Market Research - The Difference Between Product Success And Failure

The primary motive of every business is to make profits. A lack of proper understanding of customer and market requirements can work against this goal. A market research agency can help you understand your customers, cater to their needs and multiply your profits. Additionally, a market research agency can help you save thousands of dollars in wasteful marketing that yields no results.

How does a market research agency work?

The aim of market research is to identify the purchasing and consumption habits of consumers. Your business will attract consumers only if you satisfy their requirements better than others do. A market research agency helps you to expand your client base by providing you information that gives you a better insight into demand patterns of consumers and their behavior.

These agencies collect detailed data about potential customers through different sources, interpret it and provide you with detailed analysis that you can use in decision-making. Agencies employ several market research techniques such as public polling, concept testing, and mystery shopping to collect data.

What are the benefits of Market Research?

Marketing research provides several benefits to your business:

* It provides a thorough understanding of market constraints and consumer needs.
* It helps to identify new business opportunities.
* It provides you with a deeper understanding of your competition.
* It facilitates better decision-making that allows you to save valuable time and money.
* It can assist in product innovation and improvisation.
* The final analysis provides you with a clear measure of your success.

What are the different types of Marketing Research?

There are two types of market research:

* Primary Market Research: Data is obtained directly from target audiences. It is more expensive than secondary research but provides more accurate information and analysis.
* Secondary Market Research: Data is obtained from already published sources. Though cost-effective, secondary research can sometimes provide redundant data.

What is Public Polling?

Public polling is a type of survey that aims to collect and understand the opinions of a selected audience, generally through a series of questions. Audience opinions can be obtained through personal interviews, email, telephone, phone or snail mail.

Public polling is a four step process which involves:

1. Identification of target audience
2. Preparation of survey questions
3. Conducting the survey
4. Interpretation of collected data

Important Considerations regarding Public Polling:

Selection of sample: It is crucial in public polling to pick the right target audience or else the entire exercise will go waste.

Scope for Error: While conducting a public poll, it is important to be flexible and keep scope for error. Survey takers may not answer all the questions. Additionally, ethical and personal reasons may prevent people from giving truthful answers. Incorrect or incomplete understanding of questions may also result in wrong answers.

In-house versus outsourcing: Public polling can be undertaken in-house or outsourced to a market research company. A professional market research agency will provide you greater accuracy but can also cost more in some cases. Carefully examine your cost and accuracy needs before selecting either option.

Importance of good market research and public polling cannot be overemphasized. It helps you get into your customers head and develop products and services that are successful in the marketplace. Picking the right market research firm is important. Ask your business associates, and friends for recommendations. Also, get price quotes from multiple market research and public polling vendors at a B2B marketplace.