Need and Importance of Marketing Research! You can track your company's progress as well as the growth of your competitors, by keeping an eye on your competitors. Therefore, Market research is an extremely part of any business that wants to offer products or service that are focused and well targeted. Marketing research is needed on a continual basis, if you want to keep up with the latest market trends and gain a competitive edge in the business market. With market research, you can reduce the chances of loss to a large extent. firstname.lastname@example.org, No.6, Banaswadi Main Road, Dodda Banaswadi, Bangalore - 560 043, Corporate Court, #15, Infantry Road, Bangalore - 560 001, Lucita Building Lapu Lapu Cr. The services that Outsource2india provided helped us achieve substantial cost and time savings on several difficult research projects. The research carried out after the launch of a new product can help you find loopholes and devise plans to counter that loss and increase the profits. Social Media; Flyers and posters; Market Research Set Feasible and Realistic Goals for Your Business These are the seven reasons why market research is important, especially for smaller teams and businesses: 1. Read more about Flatworld's. Marketing research provides valuable information about the potential of a particular market segment, during a specific time, and within a particular age group. Once you’ve defined these, you’ll be able to … It devises strategies for benchmarking, and helps in determining the market segments that a company should target. Ltd. All Rights Reserved. After you’ve done your market research, it'll be clear to you who you want to reach out to (your target customers), where you can reach them (your marketing channels), and what they're interested in. The importance of market research can be best perceived by understanding the various factors that impact your business. To market effectively, businesses need information – information about customer wants, market demand, competition, distribution channels and so on; this information needs to be updated regularly, because businesses operate in a dynamic environment. Marketing research does this by giving marketers a picture of what is occurring (or likely to occur) and, when done well, offers alternative choices that can be made. That’s why smart business owners never underestimate market research and leverage it to creative effective strategies. Easily Spot Business Opportunities. Market research can guarantee the success of your marketing campaigns, and in-turn sales. Market research helps you comprehend the demands of your customers, detect more business opportunities, plan the perfect marketing campaign, minimize losses, and keep track of … We helped a leading equity firm execute a research project on the pension funds of different states in the U.S. within a record time of four months. Monitors the effectiveness of sales, existing business practices, the quality of services, and the tools used for communication. Get in touch with us today to get started with outsourcing. Know in 24 hours! Market research not only helps in identifying new business opportunities, but also helps in designing marketing campaigns that will directly target the interest of your potential consumers and help in increasing sales. Have specific requirements? The most important task of a marketer is to get the right product at the right place with the right price to the right person. How to Conduct Your First Primary Research? Ltd. 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Marketing research is a good evaluation tool that can be of great use in comparative studies. You can devise business strategies that would keep you ahead of your business rivals. Market research consists of two types of research, primary and secondary and almost every type of business requires market research in order to be successful. The ownership and copyright of Logos belong to their respective organizations. Market research can be quantitative, which uses numbers (for instance, a scale from 1 to 10) to describe customer appreciation of such things as quality, cost and satisfaction. The information on this website is protected by copyright. Third-party logos displayed on the website are not owned by us, and are displayed only for the representation purpose. There are four important steps to any successful market research study: Investigate whether similar research has previously been carried out Collection of already published data to create a company database that helps in situation analysis. Secondary market research is a different type of market research as it relies on information that’s already available from a variety of sources. Marketing research provides valuable information about the potential of a particular market segment, … How to Conduct Your First Secondary Research? Market research provides detailed insights into the competitors, understand customers' pain points & preferences, latest market trends, consumer buying patterns, economic shifts, and demographics. Sobrecarey Street, Davao City 8000, 116 Village Blvd, Suite 200, Princeton, NJ 08540. This study note tells you the purpose of market research. Additionally, it also assesses the current market competition by evaluating the business plans of your competitors. Subtitling, Captioning & Translation Services, We offer specialized research & analysis services. Here are three reasons why market research cannot be ignored: Market research not only helps in identifying new business opportunities, but also helps in designing marketing campaigns that will directly target the interest of your potential consumers and help in increasing sales. Market research can define your target market or see how successful your product or service is in the marketplace. We worked with a leading Swedish market research firm to generate a high-quality and extensive online healthcare report consisting of data from 17 different countries. Here is why your company should conduct business market research: Market research is extremely significant for the success of your business endeavors, and we at Oustsource2india can provide you with market research outsourcing services to help you: Now that you have understood the importance of market research for your business, why don't you take the next step and outsource primary and secondary market research to a research and analysis service provider like Outsource2india. Besides, it was also necessary to go back and find whether consumer is getting optimum satisfaction, so that consumer remains loyal. We performed dealer mapping for a leading manufacturer of high-end precision instruments in Europe, as part of the online research services that we provide in the domain of market research. Get more information on our, Our research & analysis resources are comprehensive and well-researched. Market Research in 2018: Trends and Forecast, The Impact of Artificial Intelligence on Market Research, Revolutionary Growth of Research and Analysis Industry in the Next Decade, Outsourcing Research and Analysis Services, 7 Reasons to Outsource Desk & Web Research, Identify the problem areas in your business, Understand the needs of existing customers and why they chose your service over competitors, Identify new business opportunities and changing market trends, Recognize new areas for expansion, and increase your customer base, Discover potential customers and their needs, which can be incorporated into your services, Set achievable targets for business growth, sales, and latest product developments, Make well-informed market decisions about your services and develop effective strategies.