Role of Market research specialist in today’s marketplace

Marketing research specialist is the person authorized to help companies figure out what sells. They analyze market data on a local regional or national level and regulate what people are buying what gaps are in the market what kinds of people buy what products and what individuals are keen to spend on those products. Marketing Specialists have their finger on the throb of what sells around the country investigating demographic data buying and shopping ways looking at a participant and their pricing creating and managing surveys questionnaires and other information congregation devices measuring current stratagems and much more all in an exertion to help skillfully understand the finest way to market products and make the company money. A postgraduate qualification is not typically required although for some kinds of roles a Masters or diploma in a statistics related subject may boost candidates chances mainly if their first degree is not statistical.
JOB SKILLS AND REQUIREMENTS for a Market Research Specialist:
•  Analytical Skills: Marketing specialists look at many brooks of data to regulate the demographics and buying inclinations of current and potential clienteles. Understanding this statistic will be critical to the job role.
•  Communication: In the process of gathering and presenting information and statics marketing specialists requires to be able to converse and listen well.
•  Critical Thinking: Being able to process the data in a way to make references takes critical thinking.
•  Attention to Detail: Evaluating data to display trends takes precision.
 
Role and Responsibilities:
•  Gathering and evaluating data on customer demographics likings necessities and buying habits to recognize latent markets and features affecting product demand.
•  Gathering data on participants and inspect their prices sales and method of marketing and distribution.
•  Monitoring business statistics and track trends in trade literature.
•  Formulating reports of findings demonstrating data vividly and rendering complex findings into written text.
•  Pursuing and providing information to help businesses regulate their position in the market.
• Conducting research on consumer opinions and marketing approaches collaborating with marketing professionals calculators pollsters and other specialists.
•  Devising and evaluating methods and procedures for gathering data such as surveys opinion polls or questionnaires or arranging to obtain existing data.
•  Forecasting and tracking market and sales trends analyzing collected data.
•  Measuring and assessing customer and employee satisfaction.
• Attending staff conferences to provide management with information regarding the promotion distribution design and valuing of business products or services.
•  Developing and implementing procedures for identifying advertising needs.
•  Measuring the efficiency of marketing advertising and communications programs and strategies.
What to expect from a role of Market Research Specialist
•  It can be a desk based job but some market researchers do travel nationally and seldom globally to visit client administrations and to complete their research. For this role Short term contracts are also available through recruitment agencies though these are usually for more senior market research posts. Singapore and UK clients who are looking at entering Indian market have enough of opportunities for people in this field. But this can be a fast paced pressurized role due to the tight goals but it is also stimulating varied and rewarding. Competition for jobs is tough and strong. so speculative approaches can be more fruitful than trusting on advertised vacancies.
THE FUTURE OF Market Research Specialists
Data is king in todays marketplace and most companies want to know more about their clienteles. Market research specialists jobs is expected to grow by 40 pecent by 2020. If you are looking for a money spinning job with room for growth you can consider becoming a marketing specialist.
The rapid growth of global business and developments in information technology has formed worldwide prospects in this field. With a virtuous level of experience in your professional area you can progress to work as a research specialist either autonomously or in a partnership. You may also want to contemplate setting up your own consultancy or working as a freelance but this is only possible if you have extensive experience and have a good network.

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The best 5 kind of Qualitative Research Services you can opt for your Business

Qualitative research is an essential part of the understanding impact and is mainly suited for learning and improving as you go. You may have quantitative statistics to suggest you have made a difference, but without good qualitative research to supplement it the picture is not complete; qualitative research gives you a much more comprehensive understanding by presenting how the impact occurred, how it could be constant, and the aspects linked with success and failure. Today, companies are using Qualitative Research Services to make sure they are providing the customers with exactly what they need. In fact, Singapore and UK clients who are looking at entering Indian market are paying utmost attention to qualitative research before launching a product or service.

The five qualitative research services that you must surely opt for your company.

1. Ethnography

Ethnographic research is the most conversant and appropriate qualitative method to UX professionals. In ethnography, you plunge yourself in the target participants' environment to comprehend the goals, challenges, cultures, motivations, and themes that arise. Ethnography has its origins in cultural anthropology where researchers dip themselves within a culture, often for years! Rather than trusting on interviews or surveys, you practice the environment first hand, and sometimes as a "participant witness”. For instance, one way of finding the unmet requirements of customers is to "trail them home" and perceive them as they intermingle with the product. You don't come armed with any theories to necessarily test; rather, you're observing to find out how a product is used.

2. Narrative

The narrative style weaves together a sequence of events, typically from just one or two people to form a unified story. You conduct exhaustive interviews, read documents, and look for themes; in other words, how does a specific story demonstrate the larger life influences that formed it. Often interviews are steered over weeks, months, or even years, but the final narrative doesn't prerequisite to be in sequential order. Rather it can be presented as a story with themes and can merge conflicting stories and highlight tensions and challenges which can be prospects for innovation.

3. Phenomenological

When you want to define an event, activity, or phenomenon, the appropriately named phenomenological study is a suitable qualitative method. In a phenomenological study, you use a mixture of methods, such as reading documents, conducting interviews, watching videos, or visiting places and events, to comprehend the meaning participants place on whatever's being observed. You depend on the participants' own standpoints to provide insight into their drives. Like other qualitative methods, you don't jump with a well-formed theory. In a phenomenological study, you often conduct a lot of interviews, usually between 5 and 25 for general themes, to shape a sufficient dataset to look for emerging themes and to use other members to authenticate your findings. For instance, there's been a burst in the last 5 years in online courses and training. But how do students involve with these courses? While you can inspect, time spent and content retrieved using log data and even assess student attainment vis-a-vis in-person courses, a phenomenological study would object to better understand the student’s involvement and how that may influence comprehension of the material.

4. Grounded Theory

Grounded theory looks to deliver an explanation or theory behind the events. You use chiefly interviews and existing documents to shape a theory based on the data. You go through a sequence of open and axial coding methods to identify themes and build the philosophy. Sample sizes are often also larger—between 20 to 70—with these studies to better launch a theory. Grounded theory can help enlighten design decisions by better understanding how a community of users presently use a product or perform tasks. For instance, a grounded theory study could include understanding how software developers use portals to connect and write code or how small retail merchants agree or decline customers for credit.

5. Case Study

A case study includes a deep understanding through numerous types of data sources. Case studies can be descriptive, investigative, or describing an event. For instance, a case study of how a large multi-national company introduced UX methods into an agile development environment would be informative to many organizations. Qualitative Research case study practice delivers tools for researchers to investigate complex phenomena within their frameworks. The aim of case study research is to describe that specific case in detail and take learning from that and develop theory from that method - it is particularistic and circumstantial.

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7 Components for a Comprehensive Brand Building Strategy

When people talk about a brand, generally they're referring to the visual or graphic parts. They think about their emblem, the colors they use or their fonts. But actually, a brand of an organization is so much more than that. It's also how you sound, and how your staffs answer the phone. It's what sort of experience you offer and how you connect to customers. In a true sense, your brand is your company's personality. Branding is what makes people select one company over another. In fact, Singapore and UK clients who are looking at entering Indian market are taking utmost care of Brand Building Strategy because they believe branding is a way of defining a business to yourself, your team and your external audiences.  So, to help you restraint in what many marketers contemplate more of an art and less of a science, we've broken down 5 essential components of a wide-ranging brand strategy that will help retain your company around for ages.

1. Purpose

Every brand makes a promise but in a market in which client confidence is low and financial vigilance is high, it’s not just a promise that separates one brand from the other but having a significant purpose. For instance, IKEA's aim is not just to sell furniture, but relatively, to create a better everyday life. This approach is tempting to potential customers, as it determines their commitment to providing value beyond the point of sale. When defining your business' purpose, keep this instance in mind. While making, money is a priority, functioning under that idea alone does little to set your brand apart from others in your business.

2. Consistency

The key to consistency is to evade talking about things that don’t relate to or improve your brand. Planning to add a new photo to your business' Facebook Page? Does it align with your message, or was it just something humorous that would, quite honestly, confuse your audience? In an exertion to give your brand a podium to stand on, you require to be sure that all of your messaging is unified. Consistency contributes to brand acknowledgement, which ultimately fuels customer loyalty. To avoid leaving latent customers besieged to put the disconnected pieces of your business together, consider the benefits of creating a style guide. A style guide can include everything from the tone of voice you will use to the color scheme you'll employ to the way you'll place certain products or services.

Emotion:

Find a way to connect with your customers on a deeper and more emotional way. Use emotional triggers to strengthen your association and foster loyalty. For instance, Harley Davidson uses emotional branding by generating a community around their brand. They began Harley Owners Group (HOG) to tie their customers with their brand and each other. By provided their customers with a chance to feel like they are a part of a bigger group that is more tight-knit than just a group of motorcycle riders Harley Davidson is able to spot themselves as an apparent choice for someone willing to buy a bike.

Flexibility:

While consistency objects to set the standard for your brand, flexibility allows you to make modifications that build interest and differentiate your approach from that of your opposition. Effective brand strategy in marketing require enough consistency to be recognizable, but enough distinction to keep things fresh and human. Take the chance to engage your customers in fresh, new ways. Are there some out-of-the-box partnerships your brand can make? Are there qualities about your product you never emphasized? Use those to connect with new clienteles and prompt your old ones why they love you.

Loyalty:

If you already have customers that love you, your business, and your brand, don’t just sit there. Reward them for that love. These customers have gone out their means to write about you, to tell their networks about you, and to turn as your brand ambassadors. Refining loyalty from these people early on will harvest more returning customers and more profit for your commercial. Sometimes, just a thank you note is all that's desirable. Other times, it is a better idea to go above and beyond. Write them a tailored letter or send them some special swag. Ask them to write a review on your product or feature them glaringly on your website.

Brand Building Strategy could be named the business’ “identity”, but only on the understanding that it symbolizes the central of what the business is and its standards, not just what it looks and sounds like.

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Why your Brand needs a Qualitative Research?

When it comes to qualitative market research, it is about observational and natural examination of the different philosophies which govern the behavior of the customers. The framework and direction of the research is revised at a regular interval in order to gain new information. This allows the researcher to assess subjects and issues in a more detailed and comprehensive manner. The quality of the out of the research conducted is determined by the researcher’s skill s and ability.  It is the job of the Qualitative Market Research Companies to not only determine the thoughts of the people, but at the same time to find out why people think in that way. It is a process through which people are allowed to express their thoughts and opinions so that their feelings towards a specific product can be understood.

It is all about getting in-depth feedback. Group discussions and face to face interviews are the best ways to go about it. The process of Qualitative Market Research comes real handy when someone is planning to design new products or is about to launch marketing campaign. This is a very common methodology which is being used by the companies in order to make sure that their marketing campaigns bring out the best of results.

What are the Reasons for such Research?

When it comes to undertaking any sort of marketing activities, research is one of the most important steps and it includes the following -

•  SWOT Analysis
•  Designing an effective marketing strategy
•  Branding
•  Product Development, and
•  Pricing

Talking about marketing research, the internet plays a very important role. The social media websites and other platforms can be used effectively in order to collect data. They are very useful and reliable mediums when it comes to interacting with people and collecting their feedback and opinions, which are the main outputs of a marketing research.

Marketing Research can also help to improve the quality of the services and products and ensure that the needs and demands of the target audience are being met. For example, if a restaurant is planning to add new items to their dinner menu, in that case they can invite few people and ask them to taste their new items and give a feedback on the quality and the price. These types of exercises can at times be quite costly and might take a considerable amount of time; however they are very useful and have proven to be quite effective when it comes to customer feedback and analysis. The feedback received can be used to modify the services and the products and make them more likeable for the customers.

Before a new product is launched, it is very important it makes sure that the product is being tested by a section of the target audience. There are a couple of important questions which needs to be addressed, here are some of them

•  Is the product easy to use?
•  Does it serve the purpose for what it has been designed?
•  Does it look appealing and attractive?
•  Is the price a right one?

The process of market research is all about getting an idea about what the customers feel on the existing products and those which are about to be launched.

What information can be gained from such Research?

There are different types of useful information which can be derived from an effective market research campaign. Here are some of them

•  What are thoughts and feeling of the customers with regards to the services or products?
•  How do customers make a choice when it comes to selecting a supplier?
•  What motivate the customers to go for a particular supplier?
•  How designing, processing and branding influence the customers
•  What are the different marketing messages which would have the best impact on the customers and what can turn them off?
•  How is customer’s decision making is affected by price?
•  Is there a demand for new services and products?

Successful firms in countries like Singapore and UK rely largely on Qualitative Market Research Companies for their product development.

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What are the Benefits and Components of Qualitative Market Research

Qualitative market research is one of the keys to the success of any product or service. It is through the process of market research the companies get to know about all the different aspects of the market which determines the success or failure of a particular product. When it comes to market research qualitative, it is all about assessing the market with the help of different analytical tool and coming to a logical conclusion. Here the term “market” includes different parties like the dealers, suppliers and most importantly the consumers. Qualitative market research focuses more on the consumers in order to assess their feedback about the product which is being planned to be launched.

When it Market Research Qualitative, it has numerous benefits. The fact that the trend of the market and the prospect of the products and services could be assessed makes it such a useful tool.  Companies from all over the world, especially in the UK and Singapore use these services to great effects.

What are the Benefits of Qualitative Market Research?

Here are some of the benefits which Qualitative Market Research has to offer

•  Subjects and issues which are covered can be analysed in detail and depth
•  When it comes to the interview sessions, they are not limited to any particular questions and can be guided or redirected by the researchers
•  It is possible to revise the framework and direction of the research the moment fresh and new information are available

• When it comes to qualitative research, the data collected depends on the human experience which is more powerful and compelling compared to the data which is gathered using quantitative research

•  Usually, data is gathered from few cases or individuals. As a result the outcomes and findings cannot be distributed among the larger populations; however, as far as the findings are concerned, they can be transferred to other settings.

•  With the help of this kind of research, the researcher knows exactly what he can expect. The results acquired are based on real facts and figures

What are the Components of such Research?

Hands holding a Market Research Word Sphere sign on white background.

When it comes to qualitative market research, it has different components. All these components put together brings out the exact facts and figures which help the companies in the course of decision making. Here are some of the important components of qualitative market research

•  SWOT Analysis: SWOT Analysis is the process which is undertaken by the organisation in order to identify their strength and weaknesses and also to determine the opportunities and the external threats which they might encounter. With the help of SWOT Analysis, the companies can plan for counter strategies. It also allows the companies to set a path of operation which would let them achieve their goals.

•  Marketing Strategy: This is one of the key components which are used when it comes to qualitative market research. Marketing is one of the most important aspects when it comes to determining the success or failure of a product or service. Therefore, it is essential to make sure that there is an effective and well-designed marketing strategy which is in place. Planning a proper marketing strategy is one of the elements of qualitative research

•  Branding: Branding is one of the most important factors that determine the success or failure of any product. These days, branding is as important as advertising and the companies need to make sure that it is being taken care of with due importance. Determining the branding strategies is one of the essential elements when it comes to the qualitative research program

•    Product Development: It is the product that matters the most. Therefore, it is important to make sure that this aspect is being taken care of.

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Services Rendered by the Qualitative Market Research Companies in India

When it comes to market research, it is one of the most important factors, as far launching any new products or services are concerned. The companies need to analyse the prospect of a particular product even before they start the manufacturing process. The idea is to ensure that the planned product would be accepted by the customers and it would contribute towards achieving the bottom line for the company, which is revenue. There have been multiple instances when a product was launched with a bang; however, after a certain period of time, it simply vanished from the market. This is something which is absolutely undesirable. Companies invest a huge amount of many and workforce when it comes to manufacturing a new product along with the promotional and advertising expenses. It all becomes useless if the product or the service fail to sustain in the market for a considerable period of time

When in India, here we have a volatile market which is marked by the open economy. There are multiple manufacturers and suppliers of the same kind of product, therefore, in a country like India, it is necessary to carry out a thorough qualitative research prior launching any product.

What are the Reasons which lead to the failure of any Product or Services?

There can be multiple reasons which are responsible for a setback for the companies when it comes to new products. These are the reasons which form the basis of a qualitative research

• No Demand: A product might fail because there is not enough demand in the market. This is the first important aspect which needs to be taken into consideration during a qualitative research.

• Competitors: If there are multiple competitors on the same line of product, then the chances for the product to fail is quite high. Those companies who have already established themselves in the market would be very difficult to deal with unless the products are much better than that of their in terms of quality. Besides, it requires an extensive marketing mechanism which can be very expensive

• Low Quality: There could be sufficient demand in the market; however, because of the inferior quality, the customers would invariably reject the product. The open market factor comes into play here, where there are many manufacturers and suppliers available. As a result, the customers don’t have to depend on any particular producer.

• Lack of Advertising: Proper advertising forms the basis of success for any product or service. When it comes to a new product, it is very important to make sure that it is being highlighted as much a possible and is being brought to the notice of the target audience. Lack of proper marketing strategy and a bad marketing mechanism would invariably result in the collapse of a product or service; especially one which is newly launched.

• Utility: Customers pay money to yield maximum utility out of a product or service. If they find that their requirements are not met, they would straight away reject it

• Packaging: This is an age where everything needs to be attractive and appealing. The consumer needs to be pursued by the sheer look of the package. A dull packaging can result in the fall of demand

Apart from these, there are various other reasons which contribute towards the failure of a particular product or service.

What are the Services Rendered by the Indian Qualitative Research Companies

 




When it comes to the Top Qualitative Research Company in India, there are many options available. These companies render an array of different types of services, here are some of them

• Customer Feedback: They would carry out extensive surveys and let you know about the feedback received from the targeted audience
• The Motivating Factor: They would let you know what motivates the customers to go for a particular product or service
• Designing and Branding: They would offer you valuable suggestion in terms of branding and designing
• Demand: After carrying out extensive research, they would let you know if there are any demand for the product or service which you are planning for

Besides India, in countries like UK and Singapore, the services of the Qualitative Research are used extensively

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How Marketing Consumer Research can help in Brand Development

Consumer research is usually viewed in terms of a company’s relationship with its consumers, specifically about its marketing and product. But consumer research can prove valuable for other functions like brand development.

Brands are ultimately a matter of public perception. Your brand is not just the logo and colors, it is about how people at large see you. Marketing Consumer Research focuses on these very consumers. Researchers use various methods, including interviews and observation to understand consumer behavior, their motivations and desires.

Consumer research when applied to brand development can be short term or a much longer affair. Short-term research usually aims to gauge a particular aspect. But, since brand development is a long-term strategy, research must be conducted periodically, especially an evaluation of the brand’s standing.

Some of the specific areas where consumer research is critical for brand development are:
Improving communication: In today’s hyper-connected modern space, communication with the user has become more important than ever before. A brand that communicates frequently and effectively with its market remains relevant and easy to recall. But what is it that people want to hear? How can we link our core product to the information flow all around us? What is the language that your users understand — its nuances and idioms? Not just the language, we are also looking at the right content.

Connecting with consumers: The average consumer today is not walking around looking at pamphlets and hoardings. Chances are they are working on or surfing the internet. So, how do you connect with this new user, yet retain your old base? Researchers are today looking at communication patterns in social media, informal chatter to understand how we can better relate to the average person, whether or not he/she is an existing consumer.

Checking preferences: Often we develop a product with a fairly fixed idea of our market, its drives and motivations. But, in a country as vast as India with its many regional variations, consumer preferences often change from one place to another. This can affect not just product development, but also branding strategy. Consumer preference influences every aspect of how we can develop a brand — from designing a logo, packaging to deciding on communication channels.

Test running Ads: Advertisements are undoubtedly the biggest means of brand promotion. No advertisement today can pass without some basic Marketing Consumer Research. This is conducted before and after a promotional event. Even before you get a creative agency to formulate an idea, you will need some basic data like the average age, occupation, income status.

Once we have the ad, we again use a simple survey or observation to see how the audience receives it. Does it communicate your product and brand effectively? Can people recall the brand hours after they watch the ad? Does the ad confirm to your brand’s core image or does it mark a stark departure?

Understanding consumer behavior: This is the main goal of any marketing consumer research and it is vital for brand development. How your consumer behaves, understanding their motivations, desires and preferences is critical for all decisions we take regarding brand development, such as planning communication and promotion strategy.

Check communication effectiveness: Planning communication is not enough. We must also determine whether it is effective or not. Communication here covers a wide ambit, any form that is used for brand development, such as emails, SEO content and advertisements.

Researchers focus on whether people see the brand either directly or indirectly. Does the SEO content lead the reader to better brand awareness? Are we aligned to the right websites and other content? How effective is our engagement with the consumers? Should we step up our communication channels or is there a risk of over-exposure?

Evaluating brands: As mentioned above, brands are for life and brand development strategy must be devised for a long-time period. This makes it necessary that we evaluate our direction periodically and this is where research comes in.

Marketing Consumer Research focuses on how the consumer sees the brand. Do they recognise the logo and design immediately? How do they place it vis-a-vis the competition? Does it make them feel good, sad or indifferent? How loyal are they to the brand?

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