Market Research – Critical Tool for Business Growth

Market research agencies are critical for businesses to gain consumer insights. Here are some market research methods that we use in my office, Coral Research Services, New Delhi.

If I said, “ Market Research has become an important tool for every business organization to grow in the market ”, I wouldn’t really be off the mark. Having worked in market research for all these years, I have seen that all leading companies who want to grow and prosper, commission Market Research. I got insights of various types of researches that a company seeks from a Market Research Firm in order to keep up with market trends and to maintain a competitive edge.

Here are some of the methods I think one can use –

•  Communication Development Study
• Pre-testing Advertisement – helps to know about the likeability of ads so that brands can teak their advertisements before realising that feedback later.
• There are times when companies also want feedback about their current live advertisements and thus undertake this study with a view to improve their adverts or create a better ad keeping consumer feedback in mind
• Product Development Study
• Testing the product – this is done by pre-launching in the market to know if the product will be liked by the consumers
• There are times when samples of pre-launched products are given to few consumers for a certain period of time and they are asked to use the product. After these consumers have used the product for some time, this product sample’s feedback is taken from them to know about the credibility of the product
• Usability Test
• This is done to know how comfortable a consumer is in using a particular product or service
•  Usability tests are mainly used for online testing of a website to know if the consumer is easily able to access a particular thing from a website or getting the desired information easily
• A usability test also tells us if the consumer is finding any kind of drawback in the website or if the consumer is missing some information in the website which the company wants the consumer to notice

That’s it for today. I shall come back and share some more about qualitative research and market research methods very soon.

Ref: -http://www.coralresearch.in/blog/2015/08/25/market-research-critical-tool-for-business-growth/