategic moves.

Market Research: Benefits

– Assists in future planning of the business. E.g.

  • Should the company expand its product line
  • Will the product be profitable

– Makes Decision Process easier

– Gives factual information (thus breaking business myths/ and individual perceptions)

– Reduces risks

– Assists in identifying competitive edge

Small or big all enterprises can and should take strategic decisions after conducting a market research in the related field.

Market Research: Methods

There are broadly two types of research

1. Quantitative Research

In this process numerical data is generated which measures the market’s phenomena and demands. This is used for statistical analysis using various mathematical and computational techniques. It quantifies attitudes/opinions/behaviour on a sample and is then extrapolated for the full sample. This is usually conducted through surveys and questionnaire.

2. Qualitative Research

In this more insights and understanding is measured for the topic. It explores various options and gathers opinions. This kind of data is collected through interviews, group discussions etc. The insights are then used to explore various business decisions.

Market Research: Analysis

This is the trickiest part as data collected has to be strategically used in gaining intellectual analysis. Business experts and market research analysts are very well acquainted to do this work.

It is very exhaustive work and various techniques & tools are used to get useful conclusions. Interestingly the same data can be used to make different inferences depending on the research needs and goals. Some common data analysis types are briefed –

Data mining – this technique focuses on modeling and discovery of knowledge discovery for predictive purposes. This method is not useful for descriptive purposes.

Business Intelligence – this technique focuses on business related information covering data analysis that relies on data aggregation.

Statistical applications – it can be

  • Descriptive statistics
  • Exploratory data analysis also called EDA (discover new features)
  • Confirmatory data analysis also known as CDA (confirms the existing hypotheses about the data)
  • Predictive analytics focuses on application of statistical models for predictive forecasting or classification e.g. market growth in 2022- with data available for 2015
  • Text analytics uses statistical, linguistic, & other methods to pull out data and classify the information received from text sources.

This analysis is then constructively used in the business planning bringing a profitable inclination towards the decisions taken. Business planning plays a major role which reflects the survival of the business.

Are High Ticket Internet Marketing Product Launches Getting You Down?

If you are like me and you have signed up for lots of opt-in Internet marketing lists, you have probably been bombarded with lots product launches where that spots are limited and the prices are way out of reach for the average person.

It seems like every email contains some type of promotion for the “latest” product rage promoted by famous Guru’s of Internet marketing.. Sometimes I get so many, I simply have to stop reading my email in order to get anything done.

I do have to admit, many of them are killer products from well respected professionals, but many people who are getting the emails for these promotions just don’t have the budget to fork over to get involved.

If you are a victim to the latest high ticket product launches, don’t get discouraged if you can’t afford to pursue them. If you are one of these victims, are some things to keep in mind to help keep you from getting discouraged.

Lay a foundation for Your Business
One of the most important things you need to do is to lay a foundation for your business. Many aspiring net entrepreneurs are trying to make money and have no idea how they want to do it.

The main thing you need to keep in mind is that in order to make money, you either have to sell a product, service or advertising. Focus your energy on one of these things first, then build on it using the information successful marketers provide for you.

Once you lay a foundation, it will give you more direction. This way, when the next marketing craze comes around, you won’t be starting all over again. Instead, find out how the marketing product relates to your business, then get as much free or low cost information on how to use it as you can.

Search for Low Cost Solutions Related to the Product Launch

When you get information on a product launch, you shouldn’t feel like the only solution to the problem costs tons of money. Most of the time there is more than one solution available to the problem they are attacking.

Some of the high ticket products are even based on concepts and methods that have been around for years. In this case, these courses and products are simply “rejuvenated” by marketers who have successfully used them recently.

The high ticket item may offer a killer solution, but if you can’t afford it, you have simply to start somewhere else. Just look for other free or lower cost articles, ebooks, courses or software solutions. Most of the time, there is something out there that will help you.

Believe me, there is always some alternative out there that will help you. You will have to do some research to find the lower costs solutions, but your research will pay off.

It helps to have money when starting an online business of any type, but you have to remember, many of the popular marketing gurus did not have tons of money to start their business. Instead they followed simple rules and tactics and did simple testing to find out what works, and then they build on it over time.

Today, you should have an even easier time they did starting your online business because there is a lot of free information and low cost tools to help you get started that were not available when most of the popular marketers got started.

So if you are getting email after email of the latest high ticket Internet marketing product, don’t get discouraged. There are still lots of opportunities to create a successful online presence. It’s just that it may take a little work before you can get there. And once you start to make a little cash, you can save up for some of the high ticket courses or marketing seminars which will allow you to meet potential partners that will further your success.

If you are experiencing the “High Ticket Internet Marketing Course Blues”, use some of the simple tips above to help you stay motivated and to help keep you on track to a successful Internet marketing venture.

Marketing Research for NPD

Need meets Demand and Product meets the Needs – Products and concepts of innovative nature are difficult to be researched, owing to their intangibility. An experienced Researcher can help with this by bridging the gap between the new product development opportunities and the unmet needs of the buyer or the potential users by educating the Target audience and planting the seed for it.

Marketing research may be regarded as an experiment that can be unsuccessful if not conducted under the right and suitable conditions. Bottom-up approach of Needs Assessment and Concept Screening is more successful that the top-down approach of trying to fit and create acceptance of a new product or concept into the current market.

Concept Development to Product Launch – Market Research can be a part of the Product development at various stages from Egg implantation into the mother’s womb to the final Delivery of the baby.

Time is Money – Timely market research with high budgets can sometime prove much productive than a long-term but well-budgeted qualitative market research, because of an early launch and the first mover advantage.

Customer is the King – Retaining the existing market share and the users is very important and critical to an organisations health and wellbeing. Research helps in listening to consumer demands, invest in product development, innovation and improvement; and thus, make the customer feel important by being heard; which in turn rewards you with customer loyalty and an increased customer base.

Penetrating New MarketsQualitative Market Research helps find new markets for some old products or helps develop strategies for brand re-positioning or, rejuvenates the product life cycle by helping study the underlying needs of consumers.

Elimination of Ideas with no potential Returns – Research can help reduce the risks of potential hefty investments in future at a very nascent stage, by identifying the market and bouncing it off the identified target audience and focus groups. Thus, it can be a very strong reason to choose the right Market research organisation today… to avoid wrong turns and unseen accidents.

A Research Analyst is at the core of market research and has to use self-analysis, expertise and judgement; in addition to other qualitative research tools available for planning a successful launch of a New Product. These analysts act as moderators of an idea, rather than be a part of it at every step. They help testify, verify and put your beliefs on the right track.