Market research is extremely important for the success of the business endeavors. A rightly appointed market research analyst like George Bardwil helps in strategizing and taking calculated business decisions. Apart from this, market research helps a business to make profits by beating the business rivals and meet the requirements of the customers by understanding their necessity and preference. It also helps in identifying the new opportunities for the growth of the business and point out the problems in the existing business model.
Marketing research is typically the initial step in the marketing process, after concepts for products are perceived. Small businesses conduct marketing research to get information from the marketplace. They utilize it to resolve problems, get information on rivals and determine the needs and wants of non-paying consumers and customers. Marketers then analyze the data and create numerous marketing strategies. Marketing research can be of various types.
- Primary research: This involves finding out the new information. This includes online questionnaires, face to face surveys, focus groups and telephone interviews.
- Qualitative and quantitative research: This presents information in a numeric way such as tables, graphs and charts.
- Market Segmentation: It allows for more efficient and effective marketing tactics.
- Product Testing: This helps create marketing messages to amend or develop current perceptions about the products and services and gives awareness into the feasibility of the product and service by competing and exchanging substitutes.
- Advertisement Testing: This can help in saving valuable time and money. By acquiring potential campaigns directly to the spectators and evaluating their response one can focus on making actually impactful advertising.
- Secondary research: This focuses on existing information such as government publications, national statistics, market research reports, competitor marketing literature and sales figures.
George Bardwil an expert market research analyst says that market research is the way that companies collect information about their clienteles, contestants, and the efficiency of their marketing campaigns. The internet has had a huge effect on the way that companies have been conducting their market research through the various methods that are available for them to use. Companies know that almost everyone get on the internet for one reason or another and this is a great way for them to be able to gather information about what their consumers want as well as keep an eye on what their competitors are doing. The internet is also a great way for companies to check and attempt various marketing campaigns before spending money. The various elements of marketing research include:
- Market Research
- Sales Research
- Advertising Research
- Packaging Research
- Product Research
- Export Marketing Research
- Business Economic Research
Market research is therefore regarded as a very important process that you must carry out before you dive into the market. Since this is the foundation of the business, one should do it seriously.
Thus, it can be concluded by stating that one should hire market research analyst such as George Bardwil in order to make the business endeavor a success.