4 Reasons Why a Good Research Agency is Essential for Small Businesses

Despite the many benefits they offer, many small business owners are still reluctant to hire research agencies. Here are the top 4 reasons why they should.

In the present cutthroat business environment, it is essential that small businesses start with the right mix. A slight error can create a crisis, while a little modification can give you a hit. One such essential factor for a business’ success is good research. The aim of research is gathering information –– an essential tool for any business.

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Growth of Market Research in India

From a non-existent industry to one of the most rapidly growing sectors, market research in India has come a long way. Today Indian agencies are competing with the best in the world in local and international markets.

Given the standard of market research in India today, it is hard to believe that this field was almost non-existent about two decades ago. There was little focus on the consumers, their desires, likes and dislikes. In the absence of choices sales were assured. Hence, there was almost no emphasis on research and development.

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Brand Building Needs A Brand Image Study By A Good Qualitative Market Research Agency

Brand image studies are commissioned by corporations as part of qualitative market research to understand what their image is, in the minds of customers, and how to reposition themselves. This is critical for brand building.

One of the ways in which we, at Coral Research Services, conduct qualitative market research for advertising agencies and brands, is to conduct a Brand Image Study. Every brand has some kind of impression in the consumer’s mind. In other words, I can say that every brand present in the market has some kind of image in consumer’s mind. Some brands are perceived to be young and modern and thus thought to be fit for some particular age group or some particular lifestyle or kind of people. e.g. a watch with psychedelic colored straps for the young and upwardly mobile.

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MARKET RESEARCH – HOW ETHNOGRAPHY AND CONSUMER PROFILING STUDY HELP PROVIDE QUALITATIVE MARKET RESEARCH RESULTS

Since qualitative research seems so subjective, laymen find it hard to explain what we do. Ethnographic studies, consumer profiling studies provide insights about customer behaviour and attitudes.

As we go deeper into qualitative market research techniques, you will find yourself fascinated by the different methods that are used to find out more about consumer insight and customer behaviour. All these insights are used by business and they can tweak their communication accordingly.

Now, in the last part of this series, I am going to cover a few remaining things that are part of qualitative research.

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Why Marketing Research Important for Gathering Business

A Marketing Research Company is important for gathering Business Intelligence for paving the Path of Success for new product launch or business launch or a re-launch. It can help you move your brand from where it currently stands to where you want it to be.

Lots of thinking and strategic planning is required for the successful launch of any new business, be it, a Marketing Research Company itself. A few important steps to be kept in mind are:

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Tools for insight mining and Market Research that every Qualitative Research Agency should know about

Market research is imperative for mining consumer insights. Here we are listing some more means that qualitative researchers use to understand customer behaviour. Research outcomes can then be applied to business.

The organization I work with, Coral Research Services is an Indian qualitative market research firm where research is done to know the consumer’s attitude and behaviour towards a particular product or service or category. My team first defines a problem related to the products and service, and then develops an approach towards the problem’s solution.

In my previous blogs, I have mentioned some ways in which we can assess consumer attitude, behaviour etc. Here I continue telling you about different qualitative market research tools

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