If you are a business owner, you need to support your business with e-marketing, which helps any new business in development, dissemination and awareness of the brand. One of the most important steps that an employer should follow is the work of market research, which is divided into primary and secondary. Let us discuss market research in details.
It is one of the most important tools used in brand improvement is the effective way of planning work by collecting information that provides an insight into customer thinking, buying patterns, and location. It can also assist to monitor market trends and keep an eye on what your competition is doing. you could know market research objectives from the following tips:
- identify potential new customers.
- learn more about existing customers.
- inform their decisions regarding existing and new products or services.
- better understand their competitors.
- test new markets.
- identify performance, pricing or promotion opportunities.
The process of market research itself is designed to reduce the risk and to make the marketing strategy cost-effective for business. Market Research provides with important information to help to identify and analyze the market needs, customers, and competitors. Market research process has some steps as follow:
- Define the Problem or Opportunity.
- Develop Your Research Plan.
- Collect Relevant Data and Information.
- Analyze Data and Report Findings.
- Take Action.
When processing data make sure you:
- keep your market research objectives in mind
- categorise data according to what is most relevant for your business, don’t become side-tracked by information that is just interesting
- collate your data using tables or lists to make it easier to identify certain trends and themes.
Also, You may want to know the types of market research. We discuss them in Quantitative and Qualitative Research article.
Advantages of Market Research
The following notes describe to you the benefits of doing market research:
- It helps businesses strengthen their position.
- It minimises any investment risk.
- It identifies potential threats and opportunities.
- It helps to discover the competitor’s strengths and weaknesses.
- It facilitates strategic planning.
- It helps in spotting emerging trends.
- It assists businesses to stay ahead of the competition.
- It provides revenue projections.
- It focuses on customer needs and demands.
- It helps to evaluate the success of business against benchmarks.
Disadvantages of Market Research
Although it has many advantages. there are many disadvantages we will explain as follow:
- Research Costs It can be costly depending on the methods chosen by the company.
- Time the time associated with doing the research and performing questionnaires and interviews.
- Needs of the Market It is only getting a certain group of target buyers’ opinions rather than a broad sample.
- Limited Volunteers, It has the lack of an experienced interviewer representing the company.
Top Market Research Companies
The Above figure shows the top 10 companies, we will discuss them as follow:
Nielsen Holdings It is American information, data and measurement company. Nielsen operates in over 100 countries and employs approximately 44,000 people worldwide. Total revenue was 6,309 and revenues growth is 2%.
Kantar is the Data Investment Management division of WPP, and one of the world’s largest insight, information and consultancy groups. Total revenue was 3,847 and revenues growth is 4%.
QuintilesIMS is an American multinational company serving the combined industries of health information technologies and clinical research. Total revenue was 3,301 and revenues growth is 13%.
Ipsos is a global market research and a consulting firm worldwide. Total revenue was 1,962 and revenues growth is -1%.
Gfk is Germany’s largest market research institute, and the fourth largest market research organisation in the world, after Nielsen Company, Kantar Group and Ipsos. Total revenue was 1,677 and revenues growth is -1%.
IRI is a market research company headquartered in the U.S. which provides clients with consumer, shopper, and retail market intelligence and analysis focused on the consumer packaged goods industry. Total revenue was 1,027 and revenues growth is 5%.
Westat is an employee-owned professional services corporation located in Rockville, Maryland, USA. Westat provides research services to agencies. Total revenue was 516 and revenues growth is 0%.
Wood Mackenzie is a global energy, chemicals, renewables, metals and mining research and consultancy group with an international reputation for supplying comprehensive data, written analysis and consultancy advice. Total revenue was 443 and revenues growth is 21%.
Intage has been the pioneer of marketing research services in Japan.
Dunnhumby is a global Customer Data Science company. Total revenue was 429 and revenues growth is -3%.