For many businesses, the product is the most important component of surviving in the market – once it is launched, it will sell itself. This has been the basis of many products that do not meet the needs of their target market. Whether your product or service is the next Google or Facebook, its survival will be impossible without proper knowledge of how your market would like your product to look like, what features it should come with, and how you should price it. , as an organization with many years of research knowledge in penetrating and capturing markets for businesses, upholds market research as the lifeblood of every starting product. But how does one succeed in creating a good marketing research outcome? Let’s dig in:
A market research without an objective would lead to a deadly outcome. The starting point for every business that wants to undertake a market research is to define clear-cut objectives: are my competitors operating in a completely different setting, what problems can my new product solve, and how my target audience can be reached, are all examples of objectives that a business should set before starting a market research.
Apart from making the research process more efficient, a defined objective leads you to a defined destination, and as Henry A. Kissinger puts it “if you do not know where you are going, every road will get you nowhere”.
If your product is not about bringing ‘world peace’, then you need to know your target audience as a business before you start your market research exercise. Are you producing for an already existing market? Where do your potential customers live? What is your demographics, their cultural preferences, and their purchasing power?
Researching into your target audience gives you a strong hold of your objectives and how to frame your research questions so as to achieve your objectives.
Are you doing your research the right way? Maybe yes, maybe no. But not all market research qualifies as proper research. And this part would come from how well you have studied your target market: what kind of medium do they use? Would they be comfortable with online surveys or one-on-one interviews? Or would my potential market like to answer questions on social media. The right method always allow businesses to not just have an effective market research, but also allows businesses to reach the right market and thus get the right state of the market.
As Arnold H. Glasow puts it, “Success is simple. Do what’s right, the right way, at the right time”.
One other important thing that eludes these companies is the results from a market research. In most cases, businesses might not acquire the preferred answers, which sometimes misinform these businesses that their initial ideas or products cannot be implemented or otherwise. However, after acquiring the results, businesses should take it further and look at whether they over anticipated their results or their questions were not well asked.
Communication for Research has helped in creating successful market research for businesses and individuals and would be glad to take your project.