While most business entrants are already conducting market research to usher their brainchild in the market, many of them do not realize that they are conducting ‘research’ for the business.
The terminology appears to be fancy to the layman. In the business world, any decision made on the basis of ‘market research’ has more value than the one without a research background. So what’s the ‘market research’ fuss all about? It is around you, but are you aware of it?
For a local restaurant, discovering the fact that customers get more attracted to a particular dish ordered by other customers can also be insightful. That’s how a hotelier in New York started taking his best dishes on a ‘table tour’ and made money. He only urged his servers to walk around the hotel with their best dish in the hands. This attracted many customers and the dishes became famous.
The insight here may be on a small level, however, it turned out to be crucial for the business. Speaking of the business world, market research occurs on a huge level for market giants. Having learned the vast target audience, data required to study customers is equally enormous.
Market research is surely not a rocket science, however, it becomes intricate with the larger network involved in the industries.
Understanding the concept of market research in the business world:
Market research is a tool that holds power to influence your business operations influence the market picture. Seldom known as industrial research, it is an important component of business strategies which is put forward in an organized effort to gather information about target markets or customers.
Insights: ‘More’ to the data and statistics available
Data, statistics, analytics are different parts of the market research. There’s often a misconception amongst people that data, analytics, and insights are interchangeable words.
The information obtained from potential customers which may cater to areas such as demographic info, behavior, and activity is referred to as data. All this information offers details of what, when or who factors. Speaking of analytics, it comes in the picture while finding out the ‘why’ behind data collected.
Analytics play a crucial role in determining the market insights which enlighten you about evident facts that may be unobserved before. Such insights hit the nail on the head and are then further employed to market the product.
Types of market research reports
Collecting data from a large number of the target audience and analyzing them to dig out insights is not always practicable for business undertakings. In such cases, market research projects are often taken up by companies who offer them market research reports.
- Market information
- Market segmentation
- Market trends
- SWOT analysis
The aforementioned are the four important types of market research which can be subcategorized into segments for further simplification.
- Market Overview
- SWOT Analysis of competitors
- Project Profiles
- Company profile
- Financial overview of markets
- Deals and acquisitions in the industry
- Global analysis of the market
- Emerging Key market trends and opportunities
- Value chain analysis
- Market Forecasts
Market research is an investment. Understanding the need of the hour, you make a right kind of investment to optimize the utility of the research report.
Are you ahead of the trends? Market research is!
Be it healthcare or manufacturing, AI and augmented reality is getting into every sector of the industry verticals. There remain a whole gamut of opportunities which are unexplored in the tech world by many companies. Market research helps companies to survive such constantly changing tech environment.
According to a technology market research report, some of the incredibly amazing applications for augmented reality are outperforming the conventional healthcare environment. An application in healthcare allows medical students to train in Augmented reality environs which essentially connects them to medical professionals and help them to interact with patients.
Another AR application in the business world which became popular enough to win awards for its creative use. Using more than 2,000 beacons in the company’s two terminals, the app enables passengers to use the AR maps on their phone devices. This helped them to navigate through the airport.
Market Research often breaks new ground to the standard business services. Technology is moving forward with leaps and bounds, it’s the insights which boost technology to keep it ahead and leverage the advancements in the insanely delightful ways.
While mentioning how marketing insights are used by market players, Pepsico is one of the names which one cannot miss. After learning the market analytics which divulged the rising health awareness reforms in the market and its impact on the changing beverage demand pattern. This led to the introduction of diet Pepsi, a new product by the company which turned out a big hit in a country like the US.
There have been a couple of incidents where companies have used market research to deal with crises and manage situations. Understanding that your customers believe in transparency and genuinely in operations while the rising importance of social media consumer engagement led to a marketing campaign early this year. KFC in the UK ran out of chicken which became a huge crisis for the company making a chaotic situation in the market. Many of their customers had begun shifting to the close business rivalry Burger King, however, KFC managed to cover it up with an outstanding social media campaign of public apology. The company played with its abbreviation and changed it to FCK and apologized for the mess occurred. This made a big hit in the market helping the company to bounce back.
In a nutshell:
Market research is the foundation of any wise business strategy that you make in order to get ahead in the market. Market research becomes the medium to pinpoint crucial information and analyze the market need, market size to thrive in the competitive business environment.
Market Research: An Industry
Today, Market Research itself has become an industry with a number of people creating and publishing market research reports. Industries today becoming data-driven with their business operations. This has increased the importance of market research reports while changing the perspective of the market research industry and how firms look at the market.